Ryan Cohen, the entrepreneur who turned GameStop into a meme‑stock darling, is plotting a leveraged buyout of eBay. He wants the $11 billion‑valued retailer to acquire the online marketplace for $56bn in cash and stock. The proposal pits a shrinking brick‑and‑mortar chain against a global still platform that still lags Amazon, raising immediate questions about financing and strategic fit.

GameStop already holds a 5% stake in eBay, but Cohen would need roughly $40bn of capital to close the gap. A $20bn commitment from TD Bank, $9bn cash on hand and $10.7bn of GameStop stock leave about $16bn unfunded, likely requiring fresh equity. The retailer’s meme‑driven investor base has previously financed unconventional moves, yet skeptics warn the funding stretch is unprecedented.

Even supporters question the logic. Columbia law professor Eric Talley calls the bid a “minnow trying to eat a whale,” noting the lack of clear synergies between a video‑game retailer and a mature marketplace. Former backer Michael Burry announced plans to sell his GameStop stake, citing the deal’s debt burden. Unless Cohen secures additional capital, the eBay swoop appears unlikely to materialise.