GameStop’s May 2026 unsolicited $55–56 billion cash-and-stock bid for eBay was swiftly rejected by the target’s board as “neither credible nor attractive,” citing financing uncertainties and credit-rating risks highlighted by Moody’s. Since then, GameStop has accumulated a 9.8% stake in eBay, now carried as a long-term equity investment on its balance sheet, while focusing on its own collectibles growth and raising fiscal 2026 adjusted EBITDA guidance above $650 million. With eBay’s market capitalization roughly four times larger and no binding financing or shareholder campaign materializing, trader consensus reflects the wide gap in scale, regulatory hurdles, and absence of fresh catalysts that would be required to shift the implied probability materially above single digits.