GameStop Locks In 9.8% eBay Ownership With Voting Rights As Cohen Pushes Takeover

• GME’s stake is worth several billion dollars at EBAY’s Friday closing price of $112.06.
• All purchases were funded using GameStop’s own cash reserves, the filing said.
• Earlier this week, in an interview with Bloomberg, Cohen said a combined GameStop and eBay could potentially be a “$1 trillion business.”

GameStop has converted its large bet on eBay into actual ownership of the shares and now directly owns 9.8% of eBay, giving the company real voting power on eBay.

According to a filing with the U.S. Securities and Exchange Commission, GameStop now owns 43.39 million shares of eBay. This stake is worth several billion dollars at EBAY’s Friday closing price of $112.06.

GME’s Real Ownership

GameStop previously held most of its position through derivative contracts. These contracts gave the company the economic upside of owning eBay shares without actually holding them or having voting rights.

On July 15, GameStop chose to physically settle those contracts and took delivery of the actual shares. In addition, GameStop bought roughly 3.5 million eBay shares for cash in mid-June. Combined with the settled derivatives, this brought its total ownership to 43.39 million shares, or 9.8% of the company.

All purchases were funded using GameStop’s own cash reserves, the filing said.

What Does This Mean?

GameStop now has voting rights on nearly 10% of eBay. This gives CEO Ryan Cohen significantly more influence as he continues to push for a takeover of the much larger company. It also increases GameStop’s ability to engage with eBay’s board or potentially launch activist campaigns.

In early May 2026, GameStop made an unsolicited offer to buy all of eBay for $125 per share — a deal worth roughly $55–56 billion. eBay quickly rejected the offer, calling it “neither credible nor attractive.” Since then, GameStop has continued building its position instead of walking away.

Earlier this week, in an interview with Bloomberg, Cohen said a combined GameStop and eBay could potentially be a “$1 trillion business,” and added that “we’re coming for eBay one way or another.” He also said that he will eventually take his offer directly to shareholders.

Last month, Cohen voluntarily gave up a massive performance-based pay package worth up to $35 billion to focus on GameStop’s pursuit of eBay. The company stated that Cohen wants leadership to stay fully focused on improving operations and executing the eBay acquisition rather than on personal compensation.

How Did GME, EBAY Retail Traders React?

On Stocktwits, retail sentiment around GME stock stayed within the ‘bullish’ territory over the past 24 hours, while message volume remained at ‘normal’ levels. Sentiment around EBAY, meanwhile, stayed within the ‘bearish’ territory.

A Stocktwits user cheered the ownership announcement.

Another opined that GameStop might attempt a hostile takeover of eBay.

While EBAY stock has gained 29% year-to-date, GME added 9%.

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