Key insights
- Ryan Cohen, GameStop's CEO, is selling items on eBay to fund GameStop's bid for eBay. While GameStop shares initially rose, they remain below pre-bid levels, and the market is questioning the merits of the acquisition. This unusual fundraising tactic adds uncertainty to the deal's prospects, potentially weighing on GameStop's stock.
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Ryan Cohen isn't just the guy who wants to merge with eBay. He's also a member.
And he's hoping for your cash. "I’m selling stuff on eBay to pay for eBay," Cohen wrote Wednesday on X just days after GameStop (GME), the retailer he runs, launched an audacious bid for online marketplace eBay (EBAY). His post include a link to an eBay page—the name on the profile is "ryan_5050"—currently showing 36 items for sale.
What are your options? Unsurprisingly, perhaps, they lean toward collectibles: You can bid on, among other things, a set of two GameStop store signs currently going for above $11,000, which have 90 bids; several vintage video games and baseball trading cards; and a black GameStop ballcap and mug, sold separately, each of which currently have bids in the quadruple digits. If you want it all, it will run you above $87,000 at recent prices. (And counting.)
There's an added inducement included with each item: Every one, the listings read, comes with a signed copy of Cohen's proposal to eBay "as a THANK YOU for your support."
Some observers have raised questions about the merits of GameStop's offer for eBay, the market value of which is around $46 billion. Though GameStop shares rose today, they're still below where they sat before the company announced its buyout bid.
But people who bid on Cohen's stuff may not have as much reason for worry. The feedback on his account—on items previously purchased, not sold, to be sure—is 100% positive.
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