GameStop CEO Calls eBay Leadership a “Bunch of Losers” After Bid Rejection

GameStop CEO Ryan Cohen escalated his public feud with eBay this week, branding the company’s leadership a “bunch of losers” after his $55 billion takeover bid was rejected.

Cohen dismissed eBay’s board and management as entrenched employees with “perverse financial incentives”. He says they have failed to modernize what he called a great asset.

eBay Rebuffs Cohen’s $55 Billion Cash and Stock Offer

Paul Pressler, eBay’s chairman, told Cohen in a letter that the proposal was “neither credible nor attractive,” citing financing risks and concerns about leverage. The offer combined half cash and half stock, supported by GameStop’s $9.4 billion balance sheet and up to $20 billion in debt from TD Securities.

Cohen said the board ignored a 46% premium offered to shareholders. He claimed directors who collected $4 million in fees last year blocked the deal. He argued they did so to protect their own compensation rather than acting as fiduciaries.

“It’s run by a bunch of losers. … It’s something that can be a lot more successful if it was run by an owner.”, Ryan Cohen

‘Losers’ Comment Targets Management Performance

Cohen argued eBay’s website “still looks like it did in 1995” despite the company spending more than half of its revenue on operating expenses. He believes the platform could cut $2 billion in costs and expand into live commerce categories where it has fallen behind.

Skepticism around the deal grew after investor Michael Burry sold his entire GameStop position following a viral CNBC appearance in which Cohen struggled to explain the math.

“Never confuse debt for creativity.” — Michael Burry

The friction has also spilled onto the platform itself. Cohen said his personal eBay account was reinstated after being suspended mid-bid. He remains unable to list any items for sale.

Cohen Signals He Will Press On

Markets are pricing the takeover as a long shot. Polymarket bettors give the acquisition roughly a 16% chance of closing, odds Cohen compared to those once given Donald Trump’s first presidential run.

GameStop shares climbed after the company disclosed the bid. Investors remain split on whether Cohen can force eBay’s board to engage. The coming weeks will reveal whether his shareholder appeal can produce a binding negotiation.

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