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Ryan Cohen ($GME) says eBay has 11,500 employees and 'could be run from my…
Brief
Ryan Cohen argues he's the right buyer for eBay, noting the company has 11,500 employees, spends $2.5 billion to add 1 million users, and runs $5.5 billion of operating expenses on an $11 billion, asset-light business. He promises about $2 billion in rapid cuts to sales/marketing and corporate overhead, will apply leverage then pay it down, and boost earnings.
Why it matters
Ryan Cohen ($GME) says eBay has 11,500 employees and 'could be run from my house,' claiming the product 'looks the same as it did in 1995.'
Key details
- He asserts eBay spends $2.5 billion to add 1 million users and proposes $2 billion in cost cuts across sales/marketing and corporate overhead that can happen 'fast, fast, fast.'
- Cohen notes eBay has $5.5 billion in operating expenses on an $11 billion, asset-light business and plans to apply leverage, pay down that leverage ('not run it hot') and increase earnings.