Ryan Cohen sells items on eBay to fund GameStop bid
GameStop CEO Ryan Cohen is literally selling his own stuff, including vintage video games, GameStop merch, and even a pair of Adidas socks (currently over $14,000!), on eBay to help fund the company's $55.5 billion bid to buy eBay.
Announcing the auction on May 5, Cohen joked, "I'm selling stuff on eBay to pay for eBay."
The auction runs until May 13.
GameStop drops 10% amid $16B gap
Cohen's account was briefly suspended but quickly restored.
Some GameStop store signs are already nearing $15,000 with almost 100 bids.
But there's a bigger issue: GameStop still faces a $16 billion funding gap for its $125-per-share cash-stock offer.
After Cohen dodged financing questions on CNBC, GameStop shares dropped 10%, and investor Michael Burry exited with the line, "Never confuse debt for creativity."