GameStop Raises eBay Stake to 6.55% as Ryan Cohen Presses Takeover Push

NEW YORK — GameStop Corp. (NYSE: GME) shares traded at $22.43, down 0.06 or 0.27%, in early trading on Friday, May 22, 2026, as the video game retailer continued efforts to increase its influence at eBay following a rejected $56 billion acquisition proposal.

The company has raised its stake in eBay to approximately 6.55% from about 5%, according to recent filings. Chairman and CEO Ryan Cohen has been vocal about his vision for combining the two companies despite eBay's board rejecting the unsolicited offer.

eBay's board called the proposal "neither credible nor attractive" when it was announced earlier in May. GameStop offered $125 per share in a half-cash, half-stock deal. Cohen has criticized eBay's leadership, stating the company is "run by a bunch of losers" with "perverse financial incentives."

GameStop reported fiscal fourth-quarter and full-year 2025 results on March 24, 2026. Net sales for the quarter ended Jan. 31, 2026, were $1.104 billion. For the full year, net sales totaled $3.630 billion. The company has been shifting focus toward collectibles, technology initiatives and strategic investments.

The next earnings report for the first quarter of fiscal 2026 is scheduled for June 9. Analysts expect modest adjusted earnings per share.

GameStop maintains a strong cash position with no long-term debt. It has used its balance sheet for share buybacks in the past and strategic investments, including the growing position in eBay.

Market capitalization stood near $10 billion. The stock has shown meme-stock characteristics with periods of high volatility and retail investor attention, though movements have moderated compared to 2021 levels.

Cohen, who previously founded Chewy, has driven GameStop's transformation efforts beyond traditional retail. He has emphasized operational efficiency, inventory management and exploring new revenue streams.

The eBay stake increase signals continued pressure from Cohen despite the board's rejection. GameStop has not ruled out further actions, including potential shareholder campaigns or additional proposals.

No new updates on the eBay situation were released on May 22. Trading volume remained active in morning sessions as investors monitored developments.

GameStop operates hundreds of stores across the U.S. and internationally. It sells video games, hardware, collectibles and merchandise while expanding e-commerce and digital initiatives.

Analysts have mixed views on the long-term strategy. Some see potential in diversification and activist moves, while others question the feasibility of major acquisitions amid competition from larger e-commerce platforms.

The stock's 52-week range has been approximately $19.93 to $35.81. Year-to-date performance reflects ongoing speculation around strategic initiatives and Cohen's leadership.

GameStop has approximately 120,000 employees. The company continues to adapt to industry shifts toward digital downloads while growing its physical and collectibles business.

Short interest and options activity remain notable for GME, consistent with its trading profile. The stock continues to attract both institutional and retail investors.

No dividend has been declared in recent periods. The company prioritizes operational flexibility and potential strategic opportunities.

Investors will watch the June 9 earnings report for updates on Q1 performance, the eBay situation and any further strategic moves. Management is expected to provide commentary on the transformation plan.

The broader retail and gaming sectors face challenges from economic uncertainty and changing consumer habits. GameStop has positioned itself as a destination for gaming enthusiasts and collectors.

Cohen's activist approach has kept GameStop in the spotlight. His $56 billion eBay proposal, though rejected, has fueled ongoing speculation about future corporate actions.

As of May 22 morning, no official response from eBay to the increased stake has been reported. The situation remains fluid as both companies navigate their respective strategies.

GameStop's focus remains on delivering shareholder value through operational improvements and selective investments. The coming weeks will be critical as the company navigates the evolving retail landscape.