GME Stock Climbs As Ryan Cohen Says eBay 'Needs To Be On Ozempic' After Snubbing GameStop's Bid

• In a podcast preview, Cohen said eBay “needs to be on like Ozempic” and compared the company to a business “about to have a heart attack.”
• eBay rejected GameStop’s $125-per-share bid, calling the proposal “neither credible nor attractive.”
• Cohen has previously said that GameStop could cut costs for eBday, while accelerating revenue growth through a buyout.

Shares of GameStop Corp (GME) rose 1% in overnight trading on Wednesday after CEO Ryan Cohen escalated his public feud with eBay, calling the online marketplace “extremely overweight” just after eBay rejected GameStop’s $56 billion takeover proposal.

GME stock declined over 3% on Tuesday to end at $22.37, marking its second straight session of losses. Meanwhile, EBAY has logged gains for a third consecutive session, after rising more than 2% on Tuesday.

Cohen Turns Up Heat On eBay

In a preview clip from an upcoming podcast interview with Anthony Pompliano, CEO of Professional Capital Management, Cohen 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.” 

On Tuesday, eBay rejected GameStop’s proposal to acquire the company for $125 per share in a cash-and-stock deal, valuing the deal at $56 billion. In a letter addressed to Cohen, eBay Chairman Paul Pressler said that the board, along with its independent advisors, had “thoroughly reviewed” the offer before concluding that it was “neither credible nor attractive.”

The company cited several concerns, including uncertainty around GameStop’s financing structure, operational integration risks, leverage concerns and concerns over long-term execution of the combined company. Cohen previously said that GameStop had secured a financing commitment letter from TD Securities for up to $20 billion and noted that the company currently has $9 billion in cash on hand. However, TD’s financing letter was non-binding and dependent on the combined entity maintaining investment-grade credit ratings from major agencies.

Takeover Pressure Builds On EBAY

Cohen also amplified the feud by reposting an X post that mocked eBay’s rejection letter. The post sarcastically “translated” eBay’s response into plain language, arguing that the company’s leadership was more focused on protecting executive compensation, consultants and the corporate status quo than pursuing operational improvements. “We’re rejecting it because your entire approach to running a company is an existential threat to how we like to operate here,” the post said. 

The post also claimed that eBay feared Cohen’s shareholder-focused approach and contrasted GameStop’s executive compensation structure with traditional corporate incentive systems. It also argued that eBay was unwilling to risk operational disruption, tighter accountability and potential restructuring from Cohen’s proposed turnaround strategy.

Earlier this month, Cohen 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.

GameStop’s proposed acquisition would rank among the largest takeover attempts ever launched by a company previously viewed primarily as a struggling brick-and-mortar video game retailer. The retailer is positioning itself as a broader commerce-and-collectibles company under Cohen’s leadership.

Meme Frenzy Returns To GME

The eBay takeover saga has also reignited meme-stock trading activity around GameStop. On Monday, investors closely monitored Cohen’s social media after he removed “GameStop” from his X bio, even as references to eBay appeared on GameStop’s investor relations page.

GameStop also saw a brief surge in shares on Monday after cryptic posts briefly appeared on accounts associated with trader Keith Gill, better known as “Roaring Kitty,” before being deleted. 

Meanwhile, GameStop recently asked shareholders to approve an increase in authorized Class A shares from 1 billion to 2.5 billion shares, saying that the move would provide flexibility for acquisitions, fundraising efforts and restructuring initiatives. The filing also outlined a proposed performance-based stock option package for Cohen tied to ambitious market capitalization and Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) targets.

How Do Retail Traders Feel About GME And EBAY?

On Stocktwits, retail sentiment toward GME was ‘bearish’ amid ‘high’ message volume, while sentiment toward EBAY was ‘neutral’ amid ‘low’ message volume. 

One user flagged Cohen's reshared post and said, “This hostile takeover is gonna be fun.”

Another user said, “Unless the GME CEO was counting on this offer to fail, he needs another plan. SHOP or EBAY is too big right now. Try something else, under 4B and you could probably get some decent momentum! That's not FUD or Hype.”

While GME stock has declined 20% over the past year, EBAY stock has jumped 62% over the same period. 

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Read Next: NVDA, RTX, BWEN Stocks Hit Fresh 52-Week Highs Today: What’s Driving Them Higher?