GameStop Wants eBay. It’s Offering $56 Billion to Get It.

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[instrumental music] Here's your morning brief for Monday, May 4th. I'm Daniel Bock for The Wall Street Journal. We're exclusively reporting that GameStop has made an unsolicited offer to buy eBay for about $56 billion. In an interview with the Journal, GameStop CEO Brian Cohen said eBay can be a much bigger rival to Amazon, and that if the e-commerce company isn't receptive to the proposal, he's prepared to launch a proxy fight and take the offer directly to its shareholders. We report GameStop is offering a roughly 20% premium to eBay's Friday closing price, and that the video game company has a commitment letter from TD Bank to provide up to $20 billion in debt financing to help make a deal possible. A Journal investigation has found that most people are losing money on the increasingly popular prediction markets. Based on data from the past month, there's three losers for every single winner on the platform Kalshi. And on Polymarket, about 70% of users have lost money. Our reporting also found that sophisticated traders are eating retail investors' lunch. On Polymarket, two-thirds of all of the profits on the site have gone to just a 10th of a percent of users. And President Trump has said the US would begin guiding commercial ships out of the Strait of Hormuz today in an