eBay rejected the $56 billion takeover bid from GameStop, deeming it incredible.

eBay rejected on Tuesday the $56 billion takeover bid from GameStop, considering the proposal 'incredible' and questioning the company's ability to finance such a transaction. eBay's president, Paul Pressler, stated that the board does not find the offer attractive and that eBay is well positioned to continue growing independently. eBay's shares fell by 1.1% after the announcement of the offer, and investors are skeptical about the completion of the deal, given that GameStop has a much smaller market capitalization.

GameStop's CEO, Ryan Cohen, suggested that he might take the offer directly to eBay's shareholders, which could turn the initiative into a hostile bid. Cohen argues that the merger would generate cost savings and create a stronger competitor for Amazon. However, reactions on Wall Street are mixed, and some investors, like Michael Burry, have sold their stakes in GameStop, warning about the financial risks of the acquisition.