In May 2026, Ryan Cohen, the CEO of GameStop, put forward a $56 billion acquisition proposal to eBay, suggesting a share price of $125 and a payment arrangement consisting of 50% cash and 50% stock. eBay's board of directors turned down the offer, pointing to uncertainties surrounding the financing sources, operational risks, and corporate governance issues, and described it as "neither credible nor appealing." Following this, Cohen wrote to eBay's Chairman Paul Pressler, accusing him of rejecting the offer without engaging in meaningful dialogue and declaring his intention to present the acquisition proposal directly to the shareholders. Cohen is of the opinion that the merger could lead to annual savings of $2 billion by reducing costs in sales and marketing, thereby enhancing eBay's earnings per share. At the same time, it would transform GameStop's 1,600 stores across the United States into offline fulfillment centers for eBay. Nevertheless, eBay's management has voiced concerns regarding the viability of financing the deal, the leverage ratio of the merged entity, and its governance framework. Furthermore, given that GameStop's market capitalization stands at just $10.3 billion, significantly lower than eBay's $50 billion, this "David and Goliath" acquisition is confronted with substantial challenges.