Prof G Markets GameStop’s $56 Billion eBay Bid Is Already Falling Apart
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May 5, 2026 
Rohan Goswami, a Semafor deals and finance reporter, unpacks why GameStop’s eye-popping eBay bid looks doomed, from shaky financing math to Ryan Cohen’s rough TV pitch. Charles Elson, a University of Delaware corporate governance expert, weighs Elon Musk’s legal fight with OpenAI, the timing behind it, and the wider accountability risks around founder-controlled companies.
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How GameStop Planned To Pay For eBay
- Rohan Goswami explained GameStop’s eBay bid relies on cash, unraised debt, and massive new share issuance to cover a price far above GameStop’s own value.
- He said Ryan Cohen tried to avoid saying dilution even though handing new GameStop shares to eBay holders is central to the plan.
Ryan Cohen Won The Wrong Audience
- Ryan Cohen played well with retail fans on CNBC, but the eBay deal depends on persuading institutional holders who found him evasive and unserious.
- Rohan Goswami said Cohen’s combative style thrilled Twitter supporters while failing with Vanguard, BlackRock, and other shareholders he actually needed.
Why The eBay Bid Likely Dies Fast
- Rohan Goswami thinks the eBay board will reject GameStop’s bid quickly because the financing is weak and Cohen damaged his credibility.
- He said sovereign wealth backing looks unlikely, leaving little chance the proposal survives past midweek.