Michael Burry exits GameStop after Cohen’s $55.5B eBay bid

Michael Burry sold his entire stake in GameStop, announcing the exit on his Substack after Ryan Cohen unveiled a non-binding $125-per-share proposal to acquire eBay. The offer values the combined transaction at about $55.5 billion and would split consideration roughly equally between cash and stock; the proposal would place Cohen as chief executive of the combined company if the deal is completed.

GameStop shares fell on the announcement. The stock closed Monday at $23.84, down about 10.1%, and was trading near $23.55 in after-hours trading.

Burry first disclosed his GameStop position in January 2026 and had increased the holding earlier in the year, buying at roughly one times tangible book value as part of a long-term plan modeled on Berkshire Hathaway. In his Substack post he wrote that the plan was no longer compatible with the level of leverage Cohen would need to pursue the eBay transaction.

In the post Burry wrote, “I may not last the week with my GameStop position fully intact,” and added, “I will certainly sell to an extent, perhaps all or some, but alas, no, not none.” He subsequently executed a full exit from the position.

The eBay offer is non-binding and subject to further negotiation, due diligence and potential financing arrangements. The combination of Cohen’s bid and Burry’s sale coincided with heavier trading in GameStop shares on the day of the announcement.

Burry is widely known for his 2008 bet against subprime mortgages. Ryan Cohen is the chairman of GameStop and has led the company’s recent strategic initiatives.