GameStop CEO says eBay shut his account after buyout funding stunt
He has put up personal items, including a pair of socks, to fund his US$56 billion bid for the platform
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[TEXAS] GameStop CEO Ryan Cohen said his eBay account was suspended following a publicity stunt in which he listed a raft of personal items – including a pair of socks – to fund his US$56 billion bid for the online marketplace.
He shared a screenshot of a notice from eBay regarding the suspension of the account.
Cohen previously said he was raising money on the platform to assist with paying for the deal. His account racked up scores of bids totalling tens of thousands of dollars for a hodgepodge of items.
Bloomberg News could not immediately verify that his eBay account, which was still publicly accessible on Thursday (May 7), had been suspended.
The e-commerce platform did not immediately respond to queries.
The fundraising gimmick is unlikely to sway sceptics who view GameStop’s bid for a company four times its size as a non-starter.
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On Sunday, it offered US$125 a share in cash and stock for eBay.
Gamestop secured an initial, non-binding and “highly confident letter” from TD Bank to provide about US$20 billion in debt financing for the deal, Cohen had shared.
However, he has still been peppered with questions about the means with which he will manage to finance the deal.
Meanwhile, eBay has confirmed that it received GameStop’s unsolicited offer and said it will review it.
The gaming retail chain, made famous in the 2021 meme stock craze, will need billions more to actually buy eBay, the market value of which is now US$48 billion.
Beyond the socks offered on Cohen’s eBay account, other sought-after items included a pair of GameStop signs and what appears to be a life-sized Halo 2 statue, both of which went for more than US$10,000.
Among the other goods for sale were vintage baseball cards, including those of American baseball player Willie Mays, and an unopened package of Windows 2000 software.
Cohen promised that, as a token of appreciation for their purchase, buyers will receive a hand-signed copy of the offer letter he sent to eBay’s board, plus free shipping. BLOOMBERG
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