GameStop CEO Ryan Cohen affirmed his commitment to pursuing an eBay purchase by any means necessary.
He accused CNBC's "Squawk Box" hosts of misunderstanding his acquisition financing during their widely viewed skeptical interview.
The activist investor criticized eBay executives for mismanagement, stating "there's a ton of fat that can be cut."

Ryan Cohen maintains he never sought the GameStop CEO position.

His true ambition lies in leading eBay, a goal he considers realistic even as skeptics argue the online marketplace giant exceeds his grasp.

"I'll persist with whatever steps are needed to secure the company," the GameStop leader shared during a Friday phone conversation with Business Insider. "I intend to serve as CEO for both."

Cohen caught financial markets off guard this week by revealing GameStop's $56 billion unsolicited offer for eBay, a firm valued over three times larger. He drew further attention Monday on CNBC's "Squawk Box," where anchors questioned the feasibility aloud, reacting with sighs and laughter.

"It's unclear if their queries were genuine," Cohen remarked, insisting he provided a straightforward breakdown of his funding approach. "I can't see what's so hard for them to understand."

A CNBC representative noted the "Squawk Box" segment "stands on its own."

Cohen, whose "half cash, half stock" funding pitch spawned internet memes, explained GameStop holds roughly $9 billion in cash reserves, with TD Bank signaling support for $20 billion in debt financing to handle the cash half. Post-interview, he elaborated further, including on TBPN.

"Our proposal lets current eBay shareholders cash out half their stake for $28 billion - a 40% premium from our initial purchases," he told TBPN. "The remainder rolls into the GameStop-eBay merger, depending on closing timing."

In his Business Insider discussion, Cohen highlighted the stock portion as "earnings per share accretive" for GameStop investors, citing potential eBay profit boosts via aggressive cost controls that would elevate the merged entity's value.

A Proven Activist Strategy

By publicly challenging eBay's management and claiming superior oversight potential, Cohen echoed tactics from his 2021 GameStop takeover. Notably, eBay enters this scenario far stronger than GameStop did then.

The Chewy co-founder, who amassed his wealth through the pet supplies e-tailer, argued to Business Insider that eBay's finances could improve dramatically under tighter operations.

"There's a ton of fat that can be cut," he asserted, flagging high operating costs at a no-inventory business where income has stagnated for a decade amid e-commerce expansion.

eBay reported $2.28 billion in operating income for 2025, up slightly from $2.2 billion in 2015, post-PayPal separation and sales like StubHub. Its 2025 EBITDA margin stood at 24%.

Cohen targeted eBay's top brass and board, claiming they offloaded "hundreds of millions in stock" without personal buys.

"They aren't true stakeholders - just collecting paychecks," he charged. "It's merely employment for them."

As with many public firms, eBay leaders get equity and options in pay. Insiders hold over $150 million in shares, per a knowledgeable source.

Cohen also faulted eBay's culture as complacent and lax under present guidance.

eBay has confirmed it is evaluating Cohen's proposal.

The Cost-Conscious Meme Icon

Cohen, a change agent at firms like Nordstrom and Bed Bath & Beyond, pledged no salary as eBay CEO. He forgoes one at GameStop but eyes a $35 billion incentive package linked to market cap and earnings targets, potentially advanced by an eBay merger. He covers his assistant's pay personally and plans the same for a new GameStop project manager role.

"GameStop hasn't seen a dime from me withdrawn," he emphasized.

Since announcing the eBay bid, Cohen has amplified his thrift narrative - and meme fame via stunts - by auctioning personal goods on eBay, like used socks fetching over $14,000 in bids. He portrays this as genuine aid for the deal funding.

"I've got plenty of extra items," he noted.

During a short Friday follow-up, Cohen clarified his leadership vision for the combined firms.

"I did not want to be the CEO of GameStop. I want to be the CEO of eBay," he said. "I'm passionate about eBay. I believe in eBay's business. I wasn't passionate about GameStop. That's the difference."