alt Hacker NewsYou should also mention that Cohen never managed to turn Chewy into a profitable business before selling it off.
Similarly, his strategic initiatives at Gamestop have all been failure (e-commerce push, NFTs, digital games platform, crypto investments, ...). The only thing that has worked is aggressively cutting costs, mainly by shutting down stores, which was a plan that had already been proposed by BCG before Cohen came onboard.
Basically, he has done nothing except for taking credit for a plan that was already in motion and repeatedly diluting shareholders to raise funds that have been sitting in T-Bills ever since. There is no indication whatsoever that this guy is some kind of business genius who would be able to run Ebay better than the current management - quite the opposite actually.
I find it weird that people idolize businesspeople who basically just engage in ponzinomics.
They create businesses that don't make any money, often don't have any plans to ever make money, with the hope that they either get bought out by a BigCo or become public so that it becomes the index funds' problem.
It feels like this has been going on for about as long as Silicon Valley has been a thing, so maybe it actually is sustainable, but it sure feels like we are building our economy on a house of cards.