Ryan Cohen is the CEO of GameStop.
GameStop
GameStop CEO Ryan Cohen is so determined to buy eBay that he's taken his own $35 billion pay deal off the table.Cohen has withdrawn the proposed compensation package because he wants to fully focus on revitalizing GameStop's business and acquiring eBay, GameStop said in a press release on Tuesday.Cohen has reiterated his intention to acquire the online marketplace in recent days, despite the target being more than five times larger than GameStop, with a market value of $48 billion, and eBay rejecting Cohen's cash-and-stock offer in May.Chewy's billionaire cofounder explained his interest in the tie-up during an episode of the "All-In" podcast released on Tuesday.He highlighted the opportunity to cut eBay's bloated costs; to make it a big player in live commerce by using GameStop's roughly 1,600 US stores to fulfill orders and serve as studios for content creators; and to expand into digital collectibles by creating a marketplace for digital items in video games.Cohen also said he'll put $500 million of his own money into the deal to demonstrate his conviction."When you look at how much the businesses together make sense, and then you look at the fact that it's within my circle of competence, I can't stop thinking about it," Cohen said.
