GameStop kicked off May with an audacious bid to acquire eBay, and one of the video game retailer's most prominent bulls isn't thrilled about it.

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Michael Burry revealed a position in GameStop in January, but he says the CEO Ryan Cohen's bold plan to try and compete with internet retail giants like Amazon is driving him to sell the stock.

"I may not last the week with my GameStop position fully intact," he wrote in a Substack post on Monday. "I will certainly sell to an extent, perhaps all or some but alas, no, not none."

Burry addressed the rumors that GameStop was prepping a plan for a big acquisition late last week, a day before GameStop officially announced that it had submitted an offer to acquire eBay at $125 per share, or about $56 billion.

He noted that while he ultimately supported CEO Ryan Cohen's vision, he considered the price to be too high and that the video game retailer has better options if it's looking to buy another company.

After praising Cohen as the investing world's successor to Warren Buffett, he said that the strategy the company has unveiled to acquire eBay "could not be more pedestrian."

The company said it would fund the $56 billion takeover through a combination of cash and third-party financing, adding that it received a "highly-confident" letter from TD Securities for up to $20 billion.

"Ryan cannot be after fat to cut, if only because no amount of cut fat makes this deal work," Burry said.

The famed investor said that the $56 billion is likely just the opening bid, and a closing price would be much higher. That also means that the deal would probably carry much more leverage, "to a level of debt that borders on distressed and tends to strip competitiveness and innovation from such-stricken companies."

"If Ryan really wanted to compete with Amazon, he would have acquired Wayfair (70% of its own last mile deliveries and warehouses all over) along with a cash flow machine and a bunch of float," he wrote.

Burry previously named Wayfair to a list of companies that he thought GameStop should acquire, which also included ADT and Assured Guaranty. In his post following news of the eBay offer, he recalled that he previously flagged government-sponsored mortgage finance firms Fannie Mae and Freddie Mac as good investments as well.

Burry said that while the market for collectibles and used items that dominate eBay is a big one, he doesn't think GameStop's offer is the best way for it to break in.

"If GameStop wants to do it with billions of interest expense and all manner covenants restricting its movements, it will not be breaking new ground," he said. "It will be trotting in well-worn ruts on the road to capitalist Hell."