GameStop's Cohen Bids $125 a Share to Acquire eBay in $28B Deal
TBPN
Ryan Cohen aims to trim $2 billion in operating costs at eBay while using GameStop's 1,600 stores as physical authentication hubs to drive live commerce and collectibles growth.
## Background
This full conversation with GameStop’s Ryan Cohen was published by TBPN on YouTube on May 5, 2026. The video description states that it covers Cohen's $125 per share half-cash, half-stock acquisition bid for eBay, his strategy to unlock value by cutting billions in costs, utilizing GameStop's physical store footprint for collectible authentication, and revitalizing eBay through live commerce and creator partnerships.
## TL;DR
In this interview, Ryan Cohen outlines his proposed $125 per share acquisition offer for eBay, which combines $28 billion in cash backed by debt and balance sheet reserves with equity in a unified GameStop-eBay entity. He targets $2.0 billion in cost cuts across eBay's sales, marketing, and corporate overhead, drawing parallels to his cost-reduction playbook at GameStop and Elon Musk's restructuring of Twitter. Cohen details plans to leverage GameStop's 1,600 retail stores as physical authentication and intake hubs for collectibles while expanding into live commerce, digital gaming assets, and luxury goods. Throughout the discussion, he emphasizes his performance-based compensation model and critiques corporate inertia and friction within traditional board structures.
## Atmosphere & style
The interview has a candid, highly strategic, and moderately irreverent tone, balancing high-stakes corporate M&A analysis with casual banter. Cohen speaks with direct, unvarnished candor about corporate bloat and board inefficiencies, occasionally adding playful or cheeky remarks about his personal alignment and past interactions with eBay's management. The hosts maintain an engaging, inquisitive, and friendly dynamic, drawing out operational details while reflecting on their own nostalgic experiences with eBay and retro gaming. Overall, the conversation feels like a fast-paced, insider deep-dive that blends startup agility with aggressive turn-around strategy.
## Key takeaways
- [00:00](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=0s) Cohen made a $125/share bid (half cash, half stock) to acquire eBay, delivering ~$28B in cash backed by $20B+ in debt financing and $9B in balance sheet cash.
- [00:00](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=0s) The core thesis is to re-energize a stagnant platform by driving substantial earnings power and combining it with GameStop's resources.
- [01:51](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=111s) GameStop’s ~1,600 physical stores would serve as live authentication hubs and product intake access points for high-end collectibles and luxury goods.
- [01:51](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=111s) Cohen sees live commerce as a massive, untapped growth opportunity for eBay's 130 million active users.
- [05:08](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=308s) Targeting $2.0B in immediate cost cuts across sales, marketing, and corporate overhead by cutting inefficient SG&A spend, mirroring GameStop's 47% SG&A reduction.
- [08:18](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=498s) Drawing inspiration from Elon Musk's takeover of Twitter, Cohen argues lean engineering teams with a startup mindset innovate faster than bloated corporate structures.
- [10:48](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=648s) Cohen demands 100% performance-based compensation with zero salary, bonuses, or equity unless market cap milestones are achieved.
- [10:48](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=648s) Critiques eBay's board members for earning $350k-$450k annually with zero open-market insider purchases and lacking operational alignment.
- [18:20](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=1100s) Digital gaming assets represent a major growth market, provided eBay fixes rampant seller fraud and complex chargeback friction.
- [21:41](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=1301s) GameStop's short 2-3 year lease structures provide the flexibility to continuously evaluate, expand, or shrink its retail store footprint based on profitability.
- [23:54](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=1434s) Dismissed Etsy as an alternative M&A target due to its lack of collectibles, reaffirming eBay as the ideal strategic fit.
## Detailed walkthrough
### [00:00](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=0s) The $125/Share Bid and Deal Mechanics
Ryan Cohen details the mechanics behind his $125 per share acquisition offer for eBay, which values the purchase as a half-cash, half-stock transaction. Under this proposal, GameStop and its financing partners would deliver roughly $28 billion in cash to existing eBay shareholders—representing approximately a 40% premium from when Cohen’s team began acquiring shares—allowing them to cash out half their investment. The remaining value would be rolled into equity in the combined GameStop-eBay entity.
Cohen emphasizes that putting himself at the helm would fundamentally transform eBay's trajectories for growth and profitability, noting that the marketplace has largely stagnated over the past decade despite remaining an inherently strong business.
* **Offer price:** $125.00 per share (half cash, half stock).
* **Cash component:** ~$28 billion provided to existing shareholders.
* **Initial buying premium:** ~40% premium relative to when Cohen began accumulating shares.
* **Core thesis:** Re-energize a stagnant platform by driving substantial earnings power and long-term expansion.
---
[01:51](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=111s) Physical Authentication, Collectibles, and Live Commerce
Outlining the long-term strategic vision for the combined entity, Cohen highlights collectibles—such as trading cards and high-end luxury items like Montblanc pens—as the overlapping sweet spot for both GameStop and eBay. A major friction point for online buyers of expensive collectibles is verifying authenticity. Cohen proposes using GameStop’s network of roughly 1,600 physical retail stores as instant, live authentication hubs and intake access points for eBay sellers and buyers.
Beyond physical store integration, Cohen targets live commerce as a massive, untapped vector for growth. Despite maintaining a massive user base of 130 million active users, eBay is currently "getting crushed by competitors in live commerce." Rather than spending heavily to market a new audience, Cohen plans to upgrade the platform's UI/UX to match modern streaming expectations and establish direct partnerships with social creators and influencers.
> "It's run like a public utility. It should have been wiped out, but it hasn't been. That's why I love it."
* **Physical footprint integration:** 1,600 GameStop stores repurposed as live authentication and product intake centers.
* **User base:** eBay’s 130 million active users provide an immediate audience for live stream shopping without heavy external marketing spend.
* **Platform durability:** Despite looking virtually unchanged since 1995, the business generates over $2 billion a year in profit while surviving decades of venture-backed competitors targeting its categories.
---
[05:08](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=308s) Regulatory Clearance and Slashing SG&A Costs
Addressing potential acquisition hurdles, Cohen dismisses antitrust concerns, noting that large strategic tech competitors could never pass regulatory scrutiny to acquire eBay. He argues that GameStop’s acquisition face no such regulatory roadblocks. Drawing direct parallels to his turnaround of GameStop, Cohen explains how aggressively cutting inefficient expenses can unlock immense profitability.
At GameStop, his team pulled out 47% of SG&A costs—roughly $800 million—largely by eliminating unnecessary marketing spend. He argues that household names like GameStop and eBay do not need multi-billion-dollar ad campaigns, which often serve only to protect corporate jobs or feed perverse agency incentives.
* **eBay operational overhead:** $5.5 billion in annual operating expenses on an $11 billion asset-light business with no inventory and 11,500 employees.
* **Marketing inefficiency:** eBay currently spends $2.5 billion in sales and marketing to yield modest user growth.
* **Target savings:** $2.0 billion in immediate cost cuts across sales, marketing, and corporate overhead.
* **Debt strategy:** Apply quick, heavy operational leverage to pay down acquisition debt rapidly rather than operating a long-term leveraged business.
---
[08:18](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=498s) Inspiration from Elon Musk’s Twitter Acquisition
Comparing his operating style to Elon Musk’s takeover of Twitter (now X), Cohen notes that trimming corporate bloat actually accelerates innovation rather than destroying the product. While Twitter suffered from advertiser boycotts tied to political speech debates, the platform itself continued running smoothly with a fraction of its original engineering headcount.
In Cohen’s view, massive corporate teams slow companies down, whereas lean engineering teams operating with a "startup mentality" ship features much faster. He sees eBay as an asset-light utility whose core model is far more predictable and resilient than most modern tech businesses.
> "The more people you add, the more you slow things down... You've got to always be in startup mode. You build big teams and nothing gets done anymore."
---
[10:48](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=648s) Compensation, Corporate Friction, and Board Resistance
When asked how he expects to be compensated if the deal closes, Cohen states he demands to be incentivized "100% based on performance," exactly as he operates at GameStop, where he takes zero salary, zero bonuses, and zero equity unless market cap milestones (ranging from 2x up to 10x) are met.
He cheekily reveals the immediate friction his takeover attempt has caused among eBay’s leadership and board of directors. During the interview, Cohen shares an aside about receiving a call from his team that morning: eBay's representatives had scoured GameStop’s careers page, pointing to a job listing for a personal assistant as evidence that Cohen was misusing company resources for personal benefits. Cohen clarifies that he pays for his personal assistant entirely out of his own pocket.
* **Director pay critique:** eBay board members earn $350,000 to $450,000 annually (totaling ~$4M), while engaging in zero open-market insider buying.
* **Executive alignment:** Operates like a family business with extreme personal alignment rather than "professional managers" receiving equity "handed out like candy."
---
[14:15](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=855s) Financing Structure and Market Reaction
Addressing Michael Burry’s recent exit and skepticism regarding the transaction's leverage, Cohen explains that Burry’s investment philosophy likely viewed the move as a short-term trade rather than a multi-year build. Cohen compares current market skepticism to his early days building Chewy, where "every single day was a shakeout."
Clarifying how the $28+ billion cash portion of the deal will be marshaled, Cohen details the exact capital breakdown backing the offer:
* **Bank financing:** A highly confident letter from their banking partners securing **$20+ billion** in debt financing.
* **Balance sheet cash:** **$9 billion** in existing cash reserves held on balance sheet.
* **Equity roll:** Existing eBay shareholders rolling the remaining balance into equity of the newly combined company.
Cohen closes by emphasizing that if the transaction goes through, the vast majority of his personal net worth will be tied up in the combined company, as he intends to run and scale eBay as his primary long-term project.
<FollowUp label="Want to continue with Part 2 of the interview transcript?" query="Please provide the detailed walkthrough for Part 2 of the Ryan Cohen eBay interview transcript."/>
[18:20](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=1100s) Digital Goods, Platform Fraud, and Stablecoins
The hosts kick off this section by asking Ryan Cohen if he was ever an eBay power seller back in the day. One of the hosts reminisces about buying and selling DJ equipment on eBay around 2003, calling it "amazing." Cohen replies that while he cannot recall his very first transaction off the top of his head, he will have to double-check and get back to them on that story.
The conversation shifts to GameStop's strategy and whether eBay could tap into digital marketplace opportunities. The host notes that in past conversations, Cohen mentioned expanding GameStop into digital goods to rely less on physical inventory. Cohen responds with an emphatic "yes and yes," confirming that eBay is already touching this space—such as through the buying and selling of Roblox digital items—but doing it poorly. Cohen shares a personal story of buying digital items for his kids on eBay, describing the rampant platform fraud where phantom items are sold, forcing buyers into chargeback battles that get complicated if the transaction later shows as delivered. He highlights digital gaming as a massive untapped opportunity if executed properly with strong trust and safety mechanisms.
When asked whether stablecoins could serve as a path to cut transaction fees for eBay’s high-volume business, Cohen admits he currently has no strong point of view and has not looked into it deeply. The hosts note that while stablecoin founders pitch fee reductions, sellers are usually the ones absorbing those credit card processing costs anyway.
- Ryan Cohen bought digital items on eBay for his children and experienced firsthand the platform's seller fraud and chargeback headaches.
- Cohen sees digital gaming assets as a major high-potential growth sector for a modernized eBay marketplace.
---
[20:35](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=1235s) AI Integration and Streamlining the Seller Experience
The hosts ask Cohen about eBay's current internal use of artificial intelligence and whether he sees room for additional leverage. Cohen observes that eBay has primarily implemented "super easy" AI applications, such as auto-generating product descriptions to simplify listing creation. However, he emphasizes that the fundamental seller experience on eBay remains plagued by friction and unnecessary complexity.
Cohen critiques the current selling process as a "pain in the ass" with far too many manual steps required to list an authentic item. He envisions leveraging GameStop's physical store footprint to dramatically lower friction for sellers and streamline item intake, making the process of listing genuine merchandise completely seamless.
- eBay's existing AI features focus mostly on basic listing aids like generating automated item descriptions.
- Cohen strongly criticizes eBay’s multi-step listing workflow as overly complicated and frustrating for casual sellers.
---
[21:41](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=1301s) Optimizing Store Footprint and Capital-Efficient Partnerships
The discussion turns to GameStop’s retail physical footprint and how a combined GameStop-eBay entity would manage store counts. Cohen explains that store count is a dynamic, moving target based strictly on utility and store-level economics. A key reason he initially targeted GameStop was its short-term lease structure—typically 2 to 3 years per lease—which grants the flexibility to continually evaluate performance. Stores that generate foot traffic and growing profitability will be renewed, while underperforming locations will be closed to shrink the footprint.
The hosts bring up an alternative scenario: if a full M&A deal does not materialize, could GameStop partner with eBay to offer rare collectible verification at physical stores for a fee? Cohen agrees that such a service would require virtually zero capital expenditure ($0 CapEx) and represents a solid idea. However, he candidly admits he hopes a pure partnership isn't necessary because he wants "to run the entire thing."
Cohen reveals that he actually reached out to eBay one or two years prior to propose a business partnership, but the company failed to engage seriously. He delivers a blunt critique of corporate inertia, complaining that "everyone's on vacation" or hiding behind assistants who promise follow-ups next week, resulting in zero sense of urgency or momentum.
- GameStop operates around 1,600 physical store locations, structured with flexible 2 to 3-year lease agreements.
- An in-store authentication partnership between GameStop and eBay would require $0 in CapEx.
- Cohen previously attempted to partner with eBay 1–2 years ago, but talks stalled due to a lack of urgency from eBay's leadership team.
---
[23:54](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=1434s) Target Synergies, Live Commerce, and Capital Sourcing
When asked if Etsy—trading at a $6 billion market cap—could be an alternative acquisition target if the eBay deal falls through, Cohen quickly dismisses the idea, noting "no collectibles action there." He reiterates that eBay is a unique, natural fit for GameStop's store footprint and offers him the personal opportunity to apply his cost-cutting operational playbook to build something substantially larger. Reflecting on why he is so attached to the transaction, Cohen notes, "I like eBay. It brings me back to my roots."
When asked what major growth levers eBay is missing, Cohen immediately highlights **live commerce** as a massive revenue accelerator. Rather than a total pivot, he views live commerce as a logical extension to liquidate existing inventory through interactive selling channels, paired with deeper category pushes into high-margin verticals like luxury goods and trading cards.
Addressing capital structure questions, the hosts ask if Cohen would involve international sovereign wealth funds, comparing it to large-scale media transactions that pivoted toward cash. Cohen keeps his cards close to his chest, stating simply that they are evaluating a variety of capital structure options.
- Cohen dismisses Etsy as a backup target due to its lack of focus on the collectibles market.
- Live commerce, luxury goods, and trading cards are identified as prime expansion categories for eBay.
- Cohen confirms his team is actively exploring multiple financing structures to support the offer.
---
[25:52](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=1552s) Expanding into Retro Gaming and Final Remarks
The hosts ask about GameStop's momentum in retro gaming, noting partnerships like ModRetro and their own office experience dusting off an old Xbox 360. Cohen acknowledges that while return rates in retro hardware can be slightly higher, retro gaming represents a growing, dedicated focus area across GameStop stores. Though currently a smaller segment, it remains a strategic growth initiative.
As the interview wraps up, the hosts ask Cohen how he sees the remainder of the week unfolding regarding the acquisition bid. Cohen laughs and states that he isn't sure, to which the hosts summarize: "Ball's in their court."
The hosts conclude the segment by reminding listeners that full details of the half-cash, half-stock bid can be found on the website, thanking Cohen for coming on TBPN and inviting him back as the story continues to unfold.
- Retro gaming is an active focus for GameStop, showing consistent segment growth despite higher product return rates.
- Cohen maintains a half-cash, half-stock deal structure for the eBay acquisition proposal.
## Notable quotes
> [01:51](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=111s) It's run like a public utility. It should have been wiped out, but it hasn't been. That's why I love it. — Ryan Cohen
> [08:18](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=498s) The more people you add, the more you slow things down... You've got to always be in startup mode. You build big teams and nothing gets done anymore. — Ryan Cohen
> [10:48](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=648s) 100% based on performance — Ryan Cohen
> [10:48](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=648s) handed out like candy — Ryan Cohen
> [14:15](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=855s) every single day was a shakeout — Ryan Cohen
> [18:20](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=1100s) yes and yes — Ryan Cohen
> [20:35](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=1235s) pain in the ass — Ryan Cohen
> [21:41](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=1301s) to run the entire thing — Ryan Cohen
> [21:41](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=1301s) everyone's on vacation — Ryan Cohen
> [23:54](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=1434s) no collectibles action there — Ryan Cohen
> [23:54](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=1434s) I like eBay. It brings me back to my roots. — Ryan Cohen
> [25:52](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=1552s) Ball's in their court.
## Mentioned
GameStop, Ryan Cohen, eBay, TBPN, Montblanc, Elon Musk, Twitter, X, Michael Burry, Chewy, Roblox, Etsy, ModRetro, Xbox 360
GameStop CEO Ryan Cohen proposes acquiring eBay through a half-cash, half-stock transaction valued at $125 per share, aiming to revitalize the marketplace by cutting costs, integrating retail locations, and accelerating into live commerce.
Acquisition Terms and Financing Structure (0:00)
Cohen's proposed buyout offers eBay shareholders $125.00 per share, representing an estimated 40% premium over the share price when his team began accumulating stock. Under the structure, approximately $28 billion would be disbursed in cash, with the remainder rolled into equity in the combined entity. Cohen stated that the cash portion is supported by $9 billion from balance-sheet cash reserves and a highly confident bank letter covering more than $20 billion in debt financing. He dismissed antitrust risks, contending that strategic tech peers face regulatory constraints that do not apply to GameStop.
Operational Overhaul and Aggressive Cost Reductions (5:08)
Cohen plans to apply his GameStop operational playbook to eBay, proposing $2.0 billion in immediate reductions to eBay's $5.5 billion operating overhead across sales, marketing, and corporate expenses. Citing GameStop's 47% reduction in SG&A—which generated roughly $800 million in savings primarily by curbing advertising—he argued that established brands do not require multi-billion-dollar marketing campaigns to maintain audiences. Taking inspiration from Elon Musk's downsizing at Twitter, Cohen asserted that lean engineering teams accelerate product velocity, intending to use high operational leverage to quickly pay down acquisition debt.
Physical Store Integration for Collectibles and Authentication (1:51)
A core strategic rationale involves leveraging GameStop's footprint of roughly 1,600 retail stores as live intake and authentication hubs for collectibles such as trading cards and luxury goods. Cohen noted that store count remains flexible based on 2- to 3-year commercial leases, allowing underperforming locations to close while high-traffic stores serve eBay buyers and sellers. Although an authentication partnership alone would require zero capital expenditures, Cohen revealed he previously pitched a partnership to eBay leadership 1–2 years ago without traction and prefers acquiring full operational control.
Live Commerce, Digital Goods, and Seller Workflow (18:20)
Cohen identified live commerce and digital goods as prime growth vectors where eBay currently lags competitors. With 130 million active users, Cohen plans to modernize eBay's interface to facilitate creator partnerships and live stream shopping without requiring large customer-acquisition outlays. Addressing digital gaming assets like Roblox items, he cited personal experience with transaction fraud and chargebacks, stressing the need for better trust and safety mechanisms. He also criticized eBay's current multi-step listing workflow as overly complex, suggesting automated tools and physical intake could ease friction for casual sellers.
Governance Friction and Executive Compensation Alignment (10:48)
Cohen reported early pushback from eBay's leadership, including board members questioning GameStop job listings for personal staff, which Cohen stated he funds personally. Criticizing eBay board directors who earn $350,000 to $450,000 annually without making open-market insider purchases, Cohen maintained that his own compensation would be 100% performance-based—mirroring GameStop's structure of zero base salary, cash bonuses, or equity unless specific market capitalization milestones between 2x and 10x are achieved.
The proposed takeover relies on eBay's willingness to engage and shareholder acceptance of high leverage and significant restructuring. Whether eBay's board will formally review the $125 per share bid remains undetermined.
## Background
该视频由财经科技频道 TBPN 于 2026 年 5 月 22 日发布在 YouTube 平台。节目为对 GameStop 首席执行官 Ryan Cohen 的完整现场独家专访，视频简介指出其核心围绕 Cohen 提出以每股 125 美元（半现金半股票）收购 eBay 的重磅要约展开，重点剖析如何通过削减数十亿美元成本、引入所有者心态、利用 GameStop 线下门店网络赋能收藏品真伪鉴定以及发力直播电商来释放 eBay 的巨大商业价值。
## TL;DR
Ryan Cohen 深入拆解了他主导的 GameStop 以每股 125 美元、半现金半股票收购 eBay 的交易架构，计划借助顶级银行信贷支持、自有现金储备与股权滚动完成并购。他尖锐批评了 eBay 现任管理层的代理人问题与官僚作风，提出以“家族企业”式的严苛标准快速削减 20 亿美元无效营销与运营成本，并承诺自身薪酬 100% 锚定市值翻倍乃至十倍的硬性业绩指标。战略协同上，他主张将 GameStop 现存的 1,600 家实体门店打造成零资本支出的稀有收藏品现场鉴定网络，以此解决二手信任痛点，并依托海量货盘切入直播电商与虚拟数字资产赛道。Cohen 明确表示自己绝非浅尝辄止的维权投资者，而是志在全面接管运营，目前关键的并购决策权已完全交到了 eBay 董事会脚下。
## Atmosphere & style
整场对话节奏明快、锋芒毕露，Ryan Cohen 展现出极其鲜明且务实的激进改革者姿态，其对大企业官僚懈怠与无效营销的无情吐槽充满了街头实干家式的辛辣与幽默。主持人与嘉宾的互动既有对复杂杠杆融资和监管风险的专业交锋，又穿插着对私人物件和董事会内幕摩擦的轻松调侃，使数十亿美元级别的并购博弈变得格外生动且极具戏剧性。随着对空头离场、亲自挂帅决心及资本战局终局的层层剖析，访谈流露出一种大战在即、从容对决的自信气场与悬念张力。
## Bulletin
- [00:00](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=0s) GameStop 首席执行官 Ryan Cohen 提出以每股 125 美元（50% 现金 + 50% 股票）要约收购 eBay，承诺直接向股东支付约 280 亿美元现金，并提供将股权滚动进入合并新公司的选项。
- [13:31](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=811s) 并购资金已获得顶级银行 200 亿美元的高确定性融资承诺函（Highly Confident Letter），并辅以 GameStop 现有的 90 亿美元现金储备。
- [05:08](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=308s) Cohen 计划以“家族企业”心态在销售、营销及管理杂费中激进砍去 20 亿美元成本，迅速偿还杠杆债务并逆转平台长期停滞。
- [01:51](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=111s) 战略协同核心在于激活 GameStop 现有的 1,600 家线下门店，以零资本支出将其打造成收藏品即时真伪鉴定与前置履约网络，借此突破高客单二手品与直播电商的信任瓶颈。
## Key takeaways
- [00:00](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=0s) 交易结构兼顾即时确定性与长期成长：eBay 现有股东可先兑现约 40% 的溢价现金收益，同时通过股权置换分享合并实体的未来价值。
- [01:51](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=111s) 实体门店构筑信任护城河：GameStop 的 1,600 家线下门店可作为鉴定高价值收藏品、奢侈品与球星卡的物理触点，消除买家对线上假货的疑虑。
- [01:51](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=111s) eBay 具备如公共事业般惊人的业务韧性，即使界面历经近三十年未有实质颠覆，年净利润依然保持在 20 亿美元以上。
- [05:08](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=308s) 反垄断红线成为护航优势：大型科技巨头受制于监管审查无法吞下 eBay，但 GameStop 的跨界整合面临极小的监管阻碍。
- [05:08](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=308s) 激进控费路径可复制：Cohen 曾将 GameStop 的 SG&A 削减 47%（节省 8 亿美元），计划以同等力度大砍 eBay 的 20 亿美元无效营销与官僚管理开支。
- [08:14](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=494s) 借鉴 Twitter 的精简工程范式：人员精简不仅不破坏核心服务，反而能打破大公司病与决策瘫痪，使团队回归初创级的高效产品迭代状态。
- [08:14](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=494s) AI 冲击下的平台确定性：虽然关注大语言模型等新兴变量，但 eBay 交易长尾非标商品的网络效应难以被外部技术单向颠覆。
- [11:00](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=660s) 纯粹的“所有者心态”与薪酬绑定：Cohen 不拿基本工资与奖金，个人股权激励完全与市值成倍或十倍增长的极端业绩表现挂钩。
- [12:24](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=744s) 公开抨击董事会代理人问题：指责职业经理人拿着高额津贴和免费股权，缺乏真正的利益捆绑与创业紧迫感，甚至在私底下捏造借口相互防范。
- [13:31](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=811s) 针对 Michael Burry 等投资者的清仓离场，Cohen 认为对方属于偏短期的交易型思路，难以承受高杠杆并购带来的剧烈洗盘与执行风险。
- [18:41](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=1121s) 游戏虚拟资产交易存在巨大未开发空间：以《Roblox》为代表的游戏虚拟道具已在平台自发交易，但因风控和履约产品极差充斥欺诈痛点，亟待系统性重构。
- [20:34](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=1234s) 简化卖家上架摩擦：当前 eBay 上架门槛繁琐不堪，未来可借由线下门店充当吸纳前哨，大幅简化非标二手商品的核验上架流程。
- [20:34](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=1234s) 门店去留取决于实用性与单店盈利：依托平均 2-3 年的短期租约，GameStop 具备动态精简或保留门店网络的极高资本灵活性。
- [22:17](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=1337s) 零资本支出（$0 CapEx）的合作后路：若全盘接管遇阻，为 eBay 提供纯商业维度的线下鉴定服务是潜在替代方案，但 Cohen 明确表示全盘接管才是核心目标。
- [23:54](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=1434s) 否决 Etsy 并购可能性：因其缺乏高客单价二手收藏品生态，无法与 GameStop 的线下基因产生实质化学反应。
- [23:54](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=1434s) 直播电商（Live Commerce）被确立为战略杀手锏：将其作为盘活海量库存与稀有卡牌、重塑营收爆发力的关键引擎。
- [25:21](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=1521s) 复古游戏（Retro Gaming）成线下新亮点：虽然老旧硬件的物理损耗带来偏高的退货率，但正在 GameStop 门店展现出极强的增长潜力。
- [25:21](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=1521s) 终局决策权交回对方：“球在他们脚下”，管理层正等待 eBay 董事会对要约收购作出实质性回应。
## Detailed walkthrough
### [00:00](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=0s) 125美元每股要约：半现金半股票收购背后的考量与愿景
访谈一开始，主持人首先向 Ryan Cohen 问好，并询问自前一天以来的最新事态进展。Cohen 直截了当地披露了要约细节：他们于前一日正式提出了每股 125 美元的收购方案，交易架构为“一半现金、一半股票”。面对主持人半开玩笑地追问为何不选 49% 现金以及具体的考量，Cohen 解释了背后的逻辑：对于现有的 eBay 股东而言，这一提议意味着他们可以先将一半的投资落袋为安，总计将获得约 280 亿美元现金，这相当于较他们建仓该股票时享有约 40% 的溢价；与此同时，现有股东能将剩余股份滚动计入 GameStop 与 eBay 合并后的新公司。
Cohen 满怀信心地表示，如果由他来亲自掌舵 eBay，合并后实体的盈利能力与增长潜力将会实现“大幅跃升”。他直言不讳地指出，eBay 这个平台在过去十年间几乎处于停滞状态，但这依然是一门极其强劲的生意，而且完全落在他的能力圈之内。“那是一项非常强大的业务，正中我的下怀，”Cohen 坚信自己能为沉睡已久的 eBay 释放出巨大的商业价值。
- **收购报价**：每股 125 美元，采用 50% 现金 + 50% 股票的混合支付结构。
- **现金兑现规模**：向 eBay 现有股东直接支付约 280 亿美元现金，较最初建仓价格提供约 40% 的溢价。
- **核心逻辑**：股东锁定半数收益的同时，保留对合并后新实体的股权敞口，分享管理层重塑业务后的增长红利。
### [01:51](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=111s) 结合实体优势：1600家门店赋能正品鉴定与直播电商突破
当被问及未来五年的宏大愿景以及合并后实体的天花板时，Cohen 将焦点落在了两家公司重叠且具备极高协同效应的领域——收藏品（Collectibles）与集换式卡牌（Trading cards）。他顺势引用了节目创始人的万宝龙（Montblanc）钢笔作为例子：这类高价值二手商品本是 eBay 的完美品类，但买家始终被“这东西保真吗”的信任顾虑所困扰。而 GameStop 遍布各地的 1,600 家线下门店恰恰构成了天然的护城河，能够瞬间化身为全美范围内的物理认证网络。无论是卖家送检还是平台代发，1,600 个触点可直接提供线下即时真伪鉴定，用实体基础设施为线上交易背书。
谈到抗风险能力与商业韧性，Cohen 对 eBay 赞不绝口。他打趣道，eBay 就像是按公共事业模式在运转，它的网页甚至看起来和 1995 年没两样，无数初创公司筹集上亿美元针对特定垂直类目发起围剿，但谁也没能击垮它，平台如今依然保持着每年超 20 亿美元的净利润。不过，拥有 1.3 亿用户的 eBay 在新兴的直播电商（Live commerce）领域却被竞争对手打得溃不成军。Cohen 强调，解决之道不是巨额营销买量，而是建立“所有者心态”（Owner's mentality），与内容创作者（Creators）深度绑定合作，改善落后的 UI 交互与产品体验，并辅以恰当的创作者激励分成机制。
```mermaid
flowchart TD
accTitle: 游戏驿站与eBay合并业务协同图
accDescr: 展示线下门店鉴定网络如何与线上交易结合并驱动增长
subgraph PhysicalFootprint ["GameStop 线下网络"]
Stores["1,600 家线下门店"] --> Auth["即时真伪鉴定中心 / 履约接入点"]
end
subgraph OnlinePlatform ["eBay 线上平台"]
Trust["消除信任顾虑<br/>高价值收藏品 / 卡牌"]
LiveCommerce["创作者生态与直播电商<br/>优化 UI 交互与激励机制"]
end
subgraph Flywheel ["价值释放"]
Ecosystem["1.3 亿存量用户盘活"]
Revenue["重塑盈利能力与增长曲线"]
end
Auth --> Trust
Trust --> Ecosystem
LiveCommerce --> Ecosystem
Ecosystem --> Revenue
```
- **线下认证网络**：激活 GameStop 现存的 1,600 家实体门店，打造分布式即时真伪鉴定与物流触点。
- **eBay 经营现状**：坐拥 1.3 亿活跃用户，界面简陋却展现出极强韧性，年利润逾 20 亿美元。
- **直播电商破局点**：不靠外部买量，而是依托海量存量用户，重构匹配竞品的现代 UI，引入创作者分成激励。
### [05:08](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=308s) 监管壁垒与削减20亿成本：把eBay当作“家族企业”来经营
关于并购面临的反垄断壁垒，Cohen 透露业内大厂因反垄断审查根本无法吞下 eBay，但 GameStop 与 eBay 的联姻则不存在此类监管阻碍。随后，他话锋一转，分享了在 GameStop 实践过的残酷成本削减经验。Cohen 毫不留情地调侃 GameStop 过去就是“一条病入膏肓的死狗”（a dog），但他们硬是通过剥离冗余让其起死回生——通过将销售及行政开支（SG&A）大幅砍掉 47%，省下了整整 8 亿美元。他尤其痛批了传统企业内部的虚假营销预算：“每个人都知道 GameStop，每个人也都知道 eBay。营销人员总会恐吓你‘砍预算会让收入暴跌’，但事实是大部分营销支出根本不产生利润，他们只是为了保住自己的饭碗，背后全都是回扣与畸形的激励机制。”
Cohen 打算把“家族企业”那种精打细算的态度带到 eBay。他指出，eBay 年营收 110 亿美元，本身没有库存且属于轻资产模式，却雇佣了 11,500 名员工，每年耗费 55 亿美元在运营开支（OPEX）上，甚至花 25 亿美元的营销费用只换来 100 万用户增长，这完全是荒谬的。他明确宣布，计划在销售、营销和公司管理间接费用上迅速砍掉 20 亿美元成本。由于交易会引入杠杆，他绝不允许公司长期背负债务高压运转，必须以极快速度缩减成本、偿还杠杆、提升盈利。“我甚至可以在自己家里运营那家公司，它可是 eBay 啊！长得还跟 1995 年一样，他们真的需要 11,500 名员工吗？”
- **监管优势**：大型科技战略买家面临反垄断红线，而 GameStop 具备顺利通过并购审查的独特空间。
- **GameStop 控费范本**：SG&A 骤降 47%，削减逾 8 亿美元开支，大幅掐断无效且充斥回扣的品牌营销。
- **eBay 成本重组目标**：
- 目前现状：轻资产无库存模式下，110 亿美元营收对应 55 亿美元运营费用与 11,500 名员工。
- 缩减目标：以雷霆速度在营销与管理杂费中砍掉 20 亿美元，迅速利用现金流还清并购杠杆。
### [08:14](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=494s) 借鉴推特精简模式与AI浪潮下的平台抗风险韧性
主持人谈及埃隆·马斯克（Elon Musk）私有化推特（Twitter / X）时的激进裁员案例，询问这是否对 Cohen 产生了启发——毕竟 Twitter 大幅裁员后核心服务依然稳定，令人惊讶为什么没有更多陷入停滞的老牌名企跟进这种模式。Cohen 深表赞同，并指出 Twitter 后续的商业困境主要是广告商在特定政治气候下联手抵制所谓的“言论自由”，与人员削减本身毫无关联。现实情况反而是，工程团队精简后产品迭代和创新速度变得更快。“这就好比创业公司，你必须时刻保持初创状态。团队规模一旦庞大，组织就会陷入瘫痪，什么事都办不成。”
在被问及大语言模型（LLM）与智能代理搜索（Agentic Search）是否会成为 eBay 挖掘长尾商品买家的顺风车时，Cohen 展现出一种偏向巴菲特式的商业确定性视角。他坦言自己时刻在思考未来可能颠覆商业的各种变量，但他坚信 eBay 商业模式的确定性远高于绝大多数科技公司。eBay 在过去几十年极度缺乏产品创新的情况下，依然无法被外界颠覆，这种核心壁垒在未来面对 AI 浪潮时同样会延续。在访谈该部分的结尾，主持人询问如果全盘并购最终无法达成，他是否会凭借现有持股寻求董事会席位以推进激进变革，Cohen 斩钉截铁地给出了肯定的信号。
### [11:00](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=660s) 目标是接管与彻底运营，而非仅仅充当维权投资者
Ryan Cohen 直截了当地阐明了自己的真实意图：他绝不仅仅是想以“维权投资者”（activist）的身份去提几个意见，而是要彻底买下 eBay 并亲自掌控运营，把它当成自己的核心业务（"my baby"）去深耕。在他看来，削减成本不仅是提高业务运营效率的手段，更是为了迅速偿还债务并重新获得创新空间。谈到未来的发展潜能，他把 eBay 比作“加强版的 Chewy”（"Chewy on steroids"）——相比于早年创立 Chewy 的成功经验，eBay 拥有无可比拟的全球化网络和更加广阔的增长纵深。
当主持人问及他希望如何获得报酬时，Cohen 斩钉截铁地回答“100% 取决于业绩”（"Based on performance 100%"）。他以自己在 GameStop 的薪酬方案为例指出，自己的收益完全锚定在极具挑战性的目标上：第一期归属需要公司市值翻倍，而要实现全部股权激励的归属，必须让市值增长 10 倍（10x）。迄今为止，他在公司没有拿过一美元的工资，也没有领取过任何奖金。
- **薪酬承诺**：完全与业绩结果绑定；目前个人不拿基本年薪，不拿奖金。
- **股权激励阶梯**：第一期解锁需市值翻倍，完全兑现需实现市值 10 倍增长。
- **平台定性**：将 eBay 视为覆盖全球且跑道更长的“放大版 Chewy”。
---
### [12:24](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=744s) 董事会的猜忌与对立：私人助理风波
谈到与管理层和董事会的摩擦，Cohen 分享了一个颇具戏剧性的真实插曲。就在录制采访当天，GameStop 团队给他打来电话，通报 eBay 方面已经在千方百计抓他的“把柄”。eBay 的人甚至去翻看了 GameStop 的招聘页面，并借此发难，称网站上正在招聘一名“私人助理”，其工作职责包含私人事务，借此指责 Cohen“公器私用”、滥用上市公司资源为 CEO 提供私人福利。
听到指控时，Cohen 感到极其荒唐与无奈。他当即澄清，自己的私人助理费用一直都是由他本人自掏腰包支付，上市公司根本没有为此花过一分钱。Cohen 笑着调侃，随着这次采访播出、他宣布要大砍营销费用并公开抨击董事会薪酬过高，对方只会更加恨他入骨。但他很清楚，这种找碴的举动恰恰反映了现任董事会与高管为了保住既得利益，正在不择手段地进行反击。
---
### [13:31](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=811s) $125 美元收购逻辑、滚动股权与 Michael Burry 清仓离场
关于是否与 eBay 主要股东接洽以及推进要约收购的前景，Cohen 显得胸有成竹。他表示，团队开出每股 125 美元的收购报价，并为股东提供了“股权滚动”（roll the equity）的税收优势通道。他坚信，在自己的管理下，eBay 未来的价值绝不止每股 125 美元；如果他是股东，他愿意将手头 100% 的股份滚动置换到合并后的新公司中。
主持人提及曾投资 GameStop 的著名投资人 Michael Burry 前一天清仓离场并提出质疑。Cohen 回应称，自己已经有很长时间没有与 Burry 交流了。在他看来，Burry 近期的实际操作风格比其口头阐述的价值投资理念要频繁和活跃得多，Burry 的投资逻辑显然更像是一笔短期交易（"more of a trade"），无法承受这次交易中高杠杆所带来的风险。当主持人问到股价波动是否意味着一次“不坚定者的离场洗盘”（shakeout of non-believers）时，Cohen 幽默地回忆道，当年在 Chewy 创业时，“每一天都是在洗盘”。
```mermaid
flowchart TD
accTitle: eBay Acquisition Deal Financing Structure
accDescr: Flowchart illustrating the capital components totaling the $125 per share bid for eBay.
subgraph CashComponent["现金部分 (Cash Consideration)"]
A["商业银行高确定性承诺函<br/>(Highly Confident Letter)"] --> C["约 200 亿美元债务融资"]
B["GameStop 资产负债表自有现金"] --> D["约 90 亿美元现金储备"]
end
subgraph StockComponent["股权部分 (Stock Consideration)"]
E["现存 eBay 股东"] --> F["滚动置换并入合并后新公司股权<br/>(Equity Rollover)"]
end
C --> G["收购要约总包<br/>(总对价：每股 $125)"]
D --> G
F --> G
```
- **收购对价资金构成**：
- **银行信贷支持**：获得顶级银行出具的 200 亿美元高确定性融资承诺函（Highly Confident Letter）。
- **自有现金出资**：GameStop 账面上现有的 90 亿美元现金。
- **股权滚动支持**：剩余价值由现有 eBay 股东将其股权置换并滚动进入合并后的实体。
- **与 Paramount 案例类比**：认可小体量公司整合大体量资产的打法，关键在于集结整合资本并打通协同效应。
---
### [17:01](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=1021s) 代理人问题：职业经理人与“所有者心态”的云泥之别
针对 eBay 现任管理层的表现，Cohen 指出，这本质上不是某几个人的业务能力问题，而是整个治理架构产生了“扭曲的财务激励机制”（perverse financial incentives）。这些高管根本没有像真正的企业所有者（owner）那样去经营业务。真正的所有者在押上全部身家性命时，会不分昼夜、每周工作 7 天全力以赴；但现代企业里的职业经理人们拿着被“像发糖一样廉价分发”的股权激励，过着安逸的日子。
Cohen 进一步抨击了董事会的利益输送：eBay 的董事们每年坐享 35 万至 45 万美元的董事津贴，全员加起来年耗费数百万美元，然而内部人员（insiders）却几乎从未在公开市场自购自家股票。由于没有真正的自身利益捆绑，他们既不会把钱烧光，也绝不可能做出打破常规、让世界惊艳的激进创新。当被问及若交易达成，其个人身家将有多少绑在这笔交易上时，Cohen 明确回答，虽然没精细算过百分比，但这必须占据其个人净资产的绝大部分（the majority），“否则我就是在浪费自己的时间”。
---
### [18:41](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=1121s) 数字化平台机遇：虚拟资产交易与现有平台欺诈痛点
主持人探讨了从实体零售向虚拟资产（digital goods）转型的可能性，Cohen 给予了十分积极的肯定。他透露，其实 eBay 平台上已经自发形成了庞大的游戏虚拟资产交易，比如《Roblox》（罗布乐思）的游戏道具买卖。作为父亲，他曾亲自在 eBay 上给孩子们购买虚拟物品，却遭遇了极其恶劣的用户体验与严重的欺诈问题。
在交易过程中，买家经常会遇到卖家交付虚假道具的情况；当 Cohen 试图向银行发起信用卡拒付（chargeback）时，由于后台系统显示有物流交付记录，导致拒付申诉失败。Cohen 强调，eBay 虽然已经自发沉淀了数字道具交易的底层雏形，但产品与风控流程做得极差、漏洞百出。如果能用专业的技术和风控把数字化游戏资产交易重构规范，这将是一个蕴含巨大潜力的商业金矿。至于是否有意引入稳定币（stablecoins）来降低交易抽成和信用卡手续费，Cohen 坦率表示目前自己尚未深入研究该领域，暂不发表明确观点。
---
### [20:34](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=1234s) 消除卖家摩擦与 1,600 家线下门店的质检赋能
在谈到人工智能（AI）的应用现状时，Cohen 认为 eBay 目前的尝试还停留在非常浅层的“简单阶段”（super easy stuff），比如仅仅用大模型辅助生成基础的产品文案和商品描述，根本没有触及最核心的痛点。他指出，目前在 eBay 上卖一件东西的操作门槛依然极其繁琐，充斥着阻碍与摩擦，整个发布过程“简直是个大麻烦”（"a pain in the ass"）。
Cohen 描绘的核心护城河在于将 GameStop 现存的 1,600 家实体门店与 eBay 的电商网络深度打通：
1. **线下充当吸纳前哨（Intake）**：卖家无需经历繁琐的线上填表和打包邮寄，可直接将闲置正品带入附近门店。
2. **实体面对面正品鉴定**：借助门店网络实现二手商品与收藏品的就近核验，直接斩断虚假交易与欺诈。
3. **极简卖家体验**：利用线下基础设施与智能化后台，彻底简化“上架真实物品”的操作链路。
关于未来线下门店规模是会缩减还是扩张，Cohen 说明，GameStop 的线下网络一直是一个“动态调整的目标”（moving target）。当初吸引他接手 GameStop 的重要原因之一，就是其门店租约普遍较短（通常为 2 至 3 年期）。这种灵活的租约结构让公司能够根据各区域门店的实际盈利与履约表现，敏捷决定是否续约，随时优化门店密度以匹配线上需求。
### [22:17](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=1337s) 实体门店的存废逻辑与“零资本支出”的鉴定合作构想
对于 GameStop 庞大线下门店网络的去留问题，Ryan Cohen 表明了极其务实的运营标准：门店的存在完全取决于其实用价值与坪效。只要特定门店拥有充足的进店客流且盈利能力持续改善，公司就会坚定保留；一旦达不到盈利预期，就会果断收缩削减门店基数。在谈到若收购遇阻是否存在折中方案时，主持人询问 GameStop 是否可能单纯以商业合作伙伴的身份，利用遍布各地的实体店为 eBay 提供稀有收藏品的现场真伪鉴定服务，并由 eBay 向 GameStop 支付服务费。
Ryan Cohen 对这一业务设想表示高度认可，指出该模式最大的优势在于“基本上只需要投入 0 美元的资本支出（$0 CapEx）”即可落地。但他随即毫不掩饰自己的野心与掌控欲，直言自己并不希望仅仅停留在合作层面，因为他真正的目标是“把整个盘子接过来全面运营（I want to run the entire thing）”。不过他也坦承，若并购彻底无法成行，这确实是一条备选路径。
谈及过往与 eBay 接触的经历时，现场气氛变得颇具讽刺意味。Ryan Cohen 透露自己在约一两年前就曾主动联系 eBay 高管商谈业务合作，但对方的表现极为涣散拖沓。他犀利地吐槽道：“那家公司根本没人认真对待这件事，所有人都在休假，每个人永远都在休假！他们总是推给助理，满嘴说着‘下周再回复你’。可做生意讲求的是现在就立刻搞定，结果他们石沉大海，还得你去不断追问。”他感慨不仅 eBay 内部毫无紧迫感，事实上当今绝大多数大型官僚化企业都充斥着这种懒散怠工的风气，导致当时的合作提议最终不了了之。
```mermaid
flowchart TD
accTitle: 实体门店鉴定与平台业务协同构想
accDescr: 展示利用GameStop线下实体店网络为eBay提供零资本支出的正品鉴定流程及潜在并购协同
subgraph StoreFootprint["GameStop 线下实体网络"]
Store["3000+ 线下实体门店"]
Auth["稀有收藏品现场真伪鉴定\n(零资本支出落地)"]
end
subgraph EBayPlatform["eBay 核心线上生态"]
Market["线上交易平台与买卖家网络"]
Live["直播电商 (Live Commerce)"]
end
Store --> StoreDecision{"评估客流与盈利"}
StoreDecision -->|"提升盈利"| Keep["保留门店并拓展服务"]
StoreDecision -->|"未达标"| Shrink["果断关店精简基数"]
Keep --> Auth
Market -->|"送检稀有物品 / 支付服务费"| Auth
Auth -->|"建立信任与实体触点"| Market
Auth -->|"高客单正品货源"| Live
```
### [23:54](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=1434s) 否决 Etsy、重燃 eBay 情怀与进军直播电商
当主持人转述直播间观众的提问，询问当前市值约 60 亿美元的工艺品电商平台 Etsy 是否能作为 eBay 收购失败后的备选标的时，Ryan Cohen 毫不留情地一口回绝，直言“那里根本没有收藏品交易的施展空间（No collectibles action there）”。在他看来，唯有 eBay 才是与 GameStop 完美契合的天然载体：一方面能够直接盘活 GameStop 的实体店资源作为收藏品线下枢纽，另一方面也能让他充分施展激进砍成本、精简官僚架构并重构商业帝国的操盘能力。Ryan Cohen 甚至流露出少有的感性一面，坦言“我真的很喜欢 eBay，它让我找回了自己的初心与根基”。
在被问及 eBay 目前存在哪些尚未涉足的空白增长点时，Ryan Cohen 斩钉截铁地抛出了四个字：“直播电商（Live commerce）”。他认为，外界可能仅将直播视为一种新增的销售渠道，但对坐拥海量现成库存的 eBay 而言，做好直播电商是实现营收加速爆发的核心杠杆。尤其是在高客单价的稀有收藏品、奢侈品以及球星卡与集换式卡牌（Trading cards）等品类上，这一结合蕴含着巨大的商业拓展空间。
- 否决收购标的：Etsy 虽然市值在 60 亿美元左右，但因缺乏高价值二手收藏品与交易生态，被彻底排除在并购雷达之外。
- 核心发力赛道：将直播电商确立为 eBay 重启增长的杀手锏，深度垂直深耕高端收藏品、奢侈品及集换式卡牌业务。
- 战略协同优势：线下以 GameStop 门店提供鉴真保障，线上结合 eBay 庞大货盘打通直播互动零售，构筑竞争壁垒。
### [25:21](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=1521s) 融资选项、复古游戏探索与“球在他们脚下”的终局等待
谈话随后转向收购交易的资金结构与潜在支持者。主持人指出，像派拉蒙与华纳兄弟等世纪大交易往往初始设定为“一半现金、一半股票”，但最终执行时往往不得不大幅偏向现金支付，并追问 Ryan Cohen 是否正在接洽海外主权财富基金等国际机构资本。面对敏感的资金谈判进展，Ryan Cohen 表现得相当审慎克制，仅明确回应团队“目前正在评估和考量多种不同的融资与资本选项”。
随后，主持人提到了双方的共同好友以及专注于复古掌机的 ModRetro 公司，探讨当下以初代 Xbox 360 为代表的怀旧复古游戏热潮。Ryan Cohen 大方承认了这一趋势，并透露 GameStop 内部目前正在线下门店全力搭建并扩大复古游戏（Retro Gaming）业务线。尽管由于老旧硬件的物理损耗，该品类目前在经营中面临着“退货率偏高”的实际痛点，但这一板块正展现出强劲的成长性，已成为 GameStop 内部规模虽小但增速亮眼的新赛道。
随着采访接近尾声，主持人询问本周接下来的进展预期。Ryan Cohen 略显意味深长地停顿后笑称“这是个好问题”，主持人随即附和道：“现在的局面就是球在他们脚下了（Ball's in their court）。”Ryan Cohen 连续重复并确认了这一表述：“完全没错，球就在他们脚下。”在轻松打趣的氛围中，主持人向观众再次重申这笔交易的标志性框架——“半现金、半股票”，并感谢 Ryan Cohen 的做客，双方在对这场备受瞩目的资本战役的期待中结束了连线。
## Notable quotes
> [00:00](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=0s) 那是一项非常强大的业务，正中我的下怀 — Ryan Cohen
> [05:08](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=308s) 每个人都知道 GameStop，每个人也都知道 eBay。营销人员总会恐吓你‘砍预算会让收入暴跌’，但事实是大部分营销支出根本不产生利润，他们只是为了保住自己的饭碗，背后全都是回扣与畸形的激励机制。 — Ryan Cohen
> [05:08](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=308s) 我甚至可以在自己家里运营那家公司，它可是 eBay 啊！长得还跟 1995 年一样，他们真的需要 11,500 名员工吗？ — Ryan Cohen
> [08:14](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=494s) 这就好比创业公司，你必须时刻保持初创状态。团队规模一旦庞大，组织就会陷入瘫痪，什么事都办不成。 — Ryan Cohen
> [11:00](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=660s) Based on performance 100% — Ryan Cohen
> [11:00](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=660s) Chewy on steroids — Ryan Cohen
> [22:17](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=1337s) 基本上只需要投入 0 美元的资本支出（$0 CapEx） — Ryan Cohen
> [22:17](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=1337s) I want to run the entire thing — Ryan Cohen
> [22:17](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=1337s) 那家公司根本没人认真对待这件事，所有人都在休假，每个人永远都在休假！他们总是推给助理，满嘴说着‘下周再回复你’。可做生意讲求的是现在就立刻搞定，结果他们石沉大海，还得你去不断追问。 — Ryan Cohen
> [23:54](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=1434s) 那里根本没有收藏品交易的施展空间（No collectibles action there） — Ryan Cohen
> [23:54](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=1434s) 我真的很喜欢 eBay，它让我找回了自己的初心与根基 — Ryan Cohen
> [25:21](https://www.youtube.com/watch?v=RuRH6ULo1F4&t=1521s) 完全没错，球就在他们脚下。 — Ryan Cohen
## Mentioned
Ryan Cohen, eBay, GameStop, TBPN, Chewy, Elon Musk, Twitter, X, Michael Burry, Roblox, Etsy, ModRetro, Xbox 360, Montblanc, Paramount
## Video description
This is our full conversation with Ryan Cohen, recorded live on TBPN.
We discuss his $125/share bid to acquire eBay through a half cash, half stock deal and why he believes combining it with GameStop could unlock massive value, how he plans to cut billions in costs, operate with an owner mindset, and use GameStop’s physical store footprint to authenticate collectibles and drive growth, and why he sees eBay as a durable but under-optimized platform that can be rebuilt through live commerce, creator partnerships, and a faster, more focused operating model.
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https://TBPN.com
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https://open.spotify.com/show/2L6WMqY3GUPCGBD0dX6p00?si=674252d53acf4231
https://podcasts.apple.com/us/podcast/technology-brothers/id1772360235
https://www.youtube.com/@TBPNLive
[Source](https://www.youtube.com/watch?v=RuRH6ULo1F4)
Source quotes
[0:00] Ryan Cohen: 那是一项非常强大的业务，正中我的下怀
[5:08] Ryan Cohen: 每个人都知道 GameStop，每个人也都知道 eBay。营销人员总会恐吓你‘砍预算会让收入暴跌’，但事实是大部分营销支出根本不产生利润，他们只是为了保住自己的饭碗，背后全都是回扣与畸形的激励机制。
[5:08] Ryan Cohen: 我甚至可以在自己家里运营那家公司，它可是 eBay 啊！长得还跟 1995 年一样，他们真的需要 11,500 名员工吗？
[8:14] Ryan Cohen: 这就好比创业公司，你必须时刻保持初创状态。团队规模一旦庞大，组织就会陷入瘫痪，什么事都办不成。
[11:00] Ryan Cohen: Based on performance 100%
[11:00] Ryan Cohen: Chewy on steroids
[22:17] Ryan Cohen: 基本上只需要投入 0 美元的资本支出（$0 CapEx）
[22:17] Ryan Cohen: I want to run the entire thing
[22:17] Ryan Cohen: 那家公司根本没人认真对待这件事，所有人都在休假，每个人永远都在休假！他们总是推给助理，满嘴说着‘下周再回复你’。可做生意讲求的是现在就立刻搞定，结果他们石沉大海，还得你去不断追问。
[23:54] Ryan Cohen: 那里根本没有收藏品交易的施展空间（No collectibles action there）
[23:54] Ryan Cohen: 我真的很喜欢 eBay，它让我找回了自己的初心与根基
[25:21] Ryan Cohen: 完全没错，球就在他们脚下。
Source quotes
[1:51] Ryan Cohen: It's run like a public utility. It should have been wiped out, but it hasn't been. That's why I love it.
[8:18] Ryan Cohen: The more people you add, the more you slow things down... You've got to always be in startup mode. You build big teams and nothing gets done anymore.
[10:48] Ryan Cohen: 100% based on performance
[10:48] Ryan Cohen: handed out like candy
[14:15] Ryan Cohen: every single day was a shakeout
[18:20] Ryan Cohen: yes and yes
[20:35] Ryan Cohen: pain in the ass
[21:41] Ryan Cohen: to run the entire thing
[21:41] Ryan Cohen: everyone's on vacation
[23:54] Ryan Cohen: no collectibles action there
[23:54] Ryan Cohen: I like eBay. It brings me back to my roots.
[25:52] Ball's in their court.
Original transcript
[0:00] Ryan Cohen, welcome to the show. Thank
[0:02] you so much for taking the time. How are
[0:04] you doing?
[0:05] >> How are you guys?
[0:06] >> Great to see you.
[0:08] >> Uh I would love an update. What can you
[0:10] share with us on the situation as things
[0:12] have developed since yesterday? Just to
[0:14] sort of uh set the Obviously, this is
[0:17] moving very quickly. Where are we right
[0:19] now? What's happening?
[0:21] >> Uh we made an offer yesterday.
[0:24] Um
[0:25] 125 bucks a share.
[0:28] Um
[0:29] >> Half cash, half stock.
[0:32] >> [laughter]
[0:33] >> That was funny, wasn't it?
[0:36] >> Have you considered 49% cash? Is
[0:38] Why did you get to half cash, half
[0:40] stock? Can you unpack that a little bit
[0:41] at least?
[0:43] >> Well,
[0:44] I mean, frankly, when you think about me
[0:47] going and running the eBay business,
[0:50] what we're proposing is for existing
[0:52] shareholders to take uh half of their
[0:57] investment off the table, and that would
[1:00] be us providing them with 28 uh with 28
[1:02] billion dollars, which is like a 40%
[1:05] premium from when we started buying the
[1:07] stock. Uh and then they would be getting
[1:10] roughly uh I mean, it depends on
[1:13] ultimately when the transaction closes,
[1:16] but they would be rolling the rest into
[1:19] the combined company
[1:22] of GameStop and eBay.
[1:24] Frankly,
[1:26] with me running eBay, I think that
[1:30] the company the earnings power of the
[1:32] company is going to increase
[1:33] substantially,
[1:35] uh as well as the ability to to grow.
[1:39] The platform stagnated over the last
[1:41] decade,
[1:43] and uh I could do a lot with eBay.
[1:46] >> I love it.
[1:47] >> That's a very strong business, and
[1:49] that's right up my alley.
[1:51] >> Take us through the big vision. Like in
[1:52] 5 years, you're at the helm. Like how
[1:54] big can this business be? Are you
[1:56] expanding it? Obviously, there's an
[1:58] operational efficiency point, but what
[2:00] is the big picture? What's the blue sky
[2:03] pie in the sky vision for the combined
[2:05] entity?
[2:06] >> So, where we've had success at GameStop
[2:10] and where eBay has had success is in
[2:12] collectibles. Trading cards,
[2:16] uh collectibles. The The founder of your
[2:18] show was uh was talking about his
[2:21] Montblanc pen and like that's a good
[2:22] example. That's
[2:24] a perfect item to go and buy on eBay,
[2:27] but you're always concerned
[2:30] uh
[2:30] that is it going to be real and the
[2:32] trust and that's something that using
[2:34] GameStop 1,600 stores, we can
[2:37] immediately authenticate that item. The
[2:40] seller can ship it or [clears throat] we
[2:42] can ship it, but we've got 1,600 access
[2:45] points that we can do live
[2:47] authentication.
[2:48] So,
[2:50] we can go deep in collectibles
[2:52] leveraging our physical infrastructure.
[2:55] Sure, we can increase
[2:57] uh intake by bringing a lot more product
[3:00] onto the platform and then there's a lot
[3:02] of other categories that
[3:05] I can
[3:07] I can grow in and you know, you look at
[3:09] live commerce as an example. I mean,
[3:11] eBay has 130 million users and
[3:14] they're getting crushed by competitors
[3:16] in live commerce. So,
[3:18] uh
[3:20] an owner's mentality,
[3:22] you know, I can uh I want to own I want
[3:24] to own eBay forever. Like
[3:26] I love that business. It's run like a
[3:27] public utility. It should have been
[3:31] wiped out, but it hasn't been. That's
[3:33] why I love it.
[3:34] >> remarkably resilient. How many How many
[3:36] companies How many startups have gone
[3:38] after a specific category on eBay,
[3:40] raised a 100 million plus dollars, and
[3:44] yet eBay has remained resilient? It It
[3:47] shows that that there's um you know,
[3:50] it's a it's a it's a really powerful
[3:52] platform.
[3:53] >> Yeah.
[3:53] >> That's why I love it. And you know, the
[3:55] website still looks the same as it did
[3:57] in 1995,
[3:59] but everyone's tried to kill this thing,
[4:02] and it's still making over $2 billion
[4:05] a year.
[4:06] >> Yeah.
[4:06] >> So, that goes to show you the the
[4:09] durability of the business.
[4:10] >> Talk about live commerce more. Would
[4:13] that be just a better integration with
[4:16] TikTok, Instagram streaming, Twitch
[4:18] streaming? Do you need to go and partner
[4:20] with big creators? Do you need to find
[4:22] your own platform for that? Like, how
[4:24] does that actually play out in a world
[4:26] where
[4:27] eBay and you are making a bigger push
[4:30] into live commerce? It makes a lot of
[4:31] sense, but I'm wondering like, how does
[4:33] it actually work?
[4:35] >> Yeah, it would it would be partnering
[4:37] with creators. I mean, they've got the
[4:38] platform.
[4:40] We would improve the platform so it
[4:43] looks better and more consistent
[4:44] [clears throat] with the kind of UI that
[4:47] you have at at competitors, but there's
[4:50] the user base, and so it's not something
[4:52] you have to market. It's building out
[4:55] better tech and partnering with
[4:56] creators.
[4:57] >> Yeah, and and the correct incentive
[4:59] structure for those creators because I
[5:00] bet you right now, you could probably go
[5:02] get some referral code or something, but
[5:04] it's not deeply integrated in a way that
[5:05] you can really accelerate on a social
[5:07] platform.
[5:08] >> Uh why do you think eBay has eBay been
[5:11] been a target of any type of um deal
[5:14] like this in the past? I'm I'm I'm not
[5:16] familiar with any off the top of my
[5:18] head, but why do you think maybe uh it
[5:20] hasn't been more more of a target? Uh
[5:23] and and I guess like why why do you
[5:25] think you can get more efficiency out of
[5:27] it than maybe some other potential
[5:29] buyers who I'm sure see see their costs,
[5:33] you know, marketing is something that uh
[5:34] people gravitate towards, um but I'm
[5:37] sure you're seeing other efficiencies as
[5:39] well.
[5:40] >> So, in terms of the competitive
[5:43] landscape on an acquisition, I think
[5:45] there was uh some people circling around
[5:48] a few years ago.
[5:50] Nothing happened. But the strategics
[5:52] can't really do it cuz I don't think
[5:55] that they would be able to clear
[5:56] antitrust. So any of the large
[6:00] competitors wouldn't be able to acquire
[6:03] it.
[6:04] And
[6:06] uh
[6:07] you know, I don't think that we would
[6:08] have any regulatory issues getting
[6:11] clearance on on a on a merger.
[6:15] Uh in terms of the efficiencies
[6:19] GameStop is a good example. Like
[6:21] GameStop is a dog and it could have been
[6:24] dead.
[6:25] >> [laughter]
[6:26] >> And we we breathed we we breathed a lot
[6:29] of life into this thing.
[6:31] >> [laughter]
[6:32] >> Right? And you know, you [clears throat]
[6:33] look at SG&A
[6:35] we've pulled out we've dropped SG&A by
[6:38] 47% $800
[6:41] by making marketing more efficient.
[6:45] Almost turning off marketing. I mean,
[6:46] everyone knows GameStop. Everybody knows
[6:48] eBay. So you talk to the marketing
[6:50] people that tell you like it's going to
[6:52] tank revenues and all of this and the
[6:54] reality is
[6:56] most of that marketing spends isn't
[6:59] making money, but everyone's trying to
[7:01] protect their jobs and
[7:03] there's kickbacks, there's all kinds of
[7:05] perverse incentives. And so
[7:08] I'm running the business like a family
[7:10] business. You know, it's it's really not
[7:12] that complicated and you look at eBay
[7:15] spending two and a half billion bucks to
[7:18] grow 1 million users.
[7:20] 2 billion in cost cuts between sales and
[7:23] marketing and corporate overhead.
[7:25] It's not a lot
[7:28] and it's not something that's going to
[7:29] take a few years. Like it's something
[7:31] that is going to happen fast fast fast
[7:34] because I'm putting leverage on this
[7:36] thing and I don't want to run a
[7:37] leveraged business. So
[7:40] I'm not going to run it hard. I'm going
[7:41] to pay down the leverage and I'm going
[7:43] to increase earnings.
[7:44] Uh Uh
[7:46] They're spending five and a half billion
[7:48] dollars on operating expenses on a
[7:51] eleven billion dollar business that
[7:54] has no inventory and it's asset light.
[7:57] So, it just There's eleven and a half
[7:59] thousand employees and
[8:01] it doesn't make sense. It doesn't You
[8:04] don't need a
[8:05] I could run that business I could run
[8:07] that business from my house. Like it's
[8:10] It's eBay. It looked the same as it did
[8:11] in 1995. They need eleven and a half
[8:13] thousand
[8:14] >> is is the Elon Twitter take private
[8:18] somewhat of an inspiration here? There's
[8:20] been a number after that happened in
[8:22] many ways the business suffered, but
[8:24] maybe it wasn't because of the deep cuts
[8:26] that he did to to the team and the
[8:29] service kept working. Yeah, the service
[8:31] kept working. It's still a great
[8:32] product.
[8:34] Uh I We've been surprised that more CEOs
[8:37] and management teams haven't done
[8:39] something like that with businesses that
[8:41] are household names, but somewhat
[8:43] stagnated.
[8:44] Uh is that an inspiration at all?
[8:46] >> Yeah, and Twitter is a good example. I
[8:48] mean, what really happened at Twitter
[8:51] was that the advertisers
[8:54] Yeah, I don't know what the situation is
[8:56] now, but they pretty much conspired
[8:58] against him and you know, it had nothing
[9:01] to do My understanding is it really had
[9:04] nothing to do with the cost cuts, more
[9:05] of just the advertisers conspiring
[9:07] against him because of the the mandated
[9:10] political landscape and the fact that
[9:12] people apparently are against freedom of
[9:14] speech. And so, like you look at the
[9:16] usability of the platform and the teams
[9:20] the engineering teams are much smaller
[9:22] and they're innovating a lot faster. So,
[9:25] it's actually the opposite. The more
[9:26] people you add, the more you slow things
[9:29] down. And the fewer people you have the
[9:32] more
[9:34] It's like a startup. You've got to
[9:35] always be in startup mode and you build
[9:37] a big teams and nothing gets done
[9:39] anymore.
[9:40] >> Uh do you think LLMs will be a tailwind
[9:43] for eBay over the next decade? It feels
[9:45] like for the long tail of commerce,
[9:48] you're trying to find really specific
[9:50] items. It feels like LLMs and people
[9:52] doing research in these products could
[9:53] be uh catalyst for the business. Maybe
[9:56] there's things on eBay that would be
[9:58] tough to to find, but if I'm really
[10:01] getting precise around prompting or
[10:03] running these sort of uh agentic uh
[10:06] searches, uh maybe maybe I have a higher
[10:09] likelihood of purchasing something.
[10:11] >> Yeah, I mean
[10:13] I think about all of the things that can
[10:17] disrupt the business in the future
[10:19] and
[10:21] uh
[10:22] you know, I think that eBay is the kind
[10:24] of business where the the future of the
[10:27] business model is more certain than most
[10:31] tech businesses and that's why it's done
[10:34] so well and you know, there's been such
[10:37] a lack of innovation, yet it hasn't been
[10:39] able to be disrupted. So, I would expect
[10:42] that uh to continue to to be the case.
[10:46] >> If it doesn't materialize as an M&A, are
[10:49] you looking at a board seat? You have a
[10:51] position.
[10:53] Will you be more active in a non-M&A
[10:56] scenario?
[10:58] >> Yeah, I mean I'm going to I'm going to
[11:00] do whatever we need to do to protect our
[11:03] investment and uh
[11:06] to improve the business, but the the
[11:08] goal here isn't to be an activist. The
[11:10] goal is
[11:11] I want to own eBay. I want to run eBay.
[11:13] Like I want that to be my baby. I want
[11:16] to build something much larger and
[11:19] cost-cutting frankly is the way to make
[11:22] the business more efficient, to pay down
[11:24] the debt, and innovate, but you know,
[11:26] when I think about what I can do with
[11:28] eBay in the future, like
[11:31] look at Chewy. You And now that eBay is
[11:34] like Chewy on steroids. And so
[11:37] um there's so much more runway and it's
[11:40] global.
[11:41] >> Yeah.
[11:42] I mean it seems like a huge opportunity.
[11:44] How do you want to be comped?
[11:47] >> Based on performance 100%.
[11:49] >> Is there any tension between you and the
[11:52] shareholders? How do you actually create
[11:53] alignment there?
[11:56] >> It would be
[11:58] my current compensation plan is tied to
[12:02] really lofty metrics and it's based on
[12:06] the the first tranche I've got to double
[12:08] market cap as an example just to hit the
[12:11] first tranche and the 10x it in order
[12:13] for it to fully vest. So
[12:16] >> It seems pretty low.
[12:17] >> interested in Yeah, I I haven't taken
[12:20] uh a dollar of salary or any bonuses.
[12:23] And
[12:24] you know, it's funny actually, I just
[12:26] got call from my team today that said
[12:29] this is how I know
[12:31] they hate me. They're not happy about
[12:32] this by the way.
[12:33] >> [laughter]
[12:34] >> The GameStop This is the GameStop team.
[12:36] >> eBay, no. eBay is not happy.
[12:37] >> team, okay. [clears throat]
[12:38] >> Yeah, and after this interview they're
[12:40] they're really not going to like me.
[12:41] [laughter]
[12:42] Why? Cuz they're going to find out I'm
[12:44] cutting marketing spend and the board
[12:46] already doesn't like me cuz I'm calling
[12:47] out all the board fees.
[12:48] >> Yeah.
[12:49] >> But I get a call and they say, "There is
[12:51] a There's a
[12:52] They're calling out your personal
[12:54] assistant." I said, "What are you
[12:55] talking about?" And they said, "They
[12:57] went on your the GameStop's career page
[13:00] and they saw that there's a listing for
[13:01] the personal assistant and it's all
[13:03] kinds of personal stuff and that's
[13:06] basically a
[13:08] a CEO benefit and you know, it's
[13:10] basically not part You're using company
[13:12] resources personally.
[13:14] >> Mhm.
[13:14] >> Mhm.
[13:15] I pay for my personal assistant
[13:16] personally. I don't even pay for my the
[13:19] company doesn't pay for my personal
[13:20] assistant.
[13:22] So they're already starting to get
[13:24] um
[13:25] they're
[13:27] they're doing whatever they can. The
[13:30] They want to fight for their interests.
[13:31] >> had has any major eBay shareholders
[13:34] reached out to you? Have you had you
[13:36] know, what what is the general
[13:37] sentiment? You know, how do you think
[13:39] what do you think it'll look like if you
[13:41] take this
[13:42] uh directly to the shareholders?
[13:46] >> I don't know. I mean, I would want to I
[13:49] want to own eBay at $125 a share. We're
[13:52] proposing there's tax advantages to
[13:54] rolling it, but when I think about what
[13:56] eBay could be worth if I'm running this
[13:59] business,
[14:00] I believe it's a heck of a lot more than
[14:02] $125 a share. And so
[14:05] uh
[14:07] I I would roll 100% of the of the
[14:10] equity, but you know, we'll we'll see.
[14:12] We'll uh
[14:13] we'll see what happens.
[14:15] >> Yeah. Uh what do you think of Michael
[14:16] Burry's critiques? Uh a lot of people
[14:19] were you know, talking about him exiting
[14:21] yesterday.
[14:23] He doesn't believe.
[14:26] Have you guys chatted?
[14:28] >> I haven't chatted with Michael in a long
[14:32] time.
[14:33] I've seen he's more active than he says
[14:36] his investing philosophy. So, I I
[14:39] figured
[14:41] the you know, his risk appetite um
[14:45] and you know, the leverage we're putting
[14:47] on just it it didn't make sense for him,
[14:50] but it seemed as though
[14:53] it was more of a a trade more so than
[14:56] than anything.
[14:58] >> Yeah, looking at the price action
[15:00] yesterday, is that reflective of sort of
[15:02] like a shakeout of non-believers and you
[15:04] feel like you have uh the right people
[15:06] around the table now?
[15:09] >> I am
[15:11] when I think back to Chewy, every single
[15:13] day was a shakeout
[15:15] >> [laughter]
[15:18] >> Yeah, so
[15:20] um
[15:21] I don't know. It's hard to to diagnose
[15:23] the shareholder base and
[15:26] I'm
[15:27] I'm focused on what I could build over a
[15:30] long period of time and
[15:31] >> Yeah.
[15:32] >> if I got my hands on eBay, I can build
[15:35] something
[15:37] worth a lot and much larger than it is.
[15:39] So
[15:39] >> Was Paramount at all an inspiration?
[15:41] >> to ask.
[15:43] >> I've looked at it.
[15:45] Um
[15:46] Uh
[15:48] you know, what they did is really
[15:49] interesting, too.
[15:51] >> Just because smaller company buying a
[15:53] much larger company, but the deal still
[15:54] went through. The capital was was
[15:56] marshaled. Uh that was something that I
[15:59] think was unclear yesterday for some
[16:01] people was
[16:03] you know, half cash, half stock. Where's
[16:04] it coming from?
[16:06] How much of this is just an ongoing
[16:07] conversation and as you work through
[16:09] this process, you'll engage with other
[16:13] you know, pools of capital or financiers
[16:16] to to actually put together the final
[16:18] package.
[16:19] Do you have a date that you want this to
[16:21] like be done by?
[16:23] >> Um I mean, we have the cash I mean, we
[16:27] have the cash accounted for
[16:29] today in terms of
[16:31] a
[16:32] highly confident letter from our bank
[16:35] for the 20 billion plus we've got 9
[16:37] billion of cash. So
[16:39] >> [clears throat]
[16:39] >> Uh and the rest would be them rolling
[16:43] the equity into the combined company.
[16:44] >> Sure.
[16:45] >> Yeah, I think that was the that was the
[16:47] the the rolling of the equity was the
[16:48] thing that
[16:50] if it had got into the viral clip from
[16:52] CNBC yesterday would have made a lot
[16:55] more sense. So I'm glad we're I'm glad
[16:57] we're
[16:58] getting it in now.
[16:59] >> Yep. Is is there
[17:01] uh I guess uh
[17:02] how much of uh your critique of eBay is
[17:05] specifically around the current
[17:07] management team?
[17:10] >> They've done a decent job. It's Look,
[17:12] it's anyone when you've got perverse
[17:14] financial and they're they're not
[17:15] operating like owner. Uh
[17:18] just you know, when
[17:19] when you've got it it all on the line,
[17:21] you're going to do whatever it's going
[17:23] to take. Many hour days, 7 days a week,
[17:26] you're not going to stop. And when
[17:28] when equity is given out to you like
[17:30] candy, I mean it's it's it's all
[17:32] company. So,
[17:34] you know, you the directors
[17:36] or the directors make $4 million.
[17:39] Like 350 to 450,000
[17:42] per director. There's been no insider
[17:45] buying at the company. I mean, like it
[17:47] it's not a surprise. They're not going
[17:48] to light the money on fire. They're not
[17:50] going to light the world on fire.
[17:53] Like you've got a bunch of professionals
[17:55] in the board and a professional
[17:56] management.
[17:57] >> Yeah.
[17:58] >> So.
[17:58] >> If this deal goes through, roughly what
[18:01] percentage of your personal net worth
[18:03] will be
[18:04] tied to it?
[18:06] >> Well, um I
[18:09] I haven't done the math, but if things
[18:11] go correctly, then it better be the
[18:14] majority. Otherwise, I'm wasting my
[18:16] time.
[18:16] >> Yeah.
[18:17] What was your first memory using eBay?
[18:19] >> Mhm.
[18:20] >> Were you a power seller back in the day?
[18:23] >> Very good question.
[18:27] >> I I bought and sold DJ equipment on eBay
[18:29] back in like 2003. It was amazing.
[18:33] >> I don't remember my first transaction,
[18:35] but
[18:36] uh I'm going to have to get back to you
[18:38] on that one.
[18:39] >> Okay.
[18:41] With GameStop, last time we talked you
[18:43] were mentioning a little bit of
[18:44] expansion into digital goods, less
[18:48] physical material and and and stuff.
[18:52] Like do you think that there's an
[18:53] opportunity for eBay to play in a
[18:55] digital marketplace or in a world where
[18:58] certain collectibles or certain goods
[19:02] become digital or or the market shifts
[19:05] towards more digital goods. And and
[19:07] would you like to see eBay expand into
[19:08] that?
[19:10] >> Yes and yes.
[19:12] In terms of a digital marketplace and
[19:14] they're already doing it to a certain
[19:17] extent. I mean, like all kinds of Roblox
[19:19] digital items are bought and sold, but
[19:22] uh and I've actually bought them for my
[19:25] kids, and there's so much fraud on the
[19:28] platform. Like, we're buying stuff, it's
[19:30] not a real item, end up having to do a
[19:33] chargeback, but then it ended up getting
[19:35] delivered, so you can't do a chargeback.
[19:38] So, like, they've got the basics of it,
[19:41] but it's not being done well. So, like,
[19:44] digital gaming, totally. That's a huge
[19:47] opportunity to to dig into.
[19:50] Um
[19:53] There's so much potential.
[19:54] >> On on uh digital stuff, I guess. Um
[20:00] You're obviously interested in cutting
[20:01] costs. Are you optimistic that
[20:04] stablecoins might be a path to reducing
[20:07] costs? It's a high-volume transaction
[20:10] business. Obviously, a lot of credit
[20:11] card fees. Maybe there's a way around
[20:13] that with stablecoins. We hear that from
[20:15] a lot of stablecoin founders. Haven't
[20:17] heard it from as many operators. What do
[20:18] you think?
[20:21] >> I don't have a point of view on that. Um
[20:23] I haven't looked into it, so
[20:26] >> I think the sellers would would probably
[20:28] be eating the the the cost, but but um
[20:31] potential option.
[20:33] >> Yeah.
[20:34] I don't know. Jordi?
[20:35] >> Uh do you have any sense of how eBay is
[20:38] using
[20:39] AI internally today? Have they have they
[20:42] spoken about it much? Do you do you
[20:44] believe they're getting
[20:46] very much leverage out of the models? Do
[20:48] you think there there could be quite a
[20:50] bit more?
[20:52] >> I've seen that they've made uh listings
[20:56] easier in terms of just generating
[21:00] product descriptions and stuff like
[21:02] that. So, I think they're kind of like
[21:04] doing the
[21:05] super easy stuff.
[21:07] Um
[21:09] still there's a lot of friction to sell
[21:11] a product on eBay. Like it's
[21:14] uh
[21:14] it just it's not easy. So, the benefit
[21:17] of our 1,600 stores is we have the
[21:20] ability to increase intake,
[21:23] but I would go through it and I would
[21:27] make it as simple as possible to have a
[21:30] real item for sale as a seller.
[21:33] >> Mhm.
[21:34] >> And there is a lot
[21:36] There's a lot of steps. It's just it's a
[21:37] pain in the ass. It's too difficult.
[21:39] >> Yeah.
[21:41] 1,600 stores
[21:44] in the world where you combined eBay and
[21:46] GameStop, do you expect that number to
[21:48] increase, decrease, stay the same?
[21:52] >> Uh
[21:54] it's a good question. I mean, our
[21:55] footprint
[21:57] is a moving target. We have It was part
[22:00] of what appealed to me originally when I
[22:02] went into GameStop was the leases were
[22:05] short-term. So, they're like 2 to 3-year
[22:08] leases. And as we see how the business
[22:11] performs, you know,
[22:13] we decide whether or not it makes sense
[22:15] to renew the store. So, I mean, it's it
[22:17] it's going to be dependent on
[22:19] the utility of the store. It's like if
[22:21] there's traffic and if profitability is
[22:23] increasing, we'll keep the stores open
[22:25] and
[22:26] if it's not the case, then we'll shrink
[22:29] the the store base.
[22:31] >> Okay. Uh
[22:32] couple other scenarios. In a world where
[22:35] an M&A doesn't happen, is there a
[22:37] business partnership to be done where
[22:41] verification of rare collectibles can
[22:44] happen at GameStop physical retail
[22:46] stores for a price and eBay is paying
[22:49] GameStop for that service? Is that
[22:52] something you've explored? Is that
[22:53] something that's at all likely to
[22:54] happen?
[22:56] >> Well, that would
[22:58] So, yes. And it would basically take $0
[23:01] in CapEx in order to something like that
[23:04] and it's a good idea.
[23:06] Um
[23:08] I hope that doesn't want to that doesn't
[23:10] happen cuz I want to I want to run the
[23:11] entire thing, but if it doesn't, then
[23:14] there I mean there's there's a
[23:15] partnership option. I reached out to
[23:17] eBay like I don't know, maybe a year or
[23:20] 2 years ago to talk to them about
[23:22] partnering and
[23:24] they didn't engage seriously. Like
[23:26] everyone that
[23:27] everyone's on vacation. Everyone's
[23:29] always on vacation like they're not
[23:30] available. They have assistants. I'll
[23:32] get back to you next week and it's like
[23:34] let's go. Let's get it done now. So,
[23:37] then they never get back to you, then
[23:39] you're following up. It's like
[23:41] there's there's
[23:43] there's no sense of urgency at at that
[23:46] company. There's no sense of urgency
[23:48] frankly at at most companies. So, it
[23:52] never gained any traction.
[23:54] >> Okay. Etsy is trading at 6 billion. Is
[23:57] that a target if the eBay plan doesn't
[24:00] come together?
[24:00] >> No collectibles action there.
[24:03] >> It was in the chat. I got to ask.
[24:05] >> Um
[24:07] eBay's just such a natural fit for the
[24:11] the collectibles leveraging our
[24:12] storefront footprint, but then also
[24:15] like my ability to cut costs and build
[24:17] something much larger at the company.
[24:20] So,
[24:21] every everything else is
[24:24] if it doesn't work out
[24:26] I could find something else, but
[24:29] um
[24:31] I I like eBay. It brings me back to my
[24:35] roots.
[24:36] >> Uh what's something that eBay is not
[24:39] doing today that you think they could
[24:40] expand into or is that even the right
[24:42] question? Do you think the core business
[24:44] is just so great and they're so dominant
[24:48] in in many of these categories that you
[24:49] just want to pour fuel on the fire?
[24:52] >> Live commerce.
[24:53] >> Yeah.
[24:55] But to me to me that's an extension,
[24:56] right? Cuz they have a lot of inventory,
[24:58] it's just a new selling channel.
[25:00] >> Yeah.
[25:02] Yeah, but I mean in terms of doing that
[25:03] well, accelerating revenue growth, um
[25:07] you know, I I think that that is that's
[25:10] big. And so going much deeper into
[25:14] collectibles in luxury, trading cards,
[25:18] there's there's a lot of runway there.
[25:21] >> Do you have a position on international
[25:23] capital providers? A lot of these big
[25:25] deals,
[25:26] uh the you know, maybe they start at 50
[25:28] at half cash, half stock, they wind up
[25:31] being more leaning cash. That's what we
[25:32] saw with the Paramount uh Warner
[25:35] Brothers deal.
[25:36] Uh are you interested in talking to
[25:39] international sovereign wealth funds,
[25:40] that type of capital provider?
[25:44] >> We're um
[25:45] we're looking at a a variety of of
[25:49] different options currently.
[25:50] >> Mhm.
[25:51] Makes sense.
[25:52] >> Uh
[25:54] mutual friend of the sh- of the show and
[25:58] uh GameStop mod retro, they've been
[26:01] pretty aggressively pushing into this
[26:03] retro gaming category. How do you see
[26:05] that uh growing? Our team at the office
[26:08] recently got it gotten old Xbox 360,
[26:11] fired it up. I can see retro gaming just
[26:14] getting more and more popular, but
[26:16] what's your view on the category right
[26:17] now and where do you think it's going?
[26:20] >> Uh we are we've
[26:23] uh
[26:24] we have uh the return rates are kind of
[26:27] high, but we're we're building out the
[26:30] retro business in our stores currently.
[26:33] So, that's uh that's a it's a it's it's
[26:36] still small, but it's a growing category
[26:38] for us.
[26:38] >> Mhm.
[26:40] Uh what do you want to see the rest of
[26:41] this week? How do you how do you uh how
[26:44] do you see it playing out?
[26:47] >> Uh
[26:50] uh
[26:52] I don't know. It's a good question.
[26:53] >> Ball's in their Ball's in their court.
[26:56] >> Pretty much.
[26:57] >> Yeah.
[26:57] >> Ball's in their court.
[26:59] >> Yeah.
[27:00] >> Well, we'll let you get to it. I'm sure
[27:01] you have more calls.
[27:02] >> Thanks for jumping on. You're welcome to
[27:03] join anytime. Let's do it again as as
[27:06] the story progresses, but we're enjoying
[27:08] following along. And if anybody out
[27:10] there wants more information, it's on
[27:12] the website.
[27:13] >> Yeah.
[27:14] It's on the website.
[27:16] >> If anybody asks you how he's paying for
[27:18] it, just tell them half cash, half
[27:19] stock. You got the beginning and the end
[27:23] of the interview. Thank you so much for
[27:24] coming on the show.
[27:25] >> Great to see you, Ryan.
[27:25] >> Have a great rest of the week. Good luck
[27:27] out there. Goodbye.
