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Technology
Dustin Bailey

GameStop boss says $56 billion offer could turn eBay into a "legit competitor to Amazon," believes there's "nobody who is more qualified" than him to run the auction site

eBay GameStop Amazon Ryan Cohen WSJ
The Resident Evil 4 merchant in front of the Stonks meme.

Yes, GameStop really has made a $56 billion offer to buy eBay. The game store is barely a quarter the size of the online auction site, but CEO Ryan Cohen believes that the offer would be transformational for eBay, which he hopes to turn into an online retailer that could rival Amazon.

Reports about the deal began to emerge this past Friday, and Cohen made it official with an open letter to eBay chairman Paul Pressler on Sunday. The proposal? GameStop gets "all common stock of eBay Inc. at $125.00 per share," a $56 billion buyout which will "comprise 50% cash and 50% GameStop common stock." Cohen would serve as CEO and would "be compensated solely based on the performance of the combined company."

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