GameStop CEO Calls eBay Board “Bunch of Losers” After $56B Bid Rejection

• In an exclusive sit-down with Piers Morgan on Wednesday, Cohen defended the non-binding $125 per share offer he made for eBay.
• Cohen dismissed eBay’s formal bid rejection letter from Tuesday as excuses from “employees, not owners.”
• He further argued that eBay shareholders would continue to own the combined company if the takeover took place.

GameStop (GME) CEO Ryan Cohen unleashed sharp criticism of eBay’s leadership in his first public interview since the company rejected his nearly $56 billion takeover bid, calling its management “a bunch of losers” and accusing the board of protecting their own jobs rather than shareholder value.

In an exclusive sit-down with Piers Morgan broadcast on Wednesday, Cohen defended the non-binding $125 per share offer he made for eBay— structured as roughly half cash and half stock — and expressed confidence that GameStop could close the deal despite widespread Wall Street skepticism.

He noted GameStop’s $9.4 billion cash position and bankers’ willingness to raise approximately $20 billion in financing to explain whether GameStop can afford the deal when it, by itself, has a market capitalization of roughly only $12 billion.

He further criticized eBay’s “entrenched management team with zero skin in the game,” claiming the board and executives earn millions in fees and compensation while delivering an outdated platform that still resembles its 1995 look and spends over 50% of revenue on operating expenses.

Cohen dismissed eBay’s formal bid rejection letter from Tuesday, which cited financing uncertainty, leverage risks, valuation concerns, and doubts about his governance plan, as excuses from “employees, not owners.”

He further argued that eBay shareholders would continue to own the combined company if the takeover took place, but benefit from better execution focused on niche collectibles, live commerce, and higher profitability rather than direct competition with Amazon.

Cohen’s Other Allegations

In a separate interview with Anthony Pompliano, CEO of Professional Capital Management, Cohen previously said, “eBay needs to be on like Ozempic. It’s literally obese and it needs uh... yeah it is extremely, extremely overweight to an unhealthy degree. Like it’s about to have a heart attack.”

Earlier this month, Cohen also said there was an opportunity to “do something much larger” with eBay while removing excess costs and accelerating revenue growth. He has also criticized eBay’s slowing operating performance, rising costs, and declining profitability metrics in recent weeks.

How Do Retail Traders Feel?

On Stocktwits, retail sentiment toward GME fell from ‘neutral’ to ‘bearish’ territory over the past 24 hours, while message volume jumped to ‘high’ levels.

Meanwhile, sentiment around EBAY fell from ‘bullish’ to ‘neutral’ territory, accompanied by ‘low’ message volume.

A Stocktwits user expressed optimism for the deal happening in spite of eBay’s rejection.

Yet another user expressed hopes for billionaire Elon Musk backing Cohen’s efforts to acquire eBay.

While GME stock has fallen 22% over the past 12 months, EBAY gained 63%.

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