GameStop CEO drops pay package as eBay bid remains unclear

GameStop CEO Ryan Cohen has withdrawn a performancebased pay package that could have been worth as much as $35 billion, saying leadership should stay focused on the company’s operations and its proposed acquisition of eBay. The move follows GameStop’s $56 billion bid for eBay in May, which eBay’s board rejected as not credible or attractive. GameStop has said it has financing support for part of the deal, but it has not fully explained how it would cover the remaining funding gap. Analysts say removing the bonus may ease concerns that Cohen is pursuing the deal for personal gain, but it does not answer the broader question of how a much smaller company could acquire a larger one. eBay shares have risen this year as investors respond positively to its turnaround strategy, while GameStop’s stock has fallen since the takeover proposal was announced.