"Cohen said in a post on X he had come up with a creative way to fill the gap: "I'm selling stuff on eBay to pay for eBay." If he sold all the merchandise listed on his seller page, which includes everything from baseball trading cards, video games, and other items, at the current top bids, Cohen would be able to collect more than $138,000, a minuscule fraction of the total $56 billion."
"Hours after Cohen's initial X post detailing his plans to purchase eBay, Cohen followed up with a screenshot of eBay giving him a warning: he had gone over eBay's limit for posting items totaling more than $50,000 in a month. Just before midnight, he posted a follow up screenshot that said his account had been "permanently suspended because of activity that we believe was putting the eBay community at risk.""
"The trouble may have started just hours after his initial social media post. Cohen had listed a myriad of items for sale on the online marketplace site, including old GameStop signs, a GameStop mug, and even an old square of "GameStop carpet." Meme stock devotees quickly bid up the price of all the items, including a pair of worn Adidas crew socks, which as of midday Thursday were going for about $14,188."
"Cohen also said each buyer would get a signed copy of the offer letter he sent to eBay's board and free shipping, Bloomberg reported. As of Thursday, Cohen's account still appeared on eBay, according to a screenshot he posted on X."
GameStop is pursuing a $56 billion effort to acquire eBay, with a $20 billion financing commitment from TD Bank already identified. Remaining funding questions persist because GameStop’s market capitalization is far smaller. Ryan Cohen proposed filling the gap by selling merchandise on eBay, claiming that selling items from his seller page could generate only a tiny amount relative to the deal size. After posting plans on X, his eBay activity drew rapid bidding on various collectibles and memorabilia. eBay issued a warning that monthly posting limits for items totaling more than $50,000 were exceeded. Shortly afterward, his account was permanently suspended for activity believed to put the eBay community at risk, while his eBay account still appeared active as of Thursday.
Read at Fortune
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