Ryan Cohen, the meme-stock king turned CEO of GameStop (GME), shocked Wall Street last week by announcing his plan to buy eBay (EBAY) for $55 billion. It's a classic David-versus-Goliath story — except David is a video game retailer with a market cap of about $40 billion trying to swallow a larger auction platform. And now, Cohen is doing something that feels both absurd and brilliant: he's selling his own stuff on eBay to help pay for the deal.
"I'm selling stuff on eBay to pay for eBay," Cohen tweeted Wednesday, and the internet ate it up.
The auctions, all with less than seven days remaining, feature a motley collection of trading cards, video games, gaming memorabilia, and GameStop-branded swag. Highlights include a sealed F1 game for the GameBoy, a Super Mario Bros cartridge for the NES, a GameStop mug, a GameStop hat, an old iPhone, a painting of his late dog Tylee, and actual GameStop store signs. The Tylee painting — of the dog that inspired Cohen to start Chewy — has a top bid of $5,200. The store signs are at $11,969, though the listing notes they're for local pickup in Texas. Oops.
But the crown jewel is a 2016 Topps Now Election Donald Trump card, graded PSA 10, commemorating his swearing-in. According to Beckett, only 847 of these cards exist, and far fewer are graded that high. The current bid is $5,200. Collectibles expert Ben Burrow tweeted that the highest public sale of this card was $515, so this auction is already shattering records. Every item comes with a "hand-signed letter to eBay," according to the listings.
This isn't just a quirky side project. It's a masterclass in marketing. The auctions are generating massive attention, and many bids are above fair market value, showing grassroots support for Cohen's takeover bid. The auction won't bring in millions — but it doesn't need to. It's about the narrative.
Cohen has been playing the media game well. In a recent viral interview, when asked how a smaller company like GameStop could buy eBay, he deadpanned: "Half cash, half stock." GameStop has already acquired about 5% of eBay's stock and has roughly $9 billion in cash. TD Securities has pledged up to $20 billion in financing. eBay, valued at $48 billion, could reject the deal, but Cohen might then take it directly to shareholders.
The offer values eBay shares at $125 each — 50% cash, 50% GameStop stock. eBay shares closed Wednesday at $108.15, up 2.73%, within a 52-week range of $67.87 to $111.38. So the offer is a premium, but not an outrageous one.
This isn't GameStop's first viral eBay moment. In 2025, the company sold a stapled Nintendo Switch 2 console on eBay for $250,000 to an anonymous buyer, after an employee accidentally stapled through the box in what became known as "Staplegate." Proceeds from that auction went to charity, not the acquisition fund.
Cohen, of course, is the same guy who led the charge against short sellers in the 2021 meme-stock frenzy. His return to the spotlight — with interviews and now eBay auctions — could help frame him as the relatable, scrappy underdog in this deal. Whether or not the acquisition succeeds, he's already winning the PR battle.
