Unhedged Can GameStop buy eBay?
47 snips
May 12, 2026 
John Foley, head of the FT's Lex column and corporate-deal analyst. He breaks down GameStop's audacious bid for eBay and whether a smaller acquirer can plausibly buy a much larger company. They dissect the offer structure, leverage and governance risks. Conversation also pivots to Cerebras challenging Nvidia in AI chips and trading ideas on Hyrox and inflation.
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Small Cash Rich Meme Stock Can Try Big Takeovers
- GameStop, fueled by meme-stock gains, has built a ~$9.5bn cash war chest and is attempting a hostile bid for much larger eBay.
- Ryan Cohen uses convertibles and share issuance to finance deals, turning market exuberance into acquisition firepower.
Host's Personal eBay Shoe Purchase
- Robert Armstrong recounts buying prized burgundy Alden Brooks Brothers wingtips on eBay as a personal example of eBay's marketplace value.
- The shoes illustrate tactile eBay purchases despite the hosts' long absence from regular eBay use.
Collectibles Growth Is The Strategic Rationale
- Cohen offers industrial logic: both GameStop and eBay see growth in collectibles and trading cards, suggesting retail synergies and physical eBay outlets.
- The strategic pitch rests on turning GameStop stores into eBay real-world touchpoints and boosting livestream and high-ticket sales.