GameStop Corp. Discloses 5% Economic Stake in eBay and Proposes $125/Share Acquisition

On May 4, 2026, GameStop Corp. filed a Schedule 13D disclosing a new position in eBay Inc. (EBAY). The reporting person beneficially owns 25,000 shares of common stock, representing approximately 0.01% of the class. Notably, GameStop has also acquired economic exposure to an additional 22,176,000 shares (approximately 4.99%) through American-style 'Put/Call Pairs' derivatives. Combined, these holdings represent a 5.0% economic interest in eBay. The filing reveals that on May 3, 2026, GameStop delivered a non-binding proposal to eBay's board to acquire all outstanding shares of the company for $125.00 per share in a cash-and-stock transaction. GameStop believes eBay's stock is undervalued and intends to engage with management and the board regarding governance, strategic plans, and the potential acquisition of control. While GameStop currently disclaims beneficial ownership of the shares underlying the derivatives due to HSR Act conditions, it maintains the right to elect physical settlement once regulatory requirements are met. The initial 25,000 shares were purchased for $2.945 million using working capital.