Ryan Cohen’s $12 billion meme stock wants to take over the online auction giant that is 4x its size. By Jonathan Small | edited by Brittany Robins | May 04, 2026 GameStop is playing the biggest game of its life: a bid to buy eBay, a company nearly four times its size, according to The Wall Street Journal . The videogame retailer and meme stock , led by billionaire Chewy co-founder Ryan Cohen, is preparing a takeover offer for the $46 billion online marketplace. GameStop’s market cap sits at just $12 billion, meaning Cohen would need massive debt financing to pull off the deal. The two companies may seem like odd bedfellows, but there is strategic overlap. Both companies have pivoted hard into collectibles — trading cards, sports memorabilia, Pokémon — and eBay’s 135 million active buyers generated $11 billion in revenue last year, up 8% year over year. Wall Street analysts, however, see real challenges in structuring the transaction.…