Collectibles = 42% of GameStop revenue
Collectibles now represent 42% of GameStop's revenue, worth approximately $350 million, reflecting the company's successful pivot from video game software.
Snapshot · All-In with Chamath, Jason, Sacks & Friedberg
GameStop CEO Ryan Cohen's $56B Plan to Take Over eBay
Explore episode
Jun 23, 2026
Where this was said
Why he wants to buy eBay for $56B
At 26:47 · chapter starts 26:39
Cohen and Friedberg trace eBay's arc from first-mover marketplace leader to a business that could have been Amazon but defaulted into niche categories, with a discussion of PayPal, Skype, and StubHub acquisitions. [1] — Ryan Cohen "Since COVID, every key eBay metric has gone the wrong direction: GMV down, 30 million fewer active users, operating earnings declining, and…" 40:24
GameStop $9.7B cash, 14% YoY growth
GameStop has $9.7 billion in cash, $333 million in free cash flow, and grew revenue 14% year over year in Q1.
eBay's Decline by the Numbers
Since COVID, every key eBay metric has gone the wrong direction: GMV down, 30 million fewer active users, operating earnings declining, and operating expenses now consuming more than half of revenue. Meanwhile, every other e-commerce player is growing.
eBay active users down 30M since COVID
eBay's active user base has fallen by 30 million since COVID, alongside declining GMV and operating earnings.
eBay operating expenses >50% of revenue
eBay's operating expenses now exceed half of its revenues — a striking inefficiency for a business that holds no inventory.
eBay Ignores Its Sellers — And That's the Core Problem
In a marketplace, sellers are the product. eBay cut its concierge programs, forces sellers to rely on third-party tools, and is losing their loyalty. Cohen's fix: get engineering and sellers on the same call and solve their problems directly.
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