[stephen_g]

They did manage to ride the meme stock insanity to build up $9bn in cash (their market cap is $10bn so it's not worth much more than their cash in hand, because their business has been declining for years).

They propose to borrow $20bn, twice their market cap, to buy a company worth five times their market cap. And 50% of it would be in Gamestop shares, which would be insane for eBay investors to accept. Yes the combined company would now own eBay, but would have the massive baggage of Gamestop's dwindling business plus $20bn of extra debt - a recipe for collapse.

There's no upside for eBay's shareholders, even if Gamestop was capable of pulling off the transaction, which is extremely unlikely even if eBay was crazy enough to be willing to accept it.