Meme Stock 'GameStop' Proposes Acquisition of eBay at $125 per Share, Aiming for Fourfold Growth with 5% Stake

According to a U.S. Securities and Exchange Commission filing, GameStop Corp. (NYSE: GME) has built approximately a 5% economic interest in eBay Inc. (NASDAQ: EBAY) by combining common‐stock holdings with paired put and call options, and has proposed to acquire all outstanding shares of eBay at US$125 per share (around ₩180,000).

In its filing, GameStop argued that eBay is undervalued and stated it may expand its ownership and economic exposure through additional purchases or derivative transactions, and, if necessary, explore securing control of the company.

During the same period, eBay CEO Jamie Iannone sold roughly 42,000 shares on the open market between April 6 and 7 under a pre‐established Rule 10b5-1 trading plan, realizing about US$4.1 million (around ₩6 billion) in cash. He still maintains a stake of several hundred thousand shares, both directly and indirectly.

In its Q1 2026 results announced at the end of April, eBay reported revenue of approximately US$3.1 billion (mid-₩4 trillion range) and gross merchandise volume of about US$22 billion, marking double‐digit growth year-over-year.

Separately, GameStop formalized a non-binding offer to acquire all of eBay for roughly US$55.5 billion (early-₩80 trillion range) in a press release, drawing market attention to whether eBay’s board will accept the proposal and to the structure of any future negotiations.

eBay operates a global online marketplace where individuals and small businesses buy and sell a wide variety of goods—including used items and collectibles—and has long maintained an asset-light platform model driven by transaction fees and advertising revenue.

Amid rapid growth in the so-called circular economy—resale, second-hand trading and collectibles—the U.S. e-commerce sector is realigning its portfolios, with both eBay and GameStop pursuing strategies to bolster their presence in this expanding market.