GameStop itself is worth a fraction of its target, as the company’s market value sits at just under $12 billion, while eBay’s is roughly $46 billion.

GameStop has around $9.4 billion in cash and liquid investments to put toward the deal, plus a “highly-confident letter” from TD Securities for up to $20 billion in further financing – a phrase meaning bankers are keen but nothing is actually committed.

That still leaves a yawning shortfall of roughly $15 billion, which GameStop could plug only by issuing fresh stock and diluting existing shareholders. Chief executive Ryan Cohen, pressed on CNBC about the specifics, deflected questions and pointed reporters to the company’s website.

Polymarket traders give the deal just a 15% chance of completing.