GameStop has increased its stake in eBay to roughly 6.6% from about 5%, according to a regulatory filing submitted to the U.S. Securities and Exchange Commission on Wednesday.
The filing indicates GameStop directly owns 25,000 shares of eBay common stock and also holds positions in put/call pairs. Taken together, those positions amount to approximately 6.55% of eBay's outstanding shares.
Earlier in May, GameStop Chief Executive Officer Ryan Cohen made an unsolicited bid to buy eBay for about $56 billion. eBay's board rejected the proposal, saying it was "neither credible nor attractive." Cohen has since told interviewers he remains committed to the acquisition plan and that he would present the offer directly to shareholders if necessary.
Analysts quoted in the filing's context and market commentary have suggested that GameStop's increase in holdings could be preparatory - potentially positioning Cohen and GameStop to pursue corporate actions such as calling a special meeting of shareholders.
Market performance so far this year has diverged for the two companies. eBay's shares have climbed about 35% year-to-date after reporting strong first-quarter earnings and emphasizing growth in higher-return categories like collectibles. GameStop's shares have risen roughly 9% so far this year, but remain down 65% since Cohen became chairman in 2021.
The filing and the ongoing public back-and-forth underscore an active contest over corporate control, with implications for shareholders and the companies' market valuations. The regulatory disclosure provides the clearest public accounting yet of the size and composition of GameStop's economic interest in eBay.
Market context and next steps
- The SEC filing is the formal record showing how GameStop's ownership is structured between direct shares and derivative positions.
- Any further steps, including a special meeting or a direct shareholder campaign, would depend on future decisions by GameStop and shareholder responses.
- Share prices and investor sentiment could move as the situation evolves, given eBay's recent share gains and Cohen's public commitment to pursue the offer if needed.