GameStop's Cohen Sees New Target and Big Possible Payday in eBay
The CEO who helped define the meme-stock era has proposed a brash, unsolicited $56 billion offer for the online commerce company.
Source: GameStop
Ryan Cohen is at it again.
The Canadian entrepreneur turned activist investor has been making big investments in struggling companies and trying to turn them around— with mixed results. His latest gambit is a $56 billion offer for eBay Inc., a pioneer in selling used goods online and a business nearly four times the size of Cohen’s current company, GameStop Corp.
Cohen, 40, made his name co-founding Chewy in 2011, turning it into the top online pet retailer before agreeing to sell to PetSmart for $3.35 billion six years later. The executive, who never went to college or had what he calls “a real job,” sets his strategy based on his ownership mentality, one where managers should have a stake in the companies they run and base their own success on that of the business.