GameStop’s CEO just sacrificed a $35 billion pay package. Here’s how it could impact his effort to buy eBay

GameStop Chairman Ryan Cohen. CNBC GameStop CEO Ryan Cohen reminded Wall Street this week that he's still serious about buying eBay . But he still didn't make clear how he can do it. The video game retailer, which became the world's most famous meme stock in 2021, said Tuesday that its board granted a request from Cohen to withdraw a proposed bonus plan that could have paid him as much as $35 billion if he hit certain performance metrics. It was the company's first major update regarding its pursuit of eBay since May, when Cohen unveiled his audacious bid to buy the e-commerce company for $56 billion. EBay's board rejected the proposal soon after, calling it "neither credible nor attractive," a sentiment that was shared by the broader market given GameStop's market cap of roughly $10 billion. Cohen, who became GameStop's CEO in 2023 and steered the company to profitability through aggressive cost cuts, has done little to satisfy the skeptics. GameStop said at the time of the proposal that it had lined up a $20 billion financing letter from TD Bank, but didn't say how it would address the remaining funding gap. In a combative interview with CNBC, Cohen said the company was offering half cash and half stock, with "the ability to issue stock in order to get the deal done." The shares sank 10% on the day of the announcement and have trended lower since. Now Cohen is returning to the matter by scrapping a bonus plan that was announced in January. …