GameStop CEO selling stuff on eBay to help fund $71 billion takeover bid for it
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The gaming retail chain made famous in the 2021 meme stock craze made a US$56 billion bid for eBay, which is four times its size.
PHOTO: AFP
New York – GameStop chief executive Ryan Cohen is raising money to help pay for his proposed US$56 billion (S$71 billion) takeover of eBay, one pair of socks at a time.
The move to sell a hodgepodge of items on eBay has already racked up scores of bids totalling tens of thousands of dollars, including US$7,500 for the socks. But it is unlikely to sway his sceptics, who view GameStop’s bid for a company four times its size as a non-starter.
Earlier this week, GameStop offered US$125 per share in cash and stock for online marketplace eBay. GameStop secured an initial, non-binding “highly confident letter” from TD Bank to provide about US$20 billion of debt financing for the deal, but Mr Cohen has still been peppered with questions about how he will manage to pay for a deal.
The gaming retail chain made famous in the 2021 meme stock craze will need billions more to actually buy eBay, whose market value is now US$48 billion.
Like many others in need of quick cash, Mr Cohen has turned to eBay.com.
“I’m selling stuff on eBay to pay for eBay,” he posted on X.
Beyond the socks, other sought after items include a pair of GameStop signs and what appears to be a life-sized Halo 2 statue, both of which are going for more than US$10,000. Among the other goods for sale are vintage baseball cards including Willie Mays and an unopened package of Windows 2000 software.
Mr Cohen promises that, as a thank-you gift for their purchase, buyers will get a hand-signed copy of the offer letter he sent to eBay’s board, plus free shipping. BLOOMBERG
