The ongoing Ryan Cohen GameStop eBay saga has taken yet another unexpected twist, with the GameStop CEO openly admitting that he was never truly passionate about the gaming retailer he runs. As his ambitious — and many would argue unrealistic — bid to acquire eBay continues to dominate headlines, Cohen has now turned to leveraging his personal emotions in an attempt to push the deal forward.

A Surprising Confession from the GameStop CEO

In a recent conversation with Business Insider’s Sarah E. Needleman, Cohen revealed something that took many in the business world by surprise. Speaking candidly, he confessed that GameStop was never a company he felt deeply connected to. Instead, his real passion lies with eBay, an online marketplace he believes in far more than the troubled video game retailer he currently leads.

His exact sentiment was clear — he has no real love for GameStop but feels genuinely committed to eBay’s business model and long-term potential. For someone holding the top executive seat at GameStop, the admission was as bold as it was unusual.

A Long Road to the CEO Chair

Ryan Cohen’s relationship with GameStop has been complicated from the start. He first joined the company’s board in 2021, right around the time the infamous meme stock frenzy turned GameStop into a global financial spectacle. By 2023, he had taken over as CEO, stepping into a role he now claims he never really wanted.

Although the meme stock saga inspired a Hollywood film, it did not translate into a sustainable business model. GameStop’s challenges have only deepened as the gaming industry has shifted overwhelmingly toward digital downloads, streaming services, and online distribution. Physical retail stores selling video games have struggled to remain relevant.

Under Cohen’s leadership, the company has been forced to shutter hundreds of locations across the United States. International expansion has gone in reverse as well, with GameStop selling off entire foreign divisions, including its Canadian arm, in a move signaling deeper structural retreat.

A Massive Bid With Limited Resources

Despite GameStop’s struggles, Cohen has set his sights on a far bigger target — eBay. The proposed acquisition stands at a staggering 56 billion dollars, a number that has raised eyebrows across the financial world. The biggest concern is that GameStop simply does not have the funds to support such an offer.

According to financial reports, the company holds approximately 9.4 billion dollars in total assets — a fraction of the amount needed to make the bid feasible. To bridge the gap, Cohen has pitched a hybrid deal involving both cash and stock, hoping to recreate some of the magic that surrounded GameStop during its meme stock heyday.

However, those days appear to be firmly behind the company. Even some of GameStop’s most enthusiastic former supporters have moved on, with notable investors offloading their shares as confidence in the brand continues to erode.

Stunts and Auctions to Drum Up Cash

In an unconventional move, Cohen has personally taken to listing items on eBay in what some are calling a marketing stunt to drum up support and capital. From GameStop-related memorabilia to items pulled from the now-defunct Game Informer magazine archives, Cohen has been auctioning a wide range of products through the very platform he hopes to acquire.

While he insists these auctions are part of a genuine effort to raise funds, the reality is that no eBay listing — no matter how rare or sentimental — could realistically generate the billions of dollars required to close the gap.

The optics of the campaign have also drawn criticism. Some observers see it as a desperate publicity move rather than a serious financial strategy, while others view it as a clever way of associating Cohen’s personal brand with eBay’s identity ahead of any potential takeover.

eBay Is Doing Just Fine

One of the biggest hurdles facing the deal is the simple fact that eBay does not appear to need rescuing. The e-commerce giant continues to operate as a profitable, stable business with a global user base. While it is no longer the dominant force it once was during the early 2000s online marketplace boom, it remains a healthy company with steady revenue streams.

GameStop, on the other hand, is widely viewed as a struggling retailer that has yet to find a clear path forward in a digital-first gaming economy. This contrast makes Cohen’s pitch — that he should lead a company doing well based on his leadership of one that is not — particularly difficult to sell.

The Chewy Comparison

Cohen does have one notable success story to reference. Before joining GameStop, he founded Chewy, the popular online pet supply retailer, which grew into a hugely successful e-commerce brand. That track record initially gave investors hope that he could replicate the same magic at GameStop.

Unfortunately, the gaming retail business and the pet supply business are vastly different worlds. Despite his digital-first reputation, Cohen has struggled to bring meaningful transformation to GameStop. Pointing to Chewy as proof of his abilities feels increasingly outdated, especially as GameStop’s troubles continue to mount under his watch.

Has eBay Even Considered the Offer Seriously?

So far, eBay’s leadership has not shown significant enthusiasm toward Cohen’s bid. With limited financial backing, an unconvincing track record at his current company, and a deal structure that leans heavily on stock value, the proposal does not appear to meet the criteria typical of major corporate acquisitions.

Industry analysts have largely dismissed the bid as unlikely to succeed in its current form. Many believe that without major outside investment or a fundamental shift in GameStop’s financial standing, the deal will remain little more than a public conversation.

Was the Spark Ever Really There?

Cohen’s recent admission raises a deeper question — was his passion for GameStop ever real to begin with? When he first joined the board, he was hailed as a potential savior, a digital-native executive who could pull the company into the modern era. Instead, GameStop has continued to shrink, both in store count and in market relevance.

His latest comments suggest that his focus may have always been elsewhere, possibly toward the eventual goal of acquiring eBay. If true, this puts a different lens on his entire tenure at GameStop, transforming it from a turnaround story into a stepping stone strategy.

A Bid That Feels More Like a Statement

Whether or not the eBay acquisition ever materializes, the entire episode has cemented Cohen’s status as one of the most unconventional CEOs in modern retail. He continues to court attention through public statements, social media posts, and now personal eBay listings, all while overseeing a company facing serious structural challenges.

For now, the Ryan Cohen GameStop eBay storyline remains an unfolding mix of corporate ambition, personal aspiration, and financial reality. Whether it leads to a historic acquisition or simply becomes another chapter in the meme stock legacy, one thing is clear — Cohen is no longer hiding the fact that his heart was never really in GameStop.