What Happened to Ryan Cohen?
Ryan Cohen is a Canadian billionaire businessman and activist investor, best known as the founder of online pet retailer Chewy and the current Chairman and CEO of GameStop. After selling Chewy for $3.35 billion in 2017, Cohen became a prominent figure in the 'meme stock' phenomenon through his involvement with GameStop, where he has led a significant turnaround. As of mid-2026, he is actively pursuing strategic involvement with eBay, initially through an unsolicited acquisition bid and now reportedly exploring a partnership.
Quick Answer
Ryan Cohen, the founder of Chewy, is currently the Chairman and CEO of GameStop, where he has overseen a financial turnaround, returning the company to profitability by early 2026. He gained significant attention for his activist investing in GameStop and Bed Bath & Beyond. Most recently, as of August 2026, Cohen is focused on a potential strategic partnership or joint venture with eBay, after GameStop made an unsolicited $55.5 billion bid to acquire the e-commerce giant earlier in the year, a bid he is now reportedly considering withdrawing in its original form.
📊Key Facts
📅Complete Timeline15 events
Founds Chewy.com
At the age of 25, Ryan Cohen founded the online pet food and supply retailer Chewy (originally MrChewy), inspired by his experience shopping for his poodle, Tylee. He focused on exceptional customer service and efficient logistics to grow the business.
Sells Chewy to PetSmart
Cohen sold Chewy to PetSmart for $3.35 billion, marking the largest e-commerce acquisition on record at the time. He continued to serve as CEO following the acquisition.
Departs from Chewy
Ryan Cohen stepped down from his role as CEO of Chewy, a year after its acquisition by PetSmart. He then began to explore new investment opportunities.
Discloses Stake in GameStop
RC Ventures, Ryan Cohen's investment firm, disclosed a nearly 10% stake in GameStop, making him the company's largest individual investor. He expressed a desire to get more involved to improve shareholder results.
Joins GameStop Board
Cohen joined the GameStop board of directors, along with two former Chewy executives. His appointment was seen as a catalyst for the company's transformation.
Appointed GameStop Chairman
Ryan Cohen was appointed Chairman of GameStop's board of directors, tasked with leading a new committee focused on a company-wide transformation.
RC Ventures Discloses Bed Bath & Beyond Stake
RC Ventures LLC disclosed a nearly 10% stake in Bed Bath & Beyond, with Cohen advocating for strategic changes within the struggling retailer.
Sells Bed Bath & Beyond Stake
Cohen's firm sold its entire 9.45 million shares in Bed Bath & Beyond, generating an estimated profit of $68 million. This sale preceded a significant drop in the stock price.
Becomes GameStop CEO
Ryan Cohen took over as the Chief Executive Officer of GameStop, further solidifying his direct leadership role in the company's ongoing restructuring and turnaround efforts.
Bed Bath & Beyond Lawsuit Dismissed
A federal lawsuit filed against Ryan Cohen in August 2022, alleging a 'pump and dump' scheme related to his Bed Bath & Beyond trades, was dismissed by a U.S. District Judge.
Pays FTC Civil Penalty
Cohen paid a $985,320 civil penalty to the FTC to settle charges that his acquisition of Wells Fargo & Company shares violated the Hart-Scott-Rodino Act.
Increases GameStop Stake
Ryan Cohen purchased 500,000 GameStop shares, following an identical purchase the day before, signaling strong confidence in the company. This brought his total holdings to approximately 9.3% of outstanding shares.
GameStop Bids for eBay
GameStop, under Ryan Cohen's leadership, made an unsolicited bid to acquire eBay for $125 per share in a cash-and-stock deal, valuing the company at approximately $55.5 billion.
Withdraws Performance Award
At Cohen's request, GameStop's board approved the removal of his proposed performance-based stock option award, reportedly worth up to $35 billion, to ensure full focus on the eBay acquisition.
Considers eBay Partnership over Acquisition
Reports indicate that Ryan Cohen is considering withdrawing GameStop's full $56 billion takeover offer for eBay in favor of a partnership or joint venture. This shift could involve leveraging GameStop's retail locations and seeking board representation.
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🔍Deep Dive Analysis
Ryan Cohen, born in 1986 in Montreal, Canada, established his entrepreneurial reputation by founding Chewy, an online pet food and supply retailer, in 2011. He built Chewy into a major e-commerce player, emphasizing customer service and rapid delivery, before selling it to PetSmart in 2017 for $3.35 billion, which was then the largest e-commerce acquisition on record. Cohen departed from Chewy in 2018, seeking new investment opportunities.
Following his success with Chewy, Cohen emerged as an activist investor through his firm, RC Ventures. In September 2020, he disclosed a significant stake in the struggling video game retailer GameStop, advocating for a strategic overhaul. His involvement coincided with the 'meme stock' phenomenon of early 2021, where retail investors rallied behind GameStop's stock. Cohen joined GameStop's board in January 2021, became Chairman in June 2021, and assumed the role of CEO in September 2023. Under his leadership, GameStop has focused on cost reduction, divesting unprofitable segments, and expanding into collectibles, achieving record operating income in early 2026.
Cohen also made a notable, albeit brief, foray into Bed Bath & Beyond. In March 2022, RC Ventures acquired a nearly 10% stake in the home goods retailer, pushing for changes including a potential sale of its BuyBuy Baby unit. However, he sold his entire stake between August 15-18, 2022, reportedly making a significant profit. This move led to a federal lawsuit alleging a 'pump-and-dump' scheme, which was ultimately dismissed in June 2024.
His most recent and significant venture involves eBay. In May 2026, GameStop, under Cohen's direction, launched an unsolicited $55.5 billion bid to acquire eBay, proposing a cash-and-stock deal. Cohen articulated a vision for integrating eBay's platform with GameStop's physical store network, particularly for authentication and fulfillment in high-margin categories like collectibles. GameStop also disclosed a nearly 10% economic stake in eBay in July 2026.
As of August 2026, the full acquisition bid for eBay appears to be shifting. Reports indicate that Cohen is considering withdrawing the original takeover offer in favor of pursuing a partnership or joint venture with eBay, potentially seeking board representation. This strategic pivot aims to leverage GameStop's retail footprint and eBay's online marketplace without the financial complexities of a full acquisition. Cohen's compensation at GameStop is entirely performance-based, and he voluntarily withdrew a substantial stock option award in June 2026 to ensure full focus on GameStop's operational performance and the proposed eBay deal.
What If...?
Explore alternate histories. What if Ryan Cohen made different choices?