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CEO Ryan Cohen could be trying very hard to bring the meme-stock rally days back to GameStop (GME) stock. Otherwise, the fundamentals fail to support this move. Yet, Cohen is not looking to budge even after his offer was rejected by eBay's (EBAY) board and termed “unrealistic.” The co-founder of online pet products marketplace Chewy (CHWY) recently increased his stake in eBay to 7.8%, right on the heels of an earlier transaction on May 20, when he raised his stake in the company to 6.6% from 5%.
The market is the final arbiter, whether Cohen likes it or not, and his leverage-fueled acquisition of a company more than five times its own market cap has not enthused investors. Since the offer was made official on May 3, 2026, shares of GME are down 19.49%, while eBay shares have grown 6.03%. A classic event-driven scenario is playing out wherein the proposed acquirer's stock is getting hammered, while the acquired's stock is flat or rising.
