GameStop is reportedly preparing a formal offer to acquire eBay, according to a Wall Street Journal report from May 1, 2026.

This is part of CEO Ryan Cohen’s ambitious plan to transform the struggling video game retailer into a much larger retail and e-commerce powerhouse with a potential $100 billion+ valuation.

Key Details

GameStop’s position — The company (current market cap ~$12 billion) has been quietly building a stake in eBay shares ahead of a potential bid. It could submit an offer as soon as later in May 2026.
eBay’s size — eBay has a significantly larger market cap (~$46 billion). If the deal proceeds, it would be a major leap for GameStop.
Ryan Cohen’s vision — Cohen (Chewy co-founder) has been vocal about pursuing “transformative” acquisitions in consumer/retail.
He has a compensation package worth up to ~$35 billion tied to hitting aggressive market value and profitability goals (including $100B valuation).
GameStop had ~$9 billion in cash as of late Q1.
Next steps — If eBay’s board isn’t receptive, Cohen could take the offer directly to eBay shareholders. Deal terms (cash, stock, etc.) remain unknown.

Market Reaction

GameStop (GME) shares rose ~4-9% in after-hours trading on May 1 (and continued momentum into May 2), reigniting meme stock interest on platforms like Reddit.
eBay (EBAY) stock surged over 10-15% in after-hours on the news.

This move aligns with GameStop’s shift toward e-commerce and away from pure brick-and-mortar video game retail.

It remains speculative—no official confirmation from either company yet—and faces significant hurdles given the size difference.

Analysts and investors are watching closely for any follow-up filings or statements.

This story broke very recently, so developments could move quickly.