GameStop CEO accuses eBay bosses of “just milking it” as part of takeover push

Recently, a strange yet hilarious stunt occurred when GameStop CEO Ryan Cohen tried to acquire eBay in part by auctioning off his gaming memorabilia on the platform, only to have his account banned for suspicious activity. Now, Cohen says that he never wanted to lead GameStop; instead, his passion lies with eBay, and he’s willing to do whatever it takes to become the online marketplace’s CEO as well.

In a recent interview with Business Insider, Cohen outlined his surprising ambition to take over eBay while also criticizing its current leadership. For context, GameStop has made a $55.5 billion bid to acquire eBay to boost both its physical and digital commerce operations.

During the interview, he said that eBay executives don’t have “skin in the game” and noted that they had sold hundreds of millions of dollars’ worth of stock without buying any more for themselves. “They’re not owners of the business,” Cohen said. “They’re just milking it. It’s simply a paycheck to them.”

According to Cohen, eBay’s leadership isn’t taking the company seriously. He stated that he’s willing to buy eBay on his own and take no personal compensation from GameStop. Furthermore, reports state that Cohen has received a commitment letter from TD Securities for $20 billion in debt financing to support the eBay acquisition.

Cohen also wants to shave nearly $2 billion off eBay's costs and turn it into a competitor that can rival Amazon. “There’s a ton of fat that can be cut,” he continued. “I have not pulled a penny out of GameStop.”

He’s even gone so far as to pledge to run eBay without receiving a salary, provided the deal goes through, mirroring his position at GameStop.

Last week, GameStop offered to purchase eBay at $125 per share for $55.5 billion, with the consideration split evenly between cash and GameStop stock. Shareholders could choose their preferred option, and Cohen would take the helm at both companies in a combined operation.

eBay has confirmed it has received the letter and non-binding offer from Cohen and is currently reviewing the deal with its board of directors and legal advisors.