Ryan Cohen frames eBay as an old internet asset that remains unusually durable: a marketplace many competitors tried to displace, yet one that still produces more than $2 billion a year. His interest is not just about the brand; it is about the chance to run a simpler, leaner version of a business he sees as overburdened.
Cohen’s thesis
The offer discussed is $55 billion, or $125 per share, split half in cash and half in stock. Cohen describes eBay as a strong, almost utility-like business whose straightforward product contrasts with what he views as an excessive cost base.
The operating lever
The most concrete criticism is spending: $5.5 billion in operating expenses for an $11 billion, asset-light business with no inventory. Cohen compares the setup to GameStop, which he says gained new life through tighter operational discipline.
What to watch
If this thesis develops, the eBay debate may focus less on hypergrowth and more on profitability, headcount, overhead, and whether an activist operator can simplify a mature platform.
Source
- Chaîne: TBPN
- Vidéo source: https://www.youtube.com/shorts/Nf6zx1ErGwk
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