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Cake day: June 28th, 2023

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  • eBay suspended GameStop CEO Ryan Cohen’s account after he launched a publicity stunt to “fund” his $56 billion unsolicited bid for the company. Cohen listed personal items—including a life-sized Halo 2 statue drawing $10,000+ bids, vintage Willie Mays baseball cards, and literal socks—claiming the sales would help finance the acquisition.

    The platform apparently didn’t appreciate the irony of someone using their service to raise money to buy them out. GameStop secured a “highly confident” letter from TD Securities for $20 billion in debt financing, but that leaves a casual $36 billion gap for a company worth roughly $12 billion trying to acquire a $48 billion marketplace.