GameStop CEO Ryan Cohen presses ahead with a long‑shot bid for eBay despite Wall Street scepticism, quietly amassing a nearly 10 per cent stake after his $56bn cash‑and‑stock offer was rejected in May over financing, leverage and his own incentive structure. The proposal was widely mocked and turned into an online meme.

Cohen, supported by the retail‑investor army that powered his GameStop takeover, tells the FT “All I do is work. I want to own eBay — that’s all I’ve been thinking about.” He has almost doubled the stake, withdrawn a $35bn bonus plan criticised by eBay’s board, reshuffled legal and PR advisers, and is canvassing other large eBay shareholders.

These maneuvers could precede a direct appeal to shareholders. “We’re keeping all our options on the table,” Cohen said, noting the upcoming annual meeting as a possible deadline. He has also drafted aggressive cost‑cutting plans to bring eBay’s operating expenses in line with Chewy and Wayfair.

Under CEO Jamie Iannone, eBay shares have more than tripled, pushing market value near $50bn, yet operating expenses rose 26% to $5.6bn while operating income fell 14% to $2.2bn. Some analysts praise recent marketplace growth, but Iannone declined to meet Cohen, framing the contest as a vote on who should run the business.