Keep pulling the thread on Ryan Cohen.
Ryan Cohen sold Chewy in 2017 for $3.35 billion.
In 2021, GameStop raised $1.7 billion and eliminated all of its debt.
After becoming CEO of GameStop, Ryan Cohen pivoted the company's strategy to focus on cost-cutting, operational efficiency, and expanding its pre-owned and collectibles business.
In Q1, GameStop's collectibles category generated $350 million in revenue, accounting for 42% of total revenue.
GameStop reported total revenue of $835 million in Q1, representing 14% year-over-year growth.
GameStop holds $9.7 billion in cash and generated $333 million in free cash flow in Q1.
Since the COVID-19 pandemic, eBay's GMV has declined, its active user base has dropped by 30 million, and its operating earnings have decreased.
As part of his plan for eBay, Ryan Cohen intends to immediately cut $2 billion in costs from its nearly $5.5 billion operating expense base.
Ryan Cohen plans to make live commerce a major growth vector for eBay, believing it should be the category leader in a market with a TAM of $400 billion.
Ryan Cohen's strategy for eBay includes using GameStop's 1,600 retail stores as studios and fulfillment nodes for live commerce creators.
Ryan Cohen plans to build a marketplace on eBay to provide liquidity for digital in-game items such as skins and weapons, which he believes is a significantly larger market than physical collectibles.
The eBay board rejected Ryan Cohen's acquisition offer, stating in a letter that the offer was not credible and had a lot of uncertainty.