ContextLogic 10-K 4 Mar 24 2023 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Feb. 29, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Registrant Name	ContextLogic Inc.
Entity Central Index Key	0001822250
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Well-known Seasoned Issuer	Yes
Entity Public Float			$ 174
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	false
Entity File Number	001-39775
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-2930953
Entity Address, Address Line One	One Sansome Street 33rd Floor
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94104
City Area Code	415
Local Phone Number	432-7323
Document Annual Report	true
Document Transition Report	false
ICFR Auditor Attestation Flag	true
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	San Francisco, California
Documents Incorporated by Reference	Portions of the information called for by Part III of this Annual Report on Form 10-K is hereby incorporated by reference from the definitive proxy statement for the registrant’s 2024 annual meeting of stockholders, which will be filed with the Securities and Exchange Commission not later than 120 days after the registrant’s fiscal year ended December 31, 2023.
Document Financial Statement Error Correction [Flag]	false
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		24,397,977
Title of 12(b) Security	Class A Common Stock, $0.0001 par value
Trading Symbol	WISH
Security Exchange Name	NASDAQ
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0
Preferred Stock Purchase Rights
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock Purchase Rights
No Trading Symbol Flag	true
Security Exchange Name	NASDAQ

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 238	$ 506
Marketable securities	144	213
Funds receivable	7	14
Prepaid expenses and other current assets	21	44
Total current assets	410	777
Property and equipment, net	4	9
Right-of-use assets	5	9
Other assets	4	4
Total assets	423	799
Current liabilities:
Accounts payable	30	53
Merchants payable	74	120
Refunds liability	2	6
Accrued liabilities	90	130
Total current liabilities	196	309
Lease liabilities, non-current	6	13
Other liabilities, non-current	4	0
Total liabilities	206	322
Commitments and contingencies (Note 7)
Stockholders’ equity:
Preferred stock, $0.0001 par value: 100,000 shares authorized as of December 31, 2023 and December 31, 2022; No shares issued and outstanding as of December 31, 2023 and December 31, 2022
Common stock, $0.0001 par value: 3,000,000 shares authorized as of December 31, 2023 and December 31, 2022; 24,229 and 23,164 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively
Additional paid-in capital	3,470	3,411
Accumulated other comprehensive loss	(7)	(5)
Accumulated deficit	(3,246)	(2,929)
Total stockholders’ equity	217	477
Total liabilities and stockholders’ equity	$ 423	$ 799

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	3,000,000,000	3,000,000,000
Common stock, shares issued	24,229,000	23,164,000
Common stock, shares outstanding	24,229,000	23,164,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenue	$ 287	$ 571
Cost of revenue	228	405
Gross profit	59	166
Operating expenses:
Sales and marketing	143	254
Product development	152	194
General and administrative	92	116
Total operating expenses	387	564
Loss from operations	(328)	(398)
Other income, net:
Interest and other income, net	16	15
Loss before provision for income taxes	(312)	(383)
Provision for income taxes	5	1
Net loss	$ (317)	$ (384)
Net loss per share, basic	$ (13.36)	$ (17.13)
Net loss per share, diluted	$ (13.36)	$ (17.13)
Weighted-average shares used in computing net loss per share, basic	23,732	22,415
Weighted-average shares used in computing net loss per share, diluted	23,732	22,415

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ (317)	$ (384)
Other comprehensive (loss) income:
Unrealized holding losses on derivatives and marketable securities, net of tax		(1)
Foreign currency translation adjustment	(2)	(7)
Other comprehensive loss	(2)	(8)
Comprehensive loss	$ (319)	$ (392)

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Millions	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (loss)	Accumulated Deficit
Beginning balance at Dec. 31, 2021	$ 818		$ 3,360	$ 3	$ (2,545)
Beginning balance, Shares at Dec. 31, 2021		21,949
Issuance of common stock upon exercise of options, Shares		1,489
Issuance of common stock upon settlement of restricted stock units, Shares		951
Shares withheld related to net share settlement	(22)		(22)
Shares withheld related to net share settlement, Shares		(1,265)
Issuance of common stock through ESPP	1		1
Issuance of common stock through ESPP, Shares		40
Stock-based compensation	72		72
Other comprehensive loss, net	(8)			(8)
Net Income (Loss)	(384)				(384)
Ending balance at Dec. 31, 2022	$ 477		3,411	(5)	(2,929)
Ending balance, Shares at Dec. 31, 2022	23,164	23,164
Fractional shares issued due to reverse stock split, Shares		201
Issuance of common stock upon settlement of restricted stock units, Shares		1,323
Shares withheld related to net share settlement	$ (5)		(5)
Shares withheld related to net share settlement, Shares		(501)
Issuance of common stock through ESPP, Shares		42
Stock-based compensation	64		64
Other comprehensive loss, net	(2)			(2)
Net Income (Loss)	(317)				(317)
Ending balance at Dec. 31, 2023	$ 217		$ 3,470	$ (7)	$ (3,246)
Ending balance, Shares at Dec. 31, 2023	24,229	24,229

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (317)	$ (384)
Adjustments to reconcile net loss to net cash used in operating activities:
Noncash inventory write downs		3
Depreciation and amortization	4	6
Noncash lease expense	3	6
Impairment of lease assets and property and equipment	1	11
Stock-based compensation expense	64	72
Net (accretion) amortization of discounts and premiums on marketable securities	(7)
Other	1
Changes in operating assets and liabilities:
Funds receivable	6	3
Prepaid expenses, other current and noncurrent assets	16	(1)
Accounts payable	(22)	(13)
Merchants payable	(46)	(65)
Accrued and refund liabilities	(38)	(49)
Lease liabilities	(7)	(8)
Other current and noncurrent liabilities	1	(3)
Net cash used in operating activities	(341)	(422)
Cash flows from investing activities:
Purchases of property and equipment and development of internal-use software	(3)	(2)
Purchases of marketable securities	(313)	(368)
Maturities of marketable securities	390	321
Other		2
Net cash provided by (used in) investing activities	74	(47)
Cash flows from financing activities:
Proceeds from issuance of common stock through employee equity incentive plans		1
Payments of taxes related to RSU settlement and cashless exercise of stock options	(5)	(23)
Net cash used in financing activities	(5)	(22)
Foreign currency effects on cash, cash equivalents, and restricted cash	(3)	(14)
Net decrease in cash, cash equivalents and restricted cash	(275)	(505)
Cash, cash equivalents and restricted cash at beginning of period	513	1,018
Cash, cash equivalents and restricted cash at end of period	238	513
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets:
Cash and cash equivalents	238	506
Restricted cash included within prepaid expenses and other current assets in the consolidated balance sheets		7
Cash, cash equivalents and restricted cash at end of period	238	513
Supplemental cash flow disclosures:
Cash paid for income taxes, net of refunds	$ 1	$ 6

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (317)	$ (384)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023 shares
Rachel Wang
Trading Arrangements, by Individual
Name	Rachel Wang
Title	Head of Data Science
Adoption Date	September 12, 2023
Rule 10b5-1 Arrangement Terminated	true
Termination Date	November 27, 2023
Aggregate Available	5,043
Other Director or Officer
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Description of Business

Description of Business	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Description of Business	1. descriptio n OF BUSINESS ContextLogic Inc. (“Wish” or the “Company”) is a mobile ecommerce company that provides a shopping experience that is mobile-first and discovery-based, which connects merchants’ products to users based on user preferences. The Company generates revenue from marketplace and logistics services provided to merchants. The Company was incorporated in the state of Delaware in June 2010 and is headquartered in San Francisco, California, with operations domestically and internationally. Reverse Stock Split On April 10, 2023, the Company filed a certificate of amendment (the “Reverse Stock Split Amendment”) to the Company’s Restated Certificate of Incorporation with the Secretary of State of Delaware to effect a 1-for-30 Reverse Stock Split of the Company's Class A common stock ("common stock"), which became effective on April 11, 2023. The Reverse Stock Split Amendment did not reduce the number of authorized shares of common stock, which remains at 3.0 billion, and did not change the par value of the common stock, which remains at $ 0.0001 per share. As a result of the Reverse Stock Split, every thirty shares of the common stock were combined into one issued and outstanding share of common stock and no fractional shares were issued. Instead, to any holder who would have otherwise been entitled to receive a fractional share of common stock, the Company issued such holder an additional fractional share, such that, when combined with the fractional share otherwise issuable as a result of the Reverse Stock Split, equaled a whole share of common stock. All share and per share information has been retroactively adjusted to reflect the reverse stock split for all periods presented.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Consolidation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The Company evaluated whether there are any conditions and events, considered in the aggregate, that raise substantial doubt about its ability to continue as a going concern over the next twelve months from the date of filing this report. As of December 31, 2023, the Company had approximately $ 382 million in unrestricted cash, cash equivalents, and marketable securities. The Company believes that substantial doubt about its ability to continue as a going concern does not exist as its cash on hand will be sufficient to meet its working capital and capital expenditure requirements for a period of at least twelve months from the date of the filing of this Form 10-K. The Company has incurred significant accumulated losses of approximately $ 3.2 billion. The Company expects to continue to incur operating losses for the foreseeable future. To the extent that the Company's current resources are insufficient to satisfy its cash requirements, the Company may need to seek additional equity or debt financing and there can be no assurance that the Company will be successful in its efforts. If the financing is not available, or if the terms of financing are less desirable than the Company expects, the Company may be forced to continue to scale back its operations, which could have an adverse impact on its business and financial prospects. Use of Estimates The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. These estimates form the basis for judgments the Company makes about the carrying values of its assets and liabilities that are not readily available from other sources. These estimates include, but are not limited to, fair value of financial instruments, useful lives and impairment of long-lived assets, fair value of derivative instruments, incremental borrowing rate applied to lease accounting, contingent liabilities, redemption probabilities associated with Wish Cash, allowances for refunds and chargebacks and uncertain tax positions. As a result, many of the Company’s estimates and assumptions required increased judgment and these estimates may change materially in future periods. Segments The Company manages its operations and allocates resources as a single operating segment. The Company’s chief operating decision-maker is its Chief Executive Officer (“CEO”) who makes operating decisions, assesses financial performance and allocates resources based on consolidated financial information. As such, the Company has determined that it operates in one reportable segment. Revenue Recognition The Company generates revenue from marketplace and logistics services provided to its customers. Revenue is recognized as the Company transfers control of promised goods or services to its customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company considers both the merchant and the user to be customers. The Company evaluates whether it is appropriate to recognize revenue on a gross or net basis based upon its evaluation of whether the Company obtains control of the specified goods or services by considering if it is primarily responsible for fulfillment of the promise, has inventory risk and has latitude in establishing pricing and selecting suppliers, among other factors. Based on these factors, marketplace revenue is generally recognized on a net basis and logistics revenue is generally recognized on a gross basis. Revenue excludes any amounts collected on behalf of third parties, including indirect taxes. The following table shows the disaggregated revenue for the applicable periods: Year Ended December 31, 2023 2022 (in millions) Core marketplace revenue $ 86 $ 220 ProductBoost revenue 24 46 Marketplace revenue 110 266 Logistics revenue 177 305 Revenue $ 287 $ 571 Refer to Note 11 – Geographic Information for the disaggregated revenue by geographical location. Marketplace Revenue The Company provides a mix of marketplace services to its customers. The Company provides merchants access to its marketplace where merchants display and sell their products to users. The Company also provides ProductBoost services to help merchants promote their products within the Company’s marketplace. Marketplace revenue includes commission fees collected in connection with user purchases of the merchants’ products. The commission fees vary depending on factors such as geography, product category, Wish Standards' tier, item value and dynamic pricing. The Company recognizes revenue when a user’s order is processed and the related order information has been made available to the merchant. Commission fees are recognized net of estimated refunds and chargebacks. Marketplace revenue also includes ProductBoost revenue generated by increasing exposure for a merchant’s relevant products within the Company's marketplace. The Company recognizes ProductBoost revenue based on the number of impressions delivered, or clicks by users. Logistics Revenue The Company’s logistics offering for merchants is designed for direct end-to-end single order shipment from a merchant’s location to the user. Logistics services include transportation and delivery of the merchant’s products to the user. Merchants are required to prepay for logistics services on a per order basis. The Company recognizes revenue over time as the merchant simultaneously receives and consumes the logistics services benefit as the logistics services are performed. The Company uses an output method of progress based on days in transit as it best depicts the Company’s progress toward complete satisfaction of the performance obligation. Deferred Revenue Deferred revenue consists of amounts received primarily related to unsatisfied performance obligations of logistics services and marketplace services for shipments in-transit at the end of the period where the Company is the principal. The deferred revenue balances as of December 31, 2023 and 2022 are disclosed in Note 4 – Balance Sheet Components. Due to the short-term duration of contracts, all of the performance obligations will be satisfied in the following reporting period. Refunds and Chargebacks Refunds and chargebacks are associated with marketplace revenue. Returns are not material to the Company’s business. Estimated refunds and chargebacks are recognized on the consolidated balance sheets as refunds liability. The merchant’s share of the refunds is recognized as a reduction to the amount due to merchants. The revenue recognized on transactions subject to refunds and chargebacks is reversed. The Company estimates future refunds and chargebacks using a model that incorporates historical experience, considering recent business trends, and market activity. Incentive Discount Offers The Company provides incentive discount offers to its users to encourage purchases of products through its marketplace. Such offers include current discount offers of a certain percentage off current purchases and inducement offers, such as set percentage offers off future purchases subject to a minimum current purchase. The Company generally records the related discounts taken as a reduction of revenue when the offer is redeemed. The Company also offers free products to encourage users to make purchases on its marketplace. The resulting discount is recognized as a reduction of revenue when the offer for free product is redeemed. Wish Cash Liability The Company issues Wish Cash to end-users who opt to receive it for their refundable transactions. The Company also offers Wish Cash as part of its various referral and incentive programs. The Company accrues a liability for issued Wish Cash which is reduced when Wish Cash is redeemed by its users. Based on historical experience, the Company analyzes the Wish Cash liability considering usage patterns to determine the probability of redemption. While the Company will continue to honor all Wish Cash presented for payment, management may determine the likelihood of redemption to be remote for Wish Cash balances due to, among other things, long periods of inactivity. In these circumstances, to the extent management determines there is no requirement for remitting Wish Cash balances to government agencies under unclaimed property laws, the portion of Wish Cash balances not expected to be redeemed are recognized in Core Marketplace revenue. Refer to Note 4 – Balance Sheet Components for more information on Wish Cash liability breakage. Cost of Revenue Cost of revenue includes colocation and data center charges, interchange and other fees for payment processing services, fraud and chargeback prevention service charges, costs of refunds and chargebacks made to users that the Company is not able to collect from merchants, depreciation and amortization of property and equipment, shipping charges, tracking costs, warehouse fees, and employee-related costs, including salaries, benefits, and stock-based compensation expense, for the Company’s infrastructure, merchant support and logistics personnel. Cost of revenue also includes an allocation of general IT and facilities overhead expenses. Advertising Expense Advertising expenses are included in sales and marketing expenses within the consolidated statements of operations and are expensed as incurred. Advertising expenses were $ 104 million and $ 195 million for the years ended December 31, 2023 and 2022, respectively. Software Development Costs The Company capitalizes costs to develop its mobile application and website when preliminary development efforts are successfully completed, management has authorized and committed project funding, and it is probable that the project will be completed, and the software will be used as intended. Costs incurred during the preliminary planning and evaluation stage of the project and during the post implementation operational stage, including maintenance, are expensed as incurred. Costs incurred for enhancements that are expected to result in additional functionality are capitalized and expensed over the estimated useful life of the upgrades on a per project basis. Due to the iterative process by which the Company performs upgrades and the relatively short duration of its development projects, development costs meeting capitalization criteria generally are not material. If internal-use software development costs are material, they are capitalized and included in property and equipment, net within the consolidated balance sheets. Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. As of December 31, 2023 and 2022, cash and cash equivalents consisted of cash deposited with banks and money market funds for which their cost approximates their fair value. The Company held 28 % and 72 % of its cash and cash equivalents in the United States as of December 31, 2023 and 2022, respectively. Restricted cash as of December 31, 2022 represents amounts held in collateral and cash accounts in a foundation entity dedicated to safeguarding funds of payment service users consisting of European Economic Area merchants, ensuring the funds remain separate from the Company’s own funds. These funds are included within prepaid expenses and other current assets in the consolidated balance sheets. As of December 31, 2023, the balance of restricted cash was zero . Marketable Securities Marketable securities consist of short-term debt securities classified as available-for-sale and have original maturities greater than 90 days. Marketable securities are carried at fair value based upon quoted market prices or pricing models for similar securities. Unrealized gains and losses on available-for-sale securities are excluded from earnings and are recognized within other comprehensive loss. Realized gains or losses on the sale of all such securities are reported in interest and other income, net, and computed using the specific identification method. For declines in fair market value below the cost of an individual marketable security, the Company assesses whether the decline in value is other than temporary based on the length of time the fair market value has been below cost, the severity of the decline and the Company’s intent and ability to hold or sell the investment. If an investment is impaired, the Company writes it down through earnings to its recoverable value and establishes that as a new cost basis for the investment. Funds Receivable The Company uses several third-party Payment Service Providers (“PSPs”) to process user transactions on its marketplace. Transactions on the Company’s marketplace are mainly credit and debit card-based transactions that convert to cash on a regular basis and are net settled against refunds and chargebacks, with little default risk. Funds receivable represents the amounts expected to be received from PSPs for purchases on the Company’s marketplace and is recognized net of processing fees. Concentrations of Risk Credit Risk — Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, funds receivable and marketable securities. The Company’s cash and cash equivalents are held on deposit with creditworthy institutions. Although the Company’s deposits exceed federally insured limits, the Company has not experienced any losses in such accounts. The Company invests its excess cash in money market accounts, U.S. Treasury notes, U.S. Treasury bills, commercial paper, corporate bonds, and non-U.S. government securities. The Company is exposed to credit risk in the event of a default by the financial institutions holding its cash, cash equivalents and marketable securities for the amounts reflected on the consolidated balance sheets. The Company’s investment policy limits investments to certain types of debt securities issued by the U.S. government, its agencies and institutions with investment-grade credit ratings and places restrictions on maturities and concentration by type and issuer. The Company maintains certain bank accounts in China. The Company manages the counterparty risk associated with these funds through diversification with major financial institutions and monitors the concentration of this credit risk on a monthly basis. The total cash balance in these accounts represented approximately 49 % and 24 % of the Company’s total cash and cash equivalents as of December 31, 2023 and 2022, respectively. The Company's derivative financial instruments expose it to credit risk to the extent that the counterparties may be unable to meet the terms of the arrangement. The Company seeks to mitigate such risk by limiting its counterparties to, and by spreading the risk across, major financial institutions. In addition, the potential risk of loss with any one counterparty resulting from this type of credit risk is monitored on a monthly basis. The Company is not required to pledge, nor is it entitled to receive, collateral related to its foreign exchange derivative transactions. The Company is exposed to credit risk in the event of a default by its PSPs. The Company does not generate revenue from PSPs. Significant changes in the Company’s relationship with its PSPs could adversely affect users’ ability to process transactions on the Company’s marketplaces, thereby impacting the Company’s operating results. The following PSPs each represented 10% or more of the Company’s funds receivable balance: December 31, 2023 2022 PSP 1 28 % 56 % PSP 2 57 % 32 % Services Risk — The Company serves all of its users using third-party data center and hosting providers. The Company has disaster recovery protocols at the third-party service providers. Even with these procedures for disaster recovery in place, access to the Company’s service could be significantly interrupted, resulting in an adverse effect on its operating results and financial position. No significant interruptions of service were known to have occurred during the years ended December 31, 2023 and 2022. Property and Equipment, Net Property and equipment are stated at historical cost less accumulated depreciation. Depreciation and amortization are computed using the straight-line method over the estimated useful lives. Expenditures for repairs and maintenance are charged to expense as incurred. The estimated useful lives of the Company’s property and equipment are generally as follows: Computers, equipment, software 3 years Furniture and fixtures, servers, networking equipment 5 years Leasehold improvements Shorter of the estimated useful life or remaining Impairment of Long-Lived Assets The Company reviews long-lived assets, including intangible and lease assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured first by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, an impairment loss would be recognized based on the excess of the carrying amount of the asset above the fair value of the asset. Merchants Payable Merchants payable represents the amount of funds due to merchants and is recognized net of commission fees earned by the Company for marketplace transactions and other fees due from merchants. Merchants payable is adjusted for actual and estimated refunds the Company is expected to recover from merchants. The Company remits funds to merchants on a regular basis. Operating Lease Obligations The Company determines if an arrangement is a lease at inception. For leases where the Company is the lessee, right-of-use (“ROU”) assets represent the Company’s right to use the underlying asset for the term of the lease and the lease liabilities represent an obligation to make lease payments arising from the lease. Certain lease agreements contain tenant improvement allowances, rent holidays and rent escalation provisions, all of which are considered in determining the ROU assets and lease liabilities. The Company begins recognizing rent expense when the lessor makes the underlying asset available for use by the Company. Lease liabilities are recognized at the lease commencement date based on the present value of the future lease payments over the lease term. Lease renewal periods are considered on a lease-by-lease basis in determining the lease term. The interest rate the Company uses to determine the present value of future lease payments is the Company’s incremental borrowing rate because the rate implicit in the Company’s leases is not readily determinable. The incremental borrowing rate is a hypothetical rate for collateralized borrowings in economic environments where the leased asset is located based on credit rating factors. The ROU asset is determined based on the lease liability initially established and adjusted for any prepaid lease payments and any lease incentives received. The lease term to calculate the ROU asset and related lease liability includes options to extend or terminate the lease when it is reasonably certain that the Company will exercise the option. Certain leases contain variable costs, such as common area maintenance, real estate taxes or other costs. Variable lease costs are expensed as incurred on the consolidated statements of operations and comprehensive loss. Operating leases are included in the ROU assets, accrued liabilities, and lease liabilities, non-current on the consolidated balance sheets. The Company has no finance leases. Loss Contingencies The Company is involved in various lawsuits, claims and proceedings that arise in the ordinary course of business. The Company records a liability for these when it believes it is probable that it has incurred a loss, and the Company can reasonably estimate the loss. If the Company determines that a material loss is reasonably possible and the loss or range of loss can be estimated, the Company discloses the possible loss in the notes to the consolidated financial statements. The Company regularly evaluates current information to determine whether it should adjust a recognized liability or recognize a new one. Significant judgment is required to determine both the probability and the estimated amount. Stock-Based Compensation The Company measures and recognizes compensation expense for all stock-based awards, including restricted stock units (“RSUs”), performance-based units (“PSUs”), stock options, and purchase rights issued to employees under its employee stock purchase plan (“ESPP”), based on the estimated fair value of the awards on the grant date. The Company uses the Black-Scholes option pricing model to estimate the fair value of stock options and ESPP purchase rights and the Monte Carlo Simulation model to estimate the fair value of a PSU. The fair value of RSUs is based on the market closing price for its common stock as reported on the Nasdaq Global Select Market on the date of grant. The fair value of service-based RSUs and stock options is recognized as an expense on a straight-line basis over the requisite service period, which ranges from one to four years . For stock-based awards granted to employees with a performance condition, the Company recognizes stock-based compensation expense under the accelerated attribution method over the requisite service period. The fair value of the ESPP purchase rights is recognized as an expense on a straight-line basis over the offering period. The Company accounts for forfeitures as they occur. Foreign Currency The functional currency of the Company’s foreign subsidiaries is the local currency for operating entities with employees and is the U.S. dollar for holding companies and pass-through entities. The assets and liabilities of its non-U.S. dollar functional currency subsidiaries are translated into U.S. dollars using exchange rates in effect at the end of each period. Revenue and expenses for its foreign subsidiaries are translated using rates that approximate those in effect during the period. Foreign currency translation adjustments are reflected in stockholders’ equity as a component of other comprehensive (loss) income. Transactions on the Company’s marketplace occur in various foreign currencies that are processed by its PSPs. These transactions are collected on a regular basis and are converted to U.S. dollars or euros within the short period of time between the recognition of revenue and cash collection on a regular basis, which limits the Company’s exposure to foreign currency risk. Merchants payable are denominated primarily in Renminbi (“RMB”) and other local currencies. As of December 31, 2023 and 2022, the merchants payable amount denominated in RMB was 58 % and 70 %, respectively. Transaction gains and losses, including intercompany transactions denominated in a currency other than the functional currency of the entity involved are included in interest and other income, net on the consolidated statements of operations. The Company recognized a net loss resulting from foreign exchange transactions of $ 1 million for the year ended December 31, 2023 and a net gain of $ 10 million for the year ended December 31, 2022. The Company recognized a $ 2 million cumulative translation loss for the year ended December 31, 2023 and a $ 7 million cumulative translation loss in the year ended December 31, 2022. Derivative Instruments The Company conducts business in certain foreign currencies throughout its worldwide operations, and various entities hold monetary assets or liabilities, earn revenues, or incur costs in currencies other than the entity’s functional currency. As a result, the Company is exposed to foreign exchange gains or losses which impact the Company’s operating results. As part of the Company’s foreign currency risk mitigation strategy, starting in 2020, the Company has entered into foreign exchange forward contracts with up to twelve months in duration. In accordance with the accounting standards for derivatives and hedging activities, all derivative instruments are recognized at fair value on the Company’s consolidated balance sheets and classified as either derivative assets or derivative liabilities. Derivatives in a gain position are reported as derivative assets, while derivatives in a loss position are reported as derivative liabilities. The Company’s derivatives transactions are not collateralized and do not include collateralization agreements with counterparties. Cash Flow Hedges The Company’s largest cash flow exposure is in RMB for payments made to merchants in China that use the Wish platform. The Company hedges these cash flow exposures to reduce the risk that its earnings and cash flows will be adversely affected by changes in exchange rates. The Company recognizes changes in fair value of these cash flow hedges of foreign currency denominated merchants payable in accumulated other comprehensive income in its consolidated balance sheets, until the Company settles its forecasted foreign currency denominated merchants payable. When the forecasted transaction affects earnings, the Company reclassifies the related gain or loss on the cash flow hedge to core marketplace revenue. All amounts in other comprehensive income at period end are expected to be reclassified to earnings within 12 months. In the event the underlying forecasted transaction does not occur, or it becomes probable that it will not occur, the Company reclassifies the gain or loss on the related cash flow hedge from accumulated other comprehensive income to core marketplace revenue. Non-Designated Hedges The Company’s derivatives not designated as hedging instruments consist of foreign currency forward contracts to reduce the impact of currency exchange rate movements on its monetary assets and liabilities. These foreign exchange contracts are carried at fair value with changes in fair value of these contracts recognized to other income (expense), net in the Company’ consolidated statements of operations. The Company does not use derivative financial instruments for speculative or trading purposes. Fair Value Measurement The Company applies fair value accounting for its financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining fair value measurements for assets and liabilities, the Company considers the principal or most advantageous market in which it would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as risks inherent in valuation techniques, transfer restrictions and credit risk. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 — Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability. Income Taxes The Company accounts for income taxes using the asset and liability method, under which deferred tax liabilities and assets are recognized for the expected future tax consequences of temporary differences between consolidated financial statement carrying amounts and the tax basis of assets and liabilities and net operating loss and tax credit carryforwards. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. The Company determines whether it is more likely than not that a tax position will be sustained upon examination. If it is not more likely than not that a position will be sustained, no amount of benefit attributable to the position is recognized. The tax benefit to be recognized of any tax position that meets the more likely than not recognition threshold is calculated as the largest amount that is more than 50% likely of being realized upon resolution of the contingency. It is the Company’s policy to include penalties and interest expense related to income taxes as a component of interest and other income, net as necessary. Comprehensive Loss Comprehensive loss is comprised of two components: net loss and other comprehensive loss. Other comprehensive loss consists of unrealized holding gains or losses related to derivative instruments, unrealized gains or losses on marketable securities, and foreign currency translation adjustments. Accounting Pronouncements The Company has reviewed recent accounting pronouncements and concluded as follows: In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which requires additional segment-related disclosures on an annual and interim basis, to enable investors in developing more informed and actionable analyses. This guidance will be effective for the annual periods beginning the year ended December 31, 2024, and for interim periods beginning January 1, 2025. Early adoption is permitted. Upon adoption, the guidance should be applied retrospectively to all prior periods presented in the financial statements. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which improves the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the effective tax rate reconciliation, and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. This guidance will be effective for annual periods beginning after December 15, 2024. Early adoption is permitted. Upon adoption, the guidance can be applied prospectively or retrospectively. We are evaluating the impact this amended guidance may have on the footnotes to our consolidated statements.

Financial Instruments and Fair

Financial Instruments and Fair Value Measurement	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Financial Instruments and Fair Value Measurement	3. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENT The Company’s financial instruments consist of cash equivalents, marketable securities, funds receivable, derivative instruments, accounts payable, accrued liabilities and merchants payable. Cash equivalents’ carrying value approximates fair value at the balance sheet dates, due to the short period of time to maturity. Marketable securities and derivative instruments are recognized at fair value. Funds receivable, accounts payable, accrued liabilities and merchants payable carrying values approximate fair value due to the short time to the expected receipt or payment date. Assets and liabilities recognized at fair value on a recurring basis in the consolidated balance sheets consisting of cash equivalents, marketable securities and derivative instruments are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements are as follows: December 31, 2023 Total Level 1 Level 2 Level 3 (in millions) Financial assets: Cash equivalents: Money market funds $ — $ — $ — $ — Corporate bonds — — — — Total cash equivalents $ — $ — $ — $ — Marketable securities: U.S. Treasury bills $ 127 $ — $ 127 $ — Commercial paper — — — — Corporate bonds 17 — 17 — Non-U.S. government — — — — Total marketable securities $ 144 $ — $ 144 $ — Prepaid and other current assets: Derivative assets $ 1 $ — $ 1 $ — Total financial assets $ 145 $ — $ 145 $ — Financial liabilities: Accrued liabilities: Derivative liabilities $ 1 $ — $ 1 $ — Total financial liabilities $ 1 $ — $ 1 $ — December 31, 2022 Total Level 1 Level 2 Level 3 (in millions) Financial assets: Cash equivalents: Money market funds $ 50 $ 50 $ — $ — Corporate bonds 2 — 2 — Total cash equivalents $ 52 $ 50 $ 2 $ — Marketable securities: U.S. Treasury bills $ 173 $ — $ 173 $ — Commercial paper 7 — 7 — Corporate bonds 29 — 29 — Non-U.S. government 4 — 4 — Total marketable securities $ 213 $ — $ 213 $ — Prepaid and other current assets: Derivative assets $ 6 $ — $ 6 $ — Total financial assets $ 271 $ 50 $ 221 $ — Financial liabilities: Accrued liabilities: Derivative liabilities $ 2 $ — $ 2 $ — Total financial liabilities $ 2 $ — $ 2 $ — The Company classifies cash equivalents and marketable securities within Level 1 or Level 2 because the Company uses quoted market prices or alternative pricing sources and models utilizing market observable inputs to determine their fair value. The derivative asset and liability related to the Company’s foreign currency derivative contracts are classified within Level 2 of the fair value hierarchy as the valuation inputs are based on quoted prices and market observable data of similar instruments in active markets, including currency spot and forward rates. The following table summarizes the contractual maturities of the Company’s marketable securities: December 31, 2023 2022 Amortized Estimated Amortized Estimated (in millions) Due within one year $ 144 $ 144 $ 214 $ 213 Total marketable securities $ 144 $ 144 $ 214 $ 213 All of the Company’s available-for-sale marketable securities are subject to a periodic evaluation for a credit loss allowance and impairment review. The Company did not identify any of its available-for-sale marketable securities requiring an allowance for credit loss or as other-than-temporarily impaired in any of the periods presented. Additionally, the unrealized net gain and net loss on available-for-sale marketable securities as of December 31, 2023 and 2022 were immaterial.

Balance Sheet Components

Balance Sheet Components	12 Months Ended
	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Balance Sheet Components	4. BALANCE SHEET COMPONENTS Accrued Liabilities Accrued liabilities consist of the following: December 31, 2023 2022 (in millions) Logistics costs (1) $ 25 $ 44 Deferred revenue and customer deposits (2) 12 18 Wish Cash liability (3) 11 14 Sales and indirect taxes (4) 12 15 Other 30 39 Total accrued liabilities $ 90 $ 130 (1) Logistics costs decreased by $ 19 million or 43 % primarily due to lower shipping volumes during 2023 compared to 2022. (2) Deferred revenue and customer deposits decreased by $ 6 million or 33 % primarily du e to lower logistics volumes during 2023 compared to 2022. (3) While the Company will continue to honor all Wish Cash presented for payment, it may determine the likelihood of redemption to be remote for certain Wish Cash liability balances due to, among other things, long periods of inactivity. In these circumstances, to the extent the Company determines there is no requirement for remitting Wish Cash balances to government agencies under unclaimed property laws, the portion of Wish Cash liability balances not expected to be redeemed are recognized in core marketplace revenue. Wish Cash liability breakage recognized in core marketplace revenue during the years ended December 31, 2023 and 2022 was $ 3 million and $ 4 million, respectively. (4) Sales and indirect taxes decreased by $ 3 million or 20 % primarily due to less taxes in connection with lower order volumes during 2023 compared to 2022.

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	5. Derivative Financial Instruments Volume of Derivative Activity Total gross notional amounts for outstanding derivatives (recognized at fair value) as of the end of period consist of the following: December 31, December 31, (in millions) Cash flow hedges $ 29 $ 168 Non-designated hedges 44 11 Total $ 73 $ 179 Fair Value of Derivative Financial Instruments December 31, December 31, Assets (1) Liabilities (2) Assets (1) Liabilities (2) (in millions) Derivative designated as hedging instruments Cash flow hedges $ — $ — $ 2 $ — Derivative not designated as hedging instruments Foreign currency forward contracts $ 1 $ 1 $ 4 $ 2 Total derivatives $ 1 $ 1 $ 6 $ 2 (1) Derivative assets are included in prepaid and other current assets in the consolidated balance sheet. (2) Derivative liabilities are included in accrued liabilities in the consolidated balance sheet. Derivatives in Cash Flow Hedging Relationships The changes in accumulated other comprehensive income resulting from cash flow hedging were as follows: December 31, December 31, 2023 2022 (in millions) Balance at the beginning of the period $ 2 $ 2 Other comprehensive loss before reclassifications ( 4 ) ( 6 ) Amounts recognized in core marketplace revenue and reclassified out of accumulated other comprehensive income 3 6 Balance at the end of the period $ 1 $ 2 Derivatives Not Designated as Hedging Instruments The changes in fair value of the Company’s foreign exchange forward contracts not designated as hedging instruments were approximately a $ 3 million net loss and a $ 7 million net loss for the years ended December 31, 2023 and 2022, respectively, and were recognized in other income (expense), net in the consolidated statements of operations.

Operating Leases

Operating Leases	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Operating Leases	6. OPERATING LEASES The Company leases its facilities and data center colocations under operating leases with various expiration dates through 2027. The components of the Company’s lease costs were as follows: Year Ended 2023 2022 (in millions) Operating lease costs $ 4 $ 7 Short-term lease costs 3 2 Variable costs 1 1 Total $ 8 $ 10 As of December 31, 2023 and 2022, the Company’s consolidated balance sheet included ROU assets in the amount of $ 5 million and $ 9 million, respectively, and lease liabilities in the amount of $ 7 million and $ 7 million in accrued liabilities , respectively, and $ 6 million and $ 13 million in lease liabilities, non-current, respectively. In February 2022, the Company’s Board of Directors ("the Board") approved a restructuring plan, which included exiting various office leases. As a result, the Company ceased using certain office spaces. As the carrying value of the related right-of-use assets and leasehold improvements exceeded the estimated fair value, the Company recognized an immaterial impairment loss related to the impairment of operating ROU assets for the year ended December 31, 2023. See Note 12. Reductions in Workforce for more information about the Company’s restructuring plan. As of December 31, 2023 and 2022, the weighted-average remaining lease term was 2 and 3 years and the weighted-average discount rate used to determine the net present value of the lease liabilities was 6 % for both periods. Supplemental cash flow information for the Company’s operating leases were as follows: Year Ended 2023 2022 (in millions) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 8 $ 9 Right-of-use assets obtained in exchange for new lease liabilities $ — $ 4 The maturities of the Company’s operating lease liabilities are as follows: December 31, 2023 Year ending December 31, (in millions) 2024 $ 8 2025 4 2026 1 2027 1 Total lease payments 14 Less: imputed interest ( 1 ) Present value of lease liabilities $ 13

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	7. COMMITMENTS AND CONTINGENCIES Revolving Credit Facility In November 2020, the Company entered into a five-year $ 280 million senior secured revolving credit facility (the “Revolving Credit Facility”). If the Company is able to secure additional lender commitments and satisfy certain other conditions, the aggregate facility commitments can be increased by up to $ 100 million through an accordion option. The Company also enters into letters of credit from time to time, which reduces its borrowing capacity under the Revolving Credit Facility. Interest on any borrowings under the Revolving Credit Facility accrues at either adjusted LIBOR plus 1.50 % or at an alternative base rate plus 0.50 %, at the Company’s election, and the Company is required to pay a commitment fee that accrues at 0.25 % per annum on the unused portion of the aggregate commitments under the Revolving Credit Facility. The Company is required to pay a fee that accrues at 1.50 % per annum on the average daily amount available to be drawn under any letters of credit outstanding under the Revolving Credit Facility. The Revolving Credit Facility contains customary conditions to borrowing, events of default and covenants, including covenants that restrict the Company’s ability (and the ability of certain of the Company’s subsidiaries) to incur indebtedness, grant liens, make certain fundamental changes and asset sales, make distributions to stockholders, make investments or engage in transactions with affiliates. It also contains a minimum liquidity financial covenant of $ 350 million, which includes unrestricted cash and any available borrowing capacity under the Revolving Credit Facility. The obligations under the Revolving Credit Facility are secured by liens on substantially all of the Company’s domestic assets and are guaranteed by any material domestic subsidiaries, subject to customary exceptions. A standby letter of credit in the amount of approximately $ 7 million has been issued under the Revolving Credit Facility in conjunction with the lease of the Company’s headquarters in San Francisco, California. As of December 31, 2023, the Company had no t made any borrowings under the Revolving Credit Facility and it was in compliance with the related financial covenants. Fees incurred under the Revolving Credit Facility were insignificant for the years ended December 31, 2023 and 2022. Purchase Obligations Effective September 1, 2022, the Company entered into an amendment to a colocation and cloud services arrangement committing the Company to make payments of $ 85 million for services over 3 years. As of December 31, 2023, the remaining commitment under this amended agreement was approximately $ 45 million and is payable within the next 1 year and 8 months. Legal Contingencies and Proceedings Beginning in May 2021, four putative class action lawsuits were filed in the U.S. District Court for the Northern District of California against the Company, its directors, certain of its officers and the underwriters named in its initial public offering (“IPO”) registration statement alleging violations of securities laws based on statements made in its registration statement on Form S-1 filed with the SEC in connection with its IPO and seeking monetary damages. One of these cases has since been dismissed by the plaintiff and the remaining three have been coordinated and consolidated. In May 2022, the Court appointed lead plaintiffs, who subsequently filed an amended consolidated class action complaint pursuant to Sections 11 and 15 of the Securities Act and Sections 10(b) and 20(a) of the Exchange Act. In April 2023, the plaintiffs filed an amended complaint and assert only claims made under Sections 11 and 15 of the Securities Act. In December 2023, the Court granted Defendants’ motion to dismiss with leave to amend. The Company believes these lawsuits are without merit and intends to vigorously defend them. Based on the preliminary nature of the proceedings in these cases, the Company cannot estimate a range of potential losses at this point in time. In August 2021, a shareholder derivative action purportedly brought on behalf of the Company, Patel v. Szulczewski, was filed in the U.S. District Court for the Northern District of California alleging that the Company’s directors and officers made or caused the Company to make false and/or misleading statements about the Company’s business operations and financial prospects in various public filings. Plaintiff asserts claims for breach of fiduciary duties, unjust enrichment, abuse of control, gross mismanagement, waste of corporate assets, violations of Section 14(a) of the Exchange Act, and for contribution under Sections 10(b) and 21D of the Exchange Act and is seeking monetary damages. This matter is currently stayed. The Company believes this lawsuit is without merit and it intends to vigorously defend it. Based on the preliminary nature of the proceedings in these cases, the Company cannot estimate a range of potential losses at this point in time. In November 2021, France’s Directorate General for Competition, Consumer Affairs and Repression of Fraud (“DGCCRF”) issued an injunction delisting the Wish “App” from Google Play and the Apple App Store, and blocking Wish from appearing in Google, Bing and Qwant search results on the premise that unsafe products or products of poor quality are available for purchase on Wish. On March 10, 2023, the DGCCRF determined that the Company is in compliance with the injunction and applicable regulatory requirements, and lifted the injunction. As a result, the Company has been relisted and has returned to the application stores, such as Google Play and the Apple App Store, and search engines, such as Google, Bing and Qwant, in France. Although the underlying case reviewing the legal question of whether the agency has the power to delist any company remains pending, the Company no longer believes there is a reasonable possibility of a material loss. As of December 31, 2023, in the opinion of management, there were no other legal contingency matters that arose in the ordinary course of business, either individually or in aggregate, that would have a material adverse effect on the financial position, results of operations, or cash flows of the Company. Given the unpredictable nature of legal proceedings, the Company bases its estimate on the information available at the time of the assessment. As additional information becomes available, the Company will reassess the potential liability and may revise the estimate.

Common Stock and Stock-Based Co

Common Stock and Stock-Based Compensation	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Common Stock and Stock-Based Compensation	8. COMMON STOCK and STOCK-based compensation Common Stock and Elimination of Dual-Class Structure Prior to August 9, 2022, the Company had two classes of authorized common stock, Class A common stock and Class B common stock. Holders of Class A common stock are entitled to one vote for each share of Class A common stock held on all matters submitted to a vote of stockholders. Holders of Class B common stock were entitled to 20 votes for each share of Class B common stock held on all matters submitted to a vote of stockholders. Except with respect to voting, the rights of the holders of Class A and Class B common stock were identical. Shares of Class B common stock were voluntarily convertible into shares of Class A common stock at the option of the holder and were automatically converted into shares of Class A common stock upon a sale or transfer, subject to certain exemptions. On August 4, 2022, Piotr Szulczewski provided notice of his intention to resign as a member of the Company's Board, effective August 9, 2022. In tandem with his resignation notice, Mr. Szulczewski submitted a conversion notice to convert (the “Conversion”) all shares of Class B common stock of the Company he held into the same number of shares of Class A common stock of the Company, also effective August 9, 2022. In accordance with the Company’s Amended and Restated Certificate of Incorporation, as the remaining outstanding shares of Class B common stock represented less than five percent ( 5 %) of the aggregate number of outstanding shares of Class A common stock and Class B common stock outstanding after the Conversion, all remaining shares of Class B common stock were automatically converted into Class A common stock immediately following the Conversion on a one -to-one basis and no further Class B common stock will be issued. The Company filed a certificate with the Secretary of State of the State of Delaware effecting the retirement and cancellation of the shares of Class B Common Stock. Until the Class B conversion, Class B shares of common stock were issued in connection with the settlement or exercise of equity awards granted under the 2010 Equity Stock Plan (the “2010 Plan”) and Class A shares of common stock were issued in connection with the settlement or exercise of equity awards granted under the 2020 Equity Stock Plan (the “2020 Plan”) or shares purchased under the 2020 Employee Stock Purchase Plan (the “2020 ESPP”). Effective August 9, 2022, Class A shares of common stock are issued under all equity plans. Additionally, all shares issuable pursuant to outstanding awards under the Company’s 2010 Stock Plan will be issuable for Class A common stock. 2010 Equity Incentive Plan Under the 2010 Plan, the Company granted RSUs to employees, which generally expire 7 years from the date of grant and vest upon the achievement of both a service condition and a liquidity condition. The service condition for these awards is satisfied over four or five years . The liquidity condition was satisfied upon the occurrence of the Company’s IPO in December 2020. The 2010 Plan was terminated in December 2020 in connection with the Company’s IPO but continues to govern the terms of outstanding awards under the 2010 Plan. No further equity awards will be granted under the 2010 Plan. With the establishment of the 2020 Plan as further discussed below, upon the expiration, forfeiture or cancellation of any shares of Class A (Class B prior to the Conversion) common stock underlying outstanding stock-based awards granted under the 2010 Plan, an equal number of shares of Class A common stock will become available for grant under the 2020 Plan. 2020 Equity Incentive Plan On November 19, 2020 , the Company’s Board of Directors adopted and approved the 2020 Plan. The 2020 Plan provides for the award of options, stock appreciation rights, restricted shares, and RSUs. The number of shares reserved for issuance under the 2020 Plan will be increased automatically on the first day of each fiscal year, commencing in 2022 and ending in 2030, by a number equal to the lesser of: (a) 5 % of the shares of common stock outstanding on the last day of the prior fiscal year; or (b) the number of shares determined by the Board of Directors. As of December 31, 2023, 2 million shares under the 2020 Plan remained available for grant. 2020 Employee Stock Purchase Plan On November 19, 2020 , the Company’s Board of Directors adopted and approved the 2020 ESPP, which became effective on the IPO Date. The 2020 ESPP reserve for issuance will increase automatically on the first day of each fiscal year, commencing in 2022 and ending in 2040, by a number equal to the lesser of: (a) approximately 267 thousand shares of common stock; (b) 1 % of the shares of common stock outstanding on the last day of the prior fiscal year; or (c) the number of shares of common stock determined by the Company’s Board of Directors. As of December 31, 2023, 1 million shares under the 2020 ESPP remained available for issuance. The 2020 ESPP allows eligible employees to purchase shares of the Company’s Class A common stock at a discount through payroll deductions of up to 15 % of eligible compensation, subject to caps of $ 25,000 in any calendar year and 166 shares. The 2020 ESPP provides for 24-month offering periods, generally beginning in November and May of each year, and each offering period consists of four six-month purchase periods. During the year ended December 31, 2023, approximately 42 thousand shares of common stock were purchased under the ESPP for an aggregate amount of $ 252 thousand. On each purchase date, participating employees will purchase Class A common stock at a price per share equal to 85 % of the lesser of the fair market value of the Company’s Class A common stock on (i) the first trading day of the applicable offering period and (2) the last trading day of each purchase period in the applicable offering period. If the stock price of the Company's Class A common stock on any purchase date in an offering period is lower than the stock price on the enrollment date of that offering period, the offering period will immediately reset after the purchase of shares on such purchase date and automatically roll into a new offering period (ESPP reset). During the year ended December 31, 2023, there was an ESPP reset at the end of both May and November purchase periods, resulting in an additional expense of approximately $ 2 million, which is being recognized on a straight-line basis through November 20, 2025 . 2022 Inducement Plan In January 2022, the Company’s Board adopted and approved the 2022 Inducement Plan (“2022 Plan"). The Company intends that the 2022 Plan be reserved for persons to whom the Company may issue securities without stockholder approval as an inducement of employment pursuant to Rule 5635(c)(4) of the Marketplace Rules of the Nasdaq Stock Market, LLC. The 2022 Plan provides for the award of options, stock appreciation rights, restricted shares, and RSUs of the Company’s Class A common stock to the Company’s employees. Stock-based awards under the 2022 Plan that expire or are forfeited, cancelled, or repurchased generally are returned to the pool of shares of Class A common stock available for issuance under the 2022 Plan. As of December 31, 2023, 350 thousand shares under the 2022 Plan remained available for grant. Equity Award Activity A summary of activity under the equity plans and related information is as follows: Options Outstanding RSUs Outstanding Number of Weighted- Weighted- Number of Weighted- (in thousands) (in thousands) Balances at December 31, 2022 67 $ 31.17 9.5 2,399 $ 83.88 Granted 299 $ 15.03 2,871 $ 13.56 Vested ( 1,323 ) $ 65.26 Forfeited or cancelled — ( 1,771 ) $ 49.88 Balances at December 31, 2023 366 $ 18.00 9.0 2,176 $ 30.05 The weighted-average grant date fair value of options granted during the years ended December 31, 2023 and 2022 was $ 11.27 and $ 47.25 per share. Approximately 180 thousand options as of December 31, 2023 were vested. The vested options have a weighted average exercise price of $ 21.09 , a weighted-average remaining contractual term of 8.90 years, and an aggregate intrinsic value of zero. The aggregate intrinsic value of options exercised during the year ended December 31, 2022 was $ 24 million. There were no options exercised during the year ended December 31, 2023. The intrinsic value is the difference between the closing price of the Company’s common stock at the date of exercise and the exercise price for in-the-money options. The weighted-average grant date fair value of RSUs granted during the years ended December 31, 2023, and 2022 was $ 13.56 and $ 48.97 per share, respectively. The total intrinsic value of RSUs which were vested and released during the years ended December 31, 2023 and 2022 was $ 13 million and $ 42 million, respectively. The aggregate intrinsic value of options and RSUs outstanding as of December 31, 2023 was zero and $ 13 million, respectively. The aggregate intrinsic value of options and RSUs outstanding as of December 31, 2022 was zero and $ 35 million, respectively. Performance Stock Units On January 31, 2022, Mr. Szulczewski resigned from his position as CEO of the Company. Due to his resignation prior to the second anniversary of the Company’s IPO, Mr. Szulczewski is no longer eligible to vest in his PSUs, and as such, the PSUs were canceled. Consequently, the Company reversed $ 21 million of previously recognized stock-based compensation expense related to these PSUs in the first quarter of 2022. In February 2022, Jacqueline Reses resigned from her position as Executive Chair. Upon her resignation, Ms. Reses entered into a consulting agreement with the Company and her PSU award was modified to eliminate the market condition, with only continued service until the expiration of the consulting agreement being the sole vesting condition. Consequently, the Company reversed $ 3 million of previously recognized stock-based compensation expense upon modification and recognized the modified fair value of approximately $ 2 million from the modification date to the expiration date of the consulting agreement, which was May 16, 2023. CEO transition In January 2022, the Company entered into an employment agreement with Vijay Talwar, as the Company’s new CEO, with employment commencing on February 1, 2022. As an inducement of employment, Mr. Talwar was granted, i) 154 thousand RSUs with an aggregate grant date fair value of $ 13 million and ii) options to purchase 216 thousand shares of the Company’s Class A common stock at an exercise price of $ 85.80 per share with an aggregate grant date fair value of $ 12 million. These RSUs and options were granted under the 2022 Plan and would have become vested and exercisable, respectively, in periodic installments over a 4 -year term, subject to the CEO’s continued employment with the Company. The option award had a term of 10 years. In September 2022, the Company’s Board terminated Mr. Talwar from his position as CEO of the Company. As set forth in his employment agreement with the Company, Mr. Talwar was entitled to certain benefits, which included, accelerated vesting of the unvested portion of his equity awards that would have vested within twelve months of his involuntary termination. Consequently, the Company recognized $ 6 million of stock-based compensation expense upon the acceleration of Mr. Talwar’s equity awards on his termination date. In September 2022, the Company entered into an employment agreement with Jun Yan, as the Company’s then interim CEO, with employment commencing September 27, 2022. As an inducement of employment, Mr. Yan was granted i) 65 thousand RSUs with an aggregate grant date fair value of $ 2 million and ii) options to purchase 65 thousand shares of the Company’s Class A common stock at an exercise price of $ 25.85 per share with an aggregate grant date fair value of $ 1 million. These RSUs and options were granted under the 2022 Plan and will become vested and exercisable, respectively, in periodic installments over an approximate 1 -year term, subject to the interim CEO’s continued employment with the Company. The option award has a term of 10 years. If Mr. Yan were to be terminated from his position as interim CEO within six months from his commencement of employment, 50 % of both his RSU and options would immediately vest. In February 2023, the Board appointed Jun Yan as the Company's CEO, who was then serving as the Company's interim CEO. According to the terms of his new employment agreement, Mr. Yan was granted (i) 167 thousand RSUs with an aggregate grant date fair value of $ 3 million and (ii) options to purchase 299 thousand shares of the Company's common stock at an exercise price $ 15.03 per share with an aggregate grant date fair value of $ 3 million. These RSUs and options will become vested and exercisable, respectively, in periodic installments over a 2 -year term, subject to the CEO's continued service with the Company. The option award has a term of 10 years. The vesting of Mr. Yan's equity awards granted under his previous employment agreement as interim CEO was accelerated upon Mr. Yan’s appointment to the Company’s CEO. As of December 31, 2023, those RSU and option awards are fully vested. Stock Option Valuation The fair value of options is estimated using the Black-Scholes option pricing model which takes into account inputs such as the exercise price, the value of the underlying shares as of the grant date, expected term, expected volatility, risk free interest rate, and dividend yield. The fair value of the options was determined using the methods and assumptions discussed below: • The expected term of the options was determined using the “simplified” method as prescribed in the SEC’s Staff Accounting Bulletin No. 107, whereby the expected life equals the arithmetic average of the vesting term and the original contractual term of the option due to the Company’s lack of sufficient historical data. • The risk-free interest rate was based on the interest rate payable on the U.S. Treasury securities in effect at the time of grant for a period that is commensurate with the assumed expected term. • The expected volatility was based on the historical volatility of the publicly traded common stock of peer group companies blended with the limited historical volatility of the Company’s own common stock weighted to reflect the short trading period of the Company’s stock since its IPO in December 2020. • The expected dividend yield was zero because the Company has not historically paid and does not expect to pay a dividend on its ordinary shares in the foreseeable future. A summary of the weighted-average assumptions used in the Black-Scholes option pricing model to determine the fair value of the options granted during the years ended December 31, 2023 and 2022 is as follows: Year Ended 2023 2022 Expected term (in years) 5.55 5.93 Risk free interest rate 4.15 % 2.28 % Volatility 91.51 % 75.53 % Dividend yield — — Stock-Based Compensation Expense Total stock-based compensation expense included in the consolidated statements of operations is as follows: Year Ended December 31, 2023 2022 (in millions) Cost of revenue $ 3 $ 7 Sales and marketing 4 6 Product development 36 50 General and administrative 21 9 Total stock-based compensation (1) $ 64 $ 72 (1) Total stock-based compensation expense for the year ended December 31, 2023 decreased by $ 8 million compared to the year ended December 31, 2022 primarily because stock-based compensation of outstanding equity awards during 2023 was based off a lower weighted average grant date fair value compared to that of outstanding equity awards from the 2022 and the impacts of the reductions in force during the first and third quarters of 2023, partially offset by the impacts of PSU reversals and equity modifications during the year ended December 31, 2022. The Company will recognize the remaining $ 2 million and $ 55 million of unrecognized stock-based compensation expense over a weighted-average period of approximately 1.1 years and 1.9 years related to options and RSUs, respectively.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	9. INCOME TAXES The components of loss before provision for income taxes are as follows: Year Ended December 31, 2023 2022 (in millions) Domestic $ 321 $ 388 Foreign ( 9 ) ( 5 ) Loss before provision for income taxes $ 312 $ 383 The provision for income taxes consisted of the following: Year Ended December 31, 2023 2022 (in millions) Current: Federal $ — $ — State — ( 1 ) Foreign 6 1 Total current 6 — Deferred: Federal — — State — — Foreign ( 1 ) 1 Total deferred ( 1 ) 1 Total provision for income taxes $ 5 $ 1 There has historically been no federal or state provision for income taxes because the Company has historically incurred operating losses and maintains a full valuation allowance against its net deferred tax assets. For the years ended December 31, 2023 and 2022, the Company recognized $ 5 million and $ 1 million tax provision expense, respectively, related primarily to foreign income taxes. For the year ended December 31, 2023 there was $ 6 million of current foreign tax expense offset against $ 1 million of deferred foreign tax benefit. For the year ended December 31, 2022 there was $ 1 million of current foreign tax expense offset against $ 1 million current state tax benefit and $ 1 million of deferred foreign tax expense. The difference between income taxes computed at the statutory federal income tax rate and the provision for income taxes is attributable to the following: Year Ended December 31, 2023 2022 (in millions) Federal benefit at statutory rate $ ( 66 ) $ ( 80 ) State tax (benefit), net of federal benefit — ( 1 ) Stock-based compensation 14 16 Foreign rate differential 7 11 Other 1 ( 2 ) Change in valuation allowance 49 57 Total provision for income taxes $ 5 $ 1 The tax provision differs from the benefit that would result from applying statutory rates to losses before income taxes primarily due to the valuation allowance provided on net deferred tax assets. Deferred income taxes reflect the net tax effects of (a) temporary differences between the tax basis of assets and liabilities and their carrying amounts for financial reporting purposes and (b) net operating losses and tax credit carryforwards. The change in valuation allowance is related mainly to the increase in net operating loss carryforwards, partially offset by other changes in the deferred tax assets. Stock-based compensation increased the income tax provision by $ 14 million and $ 16 million in 2023 and 2022, respectively, due to the Company experiencing a tax shortfall. A tax shortfall occurs when the fair market value of stock on the vest date is lower than the stock price on the grant date, which causes book deductions to exceed deductions allowed for tax purposes. Deferred tax assets and liabilities are as follows: December 31, 2023 2022 (in millions) Deferred tax assets: Net operating loss carryforwards $ 609 $ 558 Capitalization of R&D expenses 47 30 Lease liabilities 3 4 Reserves and accruals not currently deductible 9 11 Stock-based compensation 2 5 Fixed assets including right of use assets 1 1 Total gross deferred tax assets 671 609 Less: valuation allowance ( 669 ) ( 607 ) Total deferred tax assets, net of valuation allowance 2 2 Deferred tax liabilities: Property and equipment, including right-of-use assets — — Total gross deferred tax liabilities — — Net deferred tax assets $ 2 $ 2 Beginning January 1, 2022, the United States no longer allows research and development (R&D) expenses to be deducted as current expenditures when calculating taxable income. This change is a result of the Tax Cuts and Job Act enacted in 2017. R&D expenses incurred are subject to capitalization with amortization being allowed based on the location of the incurred expense; domestic United States expenses are amortized over a 5 -year period and international expenses are amortized over a 15 -year period. The $ 47 million deferred tax asset recognized above is the net impact of capitalization and amortization expense. The deferred tax asset for reserves and accruals not currently deductible decreased by $ 2 million in 2023. This change was due in large part to certain criteria being met to allow the expense for tax purposes. Net operating losses increased by $ 51 million in 2023. The Company has not yet experienced any net operating losses expiring before use. The valuation allowance increased by $ 62 million in 2023. Most of the Company’s deferred tax assets are offset by valuation allowance as of December 31, 2023. The table below details the activity of the deferred tax asset valuation allowance: Balance at Additions Deductions Balance (in millions) Year ended December 31, 2023 Deferred tax assets valuation allowance $ 607 $ 62 $ — $ 669 Year ended December 31, 2022 Deferred tax assets valuation allowance $ 546 $ 61 $ — $ 607 Due to a history of losses, the Company believes it is not more likely than not that its domestic net deferred tax assets will be realized as of December 31, 2023 or 2022. Accordingly, the Company has established a full valuation allowance on its domestic net deferred tax assets. The Company’s valuation allowance increased $ 62 million and $ 61 million during the years ended December 31, 2023 and 2022, respectively. The Company intends to reinvest substantially all of its foreign subsidiary earnings indefinitely outside of the U.S. Due to the one-time transition tax and the imposition of the Global Intangible Low-Tax Income provisions, all previously unremitted earnings will no longer be subject to U.S. Federal income tax; however, there could be foreign withholding taxes upon distribution of such unremitted earnings. It is not practical to estimate this liability at this time. As of December 31, 2023, the Company had federal net operating loss carryforwards available to reduce future taxable income, if any, of $ 886 million that begin to expire in 2030 and continue to expire through 2037 and $ 1.9 billion that have an unlimited carryover period. As of December 31, 2023, the Company had state net operating loss carryforwards available to reduce future taxable income, if any, of $ 7.0 billion that begin to expire in 2026 and continue to expire through 2043 and $ 2.0 billion that have an unlimited carryover period. Utilization of net operating loss carryforwards may be subject to future annual limitations due to the ownership change limitations provided by Section 382 of the Internal Revenue Code and similar state provisions. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Year Ended December 31, 2023 2022 (in millions) Balance as of January 1 $ 9 $ 1 Additions for tax positions of current year 1 9 Additions for tax positions of prior years 2 — Decreases for tax positions of prior years ( 8 ) ( 1 ) Balance as of December 31 $ 4 $ 9 The $ 4 million of unrecognized tax benefit as of December 31, 2023 will impact the Company’s effective tax rate when it is subsequently recognized. The Company had unrecognized tax benefit as of December 31, 2022 of $ 9 million. Interest and penalties incurred during the year ended December 31, 2023 were insignificant. The Company classifies interest and penalties as part of operating expenses. No interest or penalties were incurred during the year ended December 31, 2022. The decrease from 2022 to 2023 is due to clarifying guidance issued by the Internal Revenue Service regarding certain costs that may require capitalization. The Company does not anticipate that the amount of unrecognized tax benefit will significantly change within the next twelve months. The Company files income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. The Company is not currently under examination by income tax authorities in federal or other jurisdictions, with the exception of one state. All tax returns will remain open for examination by the federal and state authorities for three and four years, respectively, from the date of utilization of any net operating loss or credits. Certain tax years are subject to foreign income tax examinations by tax authorities until the statute of limitations expire. In recent years the United States has enacted new tax legislations (the American Rescue Act, CHIPS and Science Act, and the Inflation Reduction Act). Due to the Company’s net operating losses for both accounting and tax purposes, the new tax legislations do not have a material impact on the Company’s provision for income taxes.

Net Loss Per Share

Net Loss Per Share	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Net Loss Per Share	10. Net loss per share Prior to August 9, 2022, the Company computed net loss per share attributable to common stockholders using the two-class method required for multiple classes of common stock and participating securities. The rights, including the liquidation and dividend rights, of the holders of Class A and Class B common stock were identical, except with respect to voting. As the liquidation and dividend rights were identical, the Company’s undistributed earnings or losses were allocated on a proportionate basis among the holders of both Class A and Class B common stock. As a result, the net loss per share attributed to common stockholders was, therefore, the same for both Class A and Class B common stock on an individual or combined basis. Effective August 9, 2022, all Class B common stock were converted to Class A common stock. Net loss per share for the years ended December 31, 2023 and 2022 were not affected by the conversion. The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders: Year Ended December 31, 2023 2022 ($ in millions, shares in thousands, except per share data) Numerator: Net loss $ ( 317 ) $ ( 384 ) Denominator: Weighted-average shares used in computing net loss per share, basic and diluted 23,732 22,415 Net loss per share attributable to common stockholders, basic and diluted $ ( 13.36 ) $ ( 17.13 ) The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share because including them would have had an anti-dilutive effect: December 31, 2023 2022 (in thousands) Common stock options outstanding 366 67 Unvested restricted stock units outstanding 2,176 2,399 Employee stock purchase plan 57 109 Total 2,599 2,575

Geographical Information

Geographical Information	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Geographical Information	11. GEOGRAPHICAL INFORMATION The Company believes it is relevant to disclose geographical revenue information on both a demand basis, determined by the ship-to address of the user, and on a supply basis, determined by the location of the merchants’ operations. Core marketplace revenue by geographic area based on the ship-to address of the user is as follows: Year Ended December 31, 2023 2022 ($ in millions) Europe $ 44 51 % $ 83 38 % North America (1) 30 35 % 105 48 % South America 4 5 % 7 3 % Other 8 9 % 25 11 % Core marketplace revenue (2) $ 86 100 % $ 220 100 % (1) United States accounted for $ 22 million and $ 83 million of core marketplace revenue for the years ended December 31, 2023 and 2022, respectively. (2) Core marketplace revenue included a net loss of $ 3 million for the year ended December 31, 2023 and a net loss of $ 6 million for the year ended December 31, 2022, from the Company’s cash flow hedging program. China accounted for substantially all of marketplace and logistics revenue in 2023 and 2022, respectively, based on the location of the merchants’ operations. Marketplace and logistics revenue from merchants based in the United States was immaterial in all years presented. The Company’s long-lived tangible assets, which consist of property and equipment, net, and operating lease right-of-use assets, net, is as follows: Year Ended December 31, 2023 2022 ($ in millions) United States $ 5 56 % $ 13 72 % China 4 44 % 4 22 % Other (1) — — 1 6 % Total property and equipment, net and right-of-use assets $ 9 100 % $ 18 100 % (1) Other long-lived tangible assets were located in Canada and the Netherlands.

Reduction In Workforce

Reduction In Workforce	12 Months Ended
	Dec. 31, 2023
Restructuring and Related Activities [Abstract]
Restructuring Costs	12. ReDUCTIONS IN WORKFORCE In February 2022, the Company’s Board approved the February 2022 Restructuring Plan (“2022 Restructuring Plan”) to refocus the Company’s operations to support sustainable long-term growth, better align resources, and improve operational efficiencies. The 2022 Restructuring Plan included i) the reduction of the Company’s headcount by approximately 15 % (or approximately 190 positions), ii) the exit from various office leases, and iii) the reduction and realignment of vendor expenditures. In connection with the 2022 Restructuring Plan, the Company incurred charges of approximately $ 3 million in severance and other personnel reduction costs for terminated employees and $ 11 million in impairments of leased assets and property and equipment. All related severance payments were paid as of December 31, 2022. In January 2023 and August 2023, the Company announced plans to reduce its workforce by up to 150 and 255 employees, respectively, representing approximately 17 % and 34 %, respectively, of the Company’s then global workforce (“2023 RIFs”). In connection with the 2023 RIFs, the Company incurred charges of approximately $ 13 million in severance and other personnel reductions costs for terminated employees. The 2023 RIFs were intended to refocus the Company’s operations to support its ongoing business prioritization efforts, better align resources, and improve operational efficiencies. Substantially all related severance payments were paid as of December 31, 2023. The 2023 RIFs were intended to refocus the Company’s operations to support its ongoing business prioritization efforts, better align resources, and improve operational efficiencies. Total severance and other personnel reduction costs included in the consolidated statements of operations are as follows: Year Ended December 31, 2023 (in millions) Cost of revenue $ 1 Sales and marketing 2 Product development 8 General and administrative 2 Total severance and other personnel reduction costs $ 13 The following table is a summary of the changes in severance and other personnel reduction liabilities, included within accrued liabilities on the consolidated balance sheet as of December 31, 2023, in connection with each of the 2023 RIFs: January RIF August RIF (in millions) Balance at the beginning of the period $ — $ — Severance and other personnel reduction costs 3 10 Cash payments during the period ( 3 ) ( 10 ) Balance at the end of the period $ — $ —

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events Asset Purchase Agreement On February 10, 2024, the Company entered into an asset purchase agreement (the “Asset Purchase Agreement”) with Qoo10 Inc., a Delaware corporation (“Qoo10”), and, for certain specified purposes, Qoo10 Pte. Ltd., a Singapore private limited company, pursuant to which (i) the Company has agreed to sell substantially all of its assets to Qoo10, other than (A) the Company’s NOLs and certain other tax attributes, (B) the Company’s marketable securities held in a specified wealth management account and (C) the Company’s cash and cash equivalents held in that wealth management account, and (ii) Qoo10 has agreed to acquire those assets and assume substantially all of the Company’s liabilities as specified in the Asset Purchase Agreement (the “Asset Sale”). As consideration for the Asset Sale, Qoo10 has agreed to pay to the Company a purchase price equal to $ 173 million in cash, subject to certain cash adjustments as set forth in the Asset Purchase Agreement. The closing of the Asset Sale is subject to approval by holders of a majority of the outstanding shares of the Company’s Class A common stock entitled to vote thereon and other customary closing conditions. The Asset Sale is expected to close in the second quarter of 2024. Series A Junior Participating Preferred Stock and Tax Benefits Preservation Plan On February 10, 2024, the Company’s Board of Directors adopted a Tax Benefits Preservation Plan and declared a dividend of one right (a “Right”) for each outstanding share of the Company’s Class A common stock to stockholders of record at the close of business on February 22, 2024 (the “Record Date”). Each Right entitles its holder, subject to the terms of the Tax Benefits Preservation Plan, to purchase from the Company one one-thousandth of a share of Series A Preferred Stock of the Company at an exercise price of $ 20.00 per Right, subject to adjustment. The description and terms of the Rights are set forth in the Tax Benefits Preservation Plan. In connection with the adoption of the Tax Benefits Preservation Plan, on February 12, 2024, the Company filed with the Delaware Secretary of State, a Certificate of Designation designating 3,000,000 shares of Series A Junior Participating Preferred Stock, $ 0.0001 par value per share (“Series A Preferred Stock”). The Company designated the Series A Preferred Stock in connection with the Company’s Board of Director’s approval of a Tax Benefits Preservation Plan, as discussed below. The Company adopted the Tax Benefits Preservation Plan in order to protect against a possible limitation on the Company’s ability to use the Company’s NOLs and certain other tax attributes to reduce potential future U.S. federal income tax obligations. The NOLs and certain other tax attributes are valuable assets to the Company, which may inure to the benefit of the Company and its stockholders. However, if the Company experiences an “ownership change,” as defined in Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”), its ability to fully utilize the NOLs and certain other tax attributes will be substantially limited and the timing of the usage of the NOLs and other tax attributes could be substantially delayed, which could significantly impair the value of those assets. Generally, an “ownership change” occurs if the percentage of the Company’s stock owned by one or more of its “5-percent shareholders” (as such term is defined in Section 382 of the Code) increases by more than 50 percentage points over the lowest percentage of stock owned by such stockholder or stockholders at any time over a three-year period. The Tax Benefits Preservation Plan is intended to prevent such an “ownership change” by deterring any person or group, together with its affiliates and associates, from acquiring beneficial ownership of 4.9 % or more of the Company’s securities. Subject to certain exceptions, the Rights become exercisable and trade separately from the Company’s Class A common stock only upon the "Distribution Time", which occurs upon the earlier of: (i) the close of business on the tenth day after the “Stock Acquisition Date” (which is (a) the first date of public announcement that any person or group has become an “Acquiring Person,” which is defined as a person or group that, together with its affiliates and associates, beneficially owns 4.9 % or more of the outstanding shares of the Company’s Class A common stock (with certain exceptions, including those described below) or (b) such other date, as determined by the Company’s Board of Directors, on which a person or group has become an Acquiring Person), or (ii) the close of business on the tenth business day (or such later date as may be determined by the Company’s Board of Directors prior to such time as any person or group becomes an Acquiring Person) after the commencement of a tender offer or exchange offer that, if consummated, would result in a person or group becoming an Acquiring Person. The Rights will expire on the earliest to occur of: (a) the close of business on February 10, 2027; (b) the time at which the Rights are redeemed or exchanged by the Company; (c) upon the closing of any merger or other acquisition transaction involving the Company pursuant to a merger or other acquisition agreement that has been approved by the Company’s Board of Directors before any person or group becomes an Acquiring Person or (d) the time at which the Company’s Board of Directors determines that the NOLs and certain other tax attributes are utilized in all material respects or that an ownership change under Section 382 of the Code would not adversely impact in any material respect the time period in which the Company could use the NOLs and other tax attributes or materially impair the amount of NOLs and other tax attributes that could be used by the Company in any particular time period, for applicable tax purposes. Other subsequent events have been evaluated through the date of filing and no other reportable items were identified.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The Company evaluated whether there are any conditions and events, considered in the aggregate, that raise substantial doubt about its ability to continue as a going concern over the next twelve months from the date of filing this report. As of December 31, 2023, the Company had approximately $ 382 million in unrestricted cash, cash equivalents, and marketable securities. The Company believes that substantial doubt about its ability to continue as a going concern does not exist as its cash on hand will be sufficient to meet its working capital and capital expenditure requirements for a period of at least twelve months from the date of the filing of this Form 10-K. The Company has incurred significant accumulated losses of approximately $ 3.2 billion. The Company expects to continue to incur operating losses for the foreseeable future. To the extent that the Company's current resources are insufficient to satisfy its cash requirements, the Company may need to seek additional equity or debt financing and there can be no assurance that the Company will be successful in its efforts. If the financing is not available, or if the terms of financing are less desirable than the Company expects, the Company may be forced to continue to scale back its operations, which could have an adverse impact on its business and financial prospects.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. These estimates form the basis for judgments the Company makes about the carrying values of its assets and liabilities that are not readily available from other sources. These estimates include, but are not limited to, fair value of financial instruments, useful lives and impairment of long-lived assets, fair value of derivative instruments, incremental borrowing rate applied to lease accounting, contingent liabilities, redemption probabilities associated with Wish Cash, allowances for refunds and chargebacks and uncertain tax positions. As a result, many of the Company’s estimates and assumptions required increased judgment and these estimates may change materially in future periods.
Segments	Segments The Company manages its operations and allocates resources as a single operating segment. The Company’s chief operating decision-maker is its Chief Executive Officer (“CEO”) who makes operating decisions, assesses financial performance and allocates resources based on consolidated financial information. As such, the Company has determined that it operates in one reportable segment.
Revenue Recognition	Revenue Recognition The Company generates revenue from marketplace and logistics services provided to its customers. Revenue is recognized as the Company transfers control of promised goods or services to its customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company considers both the merchant and the user to be customers. The Company evaluates whether it is appropriate to recognize revenue on a gross or net basis based upon its evaluation of whether the Company obtains control of the specified goods or services by considering if it is primarily responsible for fulfillment of the promise, has inventory risk and has latitude in establishing pricing and selecting suppliers, among other factors. Based on these factors, marketplace revenue is generally recognized on a net basis and logistics revenue is generally recognized on a gross basis. Revenue excludes any amounts collected on behalf of third parties, including indirect taxes. The following table shows the disaggregated revenue for the applicable periods: Year Ended December 31, 2023 2022 (in millions) Core marketplace revenue $ 86 $ 220 ProductBoost revenue 24 46 Marketplace revenue 110 266 Logistics revenue 177 305 Revenue $ 287 $ 571 Refer to Note 11 – Geographic Information for the disaggregated revenue by geographical location. Marketplace Revenue The Company provides a mix of marketplace services to its customers. The Company provides merchants access to its marketplace where merchants display and sell their products to users. The Company also provides ProductBoost services to help merchants promote their products within the Company’s marketplace. Marketplace revenue includes commission fees collected in connection with user purchases of the merchants’ products. The commission fees vary depending on factors such as geography, product category, Wish Standards' tier, item value and dynamic pricing. The Company recognizes revenue when a user’s order is processed and the related order information has been made available to the merchant. Commission fees are recognized net of estimated refunds and chargebacks. Marketplace revenue also includes ProductBoost revenue generated by increasing exposure for a merchant’s relevant products within the Company's marketplace. The Company recognizes ProductBoost revenue based on the number of impressions delivered, or clicks by users. Logistics Revenue The Company’s logistics offering for merchants is designed for direct end-to-end single order shipment from a merchant’s location to the user. Logistics services include transportation and delivery of the merchant’s products to the user. Merchants are required to prepay for logistics services on a per order basis. The Company recognizes revenue over time as the merchant simultaneously receives and consumes the logistics services benefit as the logistics services are performed. The Company uses an output method of progress based on days in transit as it best depicts the Company’s progress toward complete satisfaction of the performance obligation. Deferred Revenue Deferred revenue consists of amounts received primarily related to unsatisfied performance obligations of logistics services and marketplace services for shipments in-transit at the end of the period where the Company is the principal. The deferred revenue balances as of December 31, 2023 and 2022 are disclosed in Note 4 – Balance Sheet Components. Due to the short-term duration of contracts, all of the performance obligations will be satisfied in the following reporting period. Refunds and Chargebacks Refunds and chargebacks are associated with marketplace revenue. Returns are not material to the Company’s business. Estimated refunds and chargebacks are recognized on the consolidated balance sheets as refunds liability. The merchant’s share of the refunds is recognized as a reduction to the amount due to merchants. The revenue recognized on transactions subject to refunds and chargebacks is reversed. The Company estimates future refunds and chargebacks using a model that incorporates historical experience, considering recent business trends, and market activity. Incentive Discount Offers The Company provides incentive discount offers to its users to encourage purchases of products through its marketplace. Such offers include current discount offers of a certain percentage off current purchases and inducement offers, such as set percentage offers off future purchases subject to a minimum current purchase. The Company generally records the related discounts taken as a reduction of revenue when the offer is redeemed. The Company also offers free products to encourage users to make purchases on its marketplace. The resulting discount is recognized as a reduction of revenue when the offer for free product is redeemed. Wish Cash Liability The Company issues Wish Cash to end-users who opt to receive it for their refundable transactions. The Company also offers Wish Cash as part of its various referral and incentive programs. The Company accrues a liability for issued Wish Cash which is reduced when Wish Cash is redeemed by its users. Based on historical experience, the Company analyzes the Wish Cash liability considering usage patterns to determine the probability of redemption. While the Company will continue to honor all Wish Cash presented for payment, management may determine the likelihood of redemption to be remote for Wish Cash balances due to, among other things, long periods of inactivity. In these circumstances, to the extent management determines there is no requirement for remitting Wish Cash balances to government agencies under unclaimed property laws, the portion of Wish Cash balances not expected to be redeemed are recognized in Core Marketplace revenue. Refer to Note 4 – Balance Sheet Components for more information on Wish Cash liability breakage.
Cost of Revenue	Cost of Revenue Cost of revenue includes colocation and data center charges, interchange and other fees for payment processing services, fraud and chargeback prevention service charges, costs of refunds and chargebacks made to users that the Company is not able to collect from merchants, depreciation and amortization of property and equipment, shipping charges, tracking costs, warehouse fees, and employee-related costs, including salaries, benefits, and stock-based compensation expense, for the Company’s infrastructure, merchant support and logistics personnel. Cost of revenue also includes an allocation of general IT and facilities overhead expenses.
Advertising Expense	Advertising Expense Advertising expenses are included in sales and marketing expenses within the consolidated statements of operations and are expensed as incurred. Advertising expenses were $ 104 million and $ 195 million for the years ended December 31, 2023 and 2022, respectively.
Software Development Costs	Software Development Costs The Company capitalizes costs to develop its mobile application and website when preliminary development efforts are successfully completed, management has authorized and committed project funding, and it is probable that the project will be completed, and the software will be used as intended. Costs incurred during the preliminary planning and evaluation stage of the project and during the post implementation operational stage, including maintenance, are expensed as incurred. Costs incurred for enhancements that are expected to result in additional functionality are capitalized and expensed over the estimated useful life of the upgrades on a per project basis. Due to the iterative process by which the Company performs upgrades and the relatively short duration of its development projects, development costs meeting capitalization criteria generally are not material. If internal-use software development costs are material, they are capitalized and included in property and equipment, net within the consolidated balance sheets.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. As of December 31, 2023 and 2022, cash and cash equivalents consisted of cash deposited with banks and money market funds for which their cost approximates their fair value. The Company held 28 % and 72 % of its cash and cash equivalents in the United States as of December 31, 2023 and 2022, respectively. Restricted cash as of December 31, 2022 represents amounts held in collateral and cash accounts in a foundation entity dedicated to safeguarding funds of payment service users consisting of European Economic Area merchants, ensuring the funds remain separate from the Company’s own funds. These funds are included within prepaid expenses and other current assets in the consolidated balance sheets. As of December 31, 2023, the balance of restricted cash was zero .
Marketable Securities	Marketable Securities Marketable securities consist of short-term debt securities classified as available-for-sale and have original maturities greater than 90 days. Marketable securities are carried at fair value based upon quoted market prices or pricing models for similar securities. Unrealized gains and losses on available-for-sale securities are excluded from earnings and are recognized within other comprehensive loss. Realized gains or losses on the sale of all such securities are reported in interest and other income, net, and computed using the specific identification method. For declines in fair market value below the cost of an individual marketable security, the Company assesses whether the decline in value is other than temporary based on the length of time the fair market value has been below cost, the severity of the decline and the Company’s intent and ability to hold or sell the investment. If an investment is impaired, the Company writes it down through earnings to its recoverable value and establishes that as a new cost basis for the investment.
Funds Receivable	Funds Receivable The Company uses several third-party Payment Service Providers (“PSPs”) to process user transactions on its marketplace. Transactions on the Company’s marketplace are mainly credit and debit card-based transactions that convert to cash on a regular basis and are net settled against refunds and chargebacks, with little default risk. Funds receivable represents the amounts expected to be received from PSPs for purchases on the Company’s marketplace and is recognized net of processing fees.
Concentration of Risk	Concentrations of Risk Credit Risk — Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, funds receivable and marketable securities. The Company’s cash and cash equivalents are held on deposit with creditworthy institutions. Although the Company’s deposits exceed federally insured limits, the Company has not experienced any losses in such accounts. The Company invests its excess cash in money market accounts, U.S. Treasury notes, U.S. Treasury bills, commercial paper, corporate bonds, and non-U.S. government securities. The Company is exposed to credit risk in the event of a default by the financial institutions holding its cash, cash equivalents and marketable securities for the amounts reflected on the consolidated balance sheets. The Company’s investment policy limits investments to certain types of debt securities issued by the U.S. government, its agencies and institutions with investment-grade credit ratings and places restrictions on maturities and concentration by type and issuer. The Company maintains certain bank accounts in China. The Company manages the counterparty risk associated with these funds through diversification with major financial institutions and monitors the concentration of this credit risk on a monthly basis. The total cash balance in these accounts represented approximately 49 % and 24 % of the Company’s total cash and cash equivalents as of December 31, 2023 and 2022, respectively. The Company's derivative financial instruments expose it to credit risk to the extent that the counterparties may be unable to meet the terms of the arrangement. The Company seeks to mitigate such risk by limiting its counterparties to, and by spreading the risk across, major financial institutions. In addition, the potential risk of loss with any one counterparty resulting from this type of credit risk is monitored on a monthly basis. The Company is not required to pledge, nor is it entitled to receive, collateral related to its foreign exchange derivative transactions. The Company is exposed to credit risk in the event of a default by its PSPs. The Company does not generate revenue from PSPs. Significant changes in the Company’s relationship with its PSPs could adversely affect users’ ability to process transactions on the Company’s marketplaces, thereby impacting the Company’s operating results. The following PSPs each represented 10% or more of the Company’s funds receivable balance: December 31, 2023 2022 PSP 1 28 % 56 % PSP 2 57 % 32 % Services Risk — The Company serves all of its users using third-party data center and hosting providers. The Company has disaster recovery protocols at the third-party service providers. Even with these procedures for disaster recovery in place, access to the Company’s service could be significantly interrupted, resulting in an adverse effect on its operating results and financial position. No significant interruptions of service were known to have occurred during the years ended December 31, 2023 and 2022.
Property and Equipment, Net	Property and Equipment, Net Property and equipment are stated at historical cost less accumulated depreciation. Depreciation and amortization are computed using the straight-line method over the estimated useful lives. Expenditures for repairs and maintenance are charged to expense as incurred. The estimated useful lives of the Company’s property and equipment are generally as follows: Computers, equipment, software 3 years Furniture and fixtures, servers, networking equipment 5 years Leasehold improvements Shorter of the estimated useful life or remaining
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company reviews long-lived assets, including intangible and lease assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured first by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, an impairment loss would be recognized based on the excess of the carrying amount of the asset above the fair value of the asset.
Merchants Payable	Merchants Payable Merchants payable represents the amount of funds due to merchants and is recognized net of commission fees earned by the Company for marketplace transactions and other fees due from merchants. Merchants payable is adjusted for actual and estimated refunds the Company is expected to recover from merchants. The Company remits funds to merchants on a regular basis.
Operating Lease Obligations	Operating Lease Obligations The Company determines if an arrangement is a lease at inception. For leases where the Company is the lessee, right-of-use (“ROU”) assets represent the Company’s right to use the underlying asset for the term of the lease and the lease liabilities represent an obligation to make lease payments arising from the lease. Certain lease agreements contain tenant improvement allowances, rent holidays and rent escalation provisions, all of which are considered in determining the ROU assets and lease liabilities. The Company begins recognizing rent expense when the lessor makes the underlying asset available for use by the Company. Lease liabilities are recognized at the lease commencement date based on the present value of the future lease payments over the lease term. Lease renewal periods are considered on a lease-by-lease basis in determining the lease term. The interest rate the Company uses to determine the present value of future lease payments is the Company’s incremental borrowing rate because the rate implicit in the Company’s leases is not readily determinable. The incremental borrowing rate is a hypothetical rate for collateralized borrowings in economic environments where the leased asset is located based on credit rating factors. The ROU asset is determined based on the lease liability initially established and adjusted for any prepaid lease payments and any lease incentives received. The lease term to calculate the ROU asset and related lease liability includes options to extend or terminate the lease when it is reasonably certain that the Company will exercise the option. Certain leases contain variable costs, such as common area maintenance, real estate taxes or other costs. Variable lease costs are expensed as incurred on the consolidated statements of operations and comprehensive loss. Operating leases are included in the ROU assets, accrued liabilities, and lease liabilities, non-current on the consolidated balance sheets. The Company has no finance leases.
Loss Contingencies	Loss Contingencies The Company is involved in various lawsuits, claims and proceedings that arise in the ordinary course of business. The Company records a liability for these when it believes it is probable that it has incurred a loss, and the Company can reasonably estimate the loss. If the Company determines that a material loss is reasonably possible and the loss or range of loss can be estimated, the Company discloses the possible loss in the notes to the consolidated financial statements. The Company regularly evaluates current information to determine whether it should adjust a recognized liability or recognize a new one. Significant judgment is required to determine both the probability and the estimated amount.
Stock-Based Compensation	Stock-Based Compensation The Company measures and recognizes compensation expense for all stock-based awards, including restricted stock units (“RSUs”), performance-based units (“PSUs”), stock options, and purchase rights issued to employees under its employee stock purchase plan (“ESPP”), based on the estimated fair value of the awards on the grant date. The Company uses the Black-Scholes option pricing model to estimate the fair value of stock options and ESPP purchase rights and the Monte Carlo Simulation model to estimate the fair value of a PSU. The fair value of RSUs is based on the market closing price for its common stock as reported on the Nasdaq Global Select Market on the date of grant. The fair value of service-based RSUs and stock options is recognized as an expense on a straight-line basis over the requisite service period, which ranges from one to four years . For stock-based awards granted to employees with a performance condition, the Company recognizes stock-based compensation expense under the accelerated attribution method over the requisite service period. The fair value of the ESPP purchase rights is recognized as an expense on a straight-line basis over the offering period. The Company accounts for forfeitures as they occur.
Foreign Currency	Foreign Currency The functional currency of the Company’s foreign subsidiaries is the local currency for operating entities with employees and is the U.S. dollar for holding companies and pass-through entities. The assets and liabilities of its non-U.S. dollar functional currency subsidiaries are translated into U.S. dollars using exchange rates in effect at the end of each period. Revenue and expenses for its foreign subsidiaries are translated using rates that approximate those in effect during the period. Foreign currency translation adjustments are reflected in stockholders’ equity as a component of other comprehensive (loss) income. Transactions on the Company’s marketplace occur in various foreign currencies that are processed by its PSPs. These transactions are collected on a regular basis and are converted to U.S. dollars or euros within the short period of time between the recognition of revenue and cash collection on a regular basis, which limits the Company’s exposure to foreign currency risk. Merchants payable are denominated primarily in Renminbi (“RMB”) and other local currencies. As of December 31, 2023 and 2022, the merchants payable amount denominated in RMB was 58 % and 70 %, respectively. Transaction gains and losses, including intercompany transactions denominated in a currency other than the functional currency of the entity involved are included in interest and other income, net on the consolidated statements of operations. The Company recognized a net loss resulting from foreign exchange transactions of $ 1 million for the year ended December 31, 2023 and a net gain of $ 10 million for the year ended December 31, 2022. The Company recognized a $ 2 million cumulative translation loss for the year ended December 31, 2023 and a $ 7 million cumulative translation loss in the year ended December 31, 2022.
Derivative Instruments	Derivative Instruments The Company conducts business in certain foreign currencies throughout its worldwide operations, and various entities hold monetary assets or liabilities, earn revenues, or incur costs in currencies other than the entity’s functional currency. As a result, the Company is exposed to foreign exchange gains or losses which impact the Company’s operating results. As part of the Company’s foreign currency risk mitigation strategy, starting in 2020, the Company has entered into foreign exchange forward contracts with up to twelve months in duration. In accordance with the accounting standards for derivatives and hedging activities, all derivative instruments are recognized at fair value on the Company’s consolidated balance sheets and classified as either derivative assets or derivative liabilities. Derivatives in a gain position are reported as derivative assets, while derivatives in a loss position are reported as derivative liabilities. The Company’s derivatives transactions are not collateralized and do not include collateralization agreements with counterparties. Cash Flow Hedges The Company’s largest cash flow exposure is in RMB for payments made to merchants in China that use the Wish platform. The Company hedges these cash flow exposures to reduce the risk that its earnings and cash flows will be adversely affected by changes in exchange rates. The Company recognizes changes in fair value of these cash flow hedges of foreign currency denominated merchants payable in accumulated other comprehensive income in its consolidated balance sheets, until the Company settles its forecasted foreign currency denominated merchants payable. When the forecasted transaction affects earnings, the Company reclassifies the related gain or loss on the cash flow hedge to core marketplace revenue. All amounts in other comprehensive income at period end are expected to be reclassified to earnings within 12 months. In the event the underlying forecasted transaction does not occur, or it becomes probable that it will not occur, the Company reclassifies the gain or loss on the related cash flow hedge from accumulated other comprehensive income to core marketplace revenue. Non-Designated Hedges The Company’s derivatives not designated as hedging instruments consist of foreign currency forward contracts to reduce the impact of currency exchange rate movements on its monetary assets and liabilities. These foreign exchange contracts are carried at fair value with changes in fair value of these contracts recognized to other income (expense), net in the Company’ consolidated statements of operations. The Company does not use derivative financial instruments for speculative or trading purposes.
Fair Value Measurement	Fair Value Measurement The Company applies fair value accounting for its financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining fair value measurements for assets and liabilities, the Company considers the principal or most advantageous market in which it would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as risks inherent in valuation techniques, transfer restrictions and credit risk. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 — Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability.
Income Taxes	Income Taxes The Company accounts for income taxes using the asset and liability method, under which deferred tax liabilities and assets are recognized for the expected future tax consequences of temporary differences between consolidated financial statement carrying amounts and the tax basis of assets and liabilities and net operating loss and tax credit carryforwards. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. The Company determines whether it is more likely than not that a tax position will be sustained upon examination. If it is not more likely than not that a position will be sustained, no amount of benefit attributable to the position is recognized. The tax benefit to be recognized of any tax position that meets the more likely than not recognition threshold is calculated as the largest amount that is more than 50% likely of being realized upon resolution of the contingency. It is the Company’s policy to include penalties and interest expense related to income taxes as a component of interest and other income, net as necessary.
Comprehensive Loss	Comprehensive Loss Comprehensive loss is comprised of two components: net loss and other comprehensive loss. Other comprehensive loss consists of unrealized holding gains or losses related to derivative instruments, unrealized gains or losses on marketable securities, and foreign currency translation adjustments.
Accounting Pronouncements	Accounting Pronouncements The Company has reviewed recent accounting pronouncements and concluded as follows: In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which requires additional segment-related disclosures on an annual and interim basis, to enable investors in developing more informed and actionable analyses. This guidance will be effective for the annual periods beginning the year ended December 31, 2024, and for interim periods beginning January 1, 2025. Early adoption is permitted. Upon adoption, the guidance should be applied retrospectively to all prior periods presented in the financial statements. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which improves the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the effective tax rate reconciliation, and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. This guidance will be effective for annual periods beginning after December 15, 2024. Early adoption is permitted. Upon adoption, the guidance can be applied prospectively or retrospectively. We are evaluating the impact this amended guidance may have on the footnotes to our consolidated statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Disaggregated Revenue	The following table shows the disaggregated revenue for the applicable periods: Year Ended December 31, 2023 2022 (in millions) Core marketplace revenue $ 86 $ 220 ProductBoost revenue 24 46 Marketplace revenue 110 266 Logistics revenue 177 305 Revenue $ 287 $ 571
Schedule of PSPs Each Represented 10% or More of Funds Receivable Balance	The following PSPs each represented 10% or more of the Company’s funds receivable balance: December 31, 2023 2022 PSP 1 28 % 56 % PSP 2 57 % 32 %
Estimated Useful Lives of Property and Equipment	The estimated useful lives of the Company’s property and equipment are generally as follows: Computers, equipment, software 3 years Furniture and fixtures, servers, networking equipment 5 years Leasehold improvements Shorter of the estimated useful life or remaining

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurement (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities Subject to Fair Value Measurements on Recurring Basis	Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements are as follows: December 31, 2023 Total Level 1 Level 2 Level 3 (in millions) Financial assets: Cash equivalents: Money market funds $ — $ — $ — $ — Corporate bonds — — — — Total cash equivalents $ — $ — $ — $ — Marketable securities: U.S. Treasury bills $ 127 $ — $ 127 $ — Commercial paper — — — — Corporate bonds 17 — 17 — Non-U.S. government — — — — Total marketable securities $ 144 $ — $ 144 $ — Prepaid and other current assets: Derivative assets $ 1 $ — $ 1 $ — Total financial assets $ 145 $ — $ 145 $ — Financial liabilities: Accrued liabilities: Derivative liabilities $ 1 $ — $ 1 $ — Total financial liabilities $ 1 $ — $ 1 $ — December 31, 2022 Total Level 1 Level 2 Level 3 (in millions) Financial assets: Cash equivalents: Money market funds $ 50 $ 50 $ — $ — Corporate bonds 2 — 2 — Total cash equivalents $ 52 $ 50 $ 2 $ — Marketable securities: U.S. Treasury bills $ 173 $ — $ 173 $ — Commercial paper 7 — 7 — Corporate bonds 29 — 29 — Non-U.S. government 4 — 4 — Total marketable securities $ 213 $ — $ 213 $ — Prepaid and other current assets: Derivative assets $ 6 $ — $ 6 $ — Total financial assets $ 271 $ 50 $ 221 $ — Financial liabilities: Accrued liabilities: Derivative liabilities $ 2 $ — $ 2 $ — Total financial liabilities $ 2 $ — $ 2 $ —
Schedule of Contractual Maturities of Marketable Securities	The following table summarizes the contractual maturities of the Company’s marketable securities: December 31, 2023 2022 Amortized Estimated Amortized Estimated (in millions) Due within one year $ 144 $ 144 $ 214 $ 213 Total marketable securities $ 144 $ 144 $ 214 $ 213

Balance Sheet Components (Table

Balance Sheet Components (Tables)	12 Months Ended
	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consist of the following: December 31, 2023 2022 (in millions) Logistics costs (1) $ 25 $ 44 Deferred revenue and customer deposits (2) 12 18 Wish Cash liability (3) 11 14 Sales and indirect taxes (4) 12 15 Other 30 39 Total accrued liabilities $ 90 $ 130 (1) Logistics costs decreased by $ 19 million or 43 % primarily due to lower shipping volumes during 2023 compared to 2022. (2) Deferred revenue and customer deposits decreased by $ 6 million or 33 % primarily du e to lower logistics volumes during 2023 compared to 2022. (3) While the Company will continue to honor all Wish Cash presented for payment, it may determine the likelihood of redemption to be remote for certain Wish Cash liability balances due to, among other things, long periods of inactivity. In these circumstances, to the extent the Company determines there is no requirement for remitting Wish Cash balances to government agencies under unclaimed property laws, the portion of Wish Cash liability balances not expected to be redeemed are recognized in core marketplace revenue. Wish Cash liability breakage recognized in core marketplace revenue during the years ended December 31, 2023 and 2022 was $ 3 million and $ 4 million, respectively. (4) Sales and indirect taxes decreased by $ 3 million or 20 % primarily due to less taxes in connection with lower order volumes during 2023 compared to 2022.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Total Gross Notional Amounts of Outstanding Derivatives	Total gross notional amounts for outstanding derivatives (recognized at fair value) as of the end of period consist of the following: December 31, December 31, (in millions) Cash flow hedges $ 29 $ 168 Non-designated hedges 44 11 Total $ 73 $ 179
Schedule of Fair Value of Derivative Financial Instruments	Fair Value of Derivative Financial Instruments December 31, December 31, Assets (1) Liabilities (2) Assets (1) Liabilities (2) (in millions) Derivative designated as hedging instruments Cash flow hedges $ — $ — $ 2 $ — Derivative not designated as hedging instruments Foreign currency forward contracts $ 1 $ 1 $ 4 $ 2 Total derivatives $ 1 $ 1 $ 6 $ 2 (1) Derivative assets are included in prepaid and other current assets in the consolidated balance sheet. (2) Derivative liabilities are included in accrued liabilities in the consolidated balance sheet.
Schedule of Changes in Accumulated Other Comprehensive Income	The changes in accumulated other comprehensive income resulting from cash flow hedging were as follows: December 31, December 31, 2023 2022 (in millions) Balance at the beginning of the period $ 2 $ 2 Other comprehensive loss before reclassifications ( 4 ) ( 6 ) Amounts recognized in core marketplace revenue and reclassified out of accumulated other comprehensive income 3 6 Balance at the end of the period $ 1 $ 2

Operating Leases (Tables)

Operating Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Components of Lease Costs	The components of the Company’s lease costs were as follows: Year Ended 2023 2022 (in millions) Operating lease costs $ 4 $ 7 Short-term lease costs 3 2 Variable costs 1 1 Total $ 8 $ 10
Supplemental Cash Flow Information for Operating Leases	Supplemental cash flow information for the Company’s operating leases were as follows: Year Ended 2023 2022 (in millions) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 8 $ 9 Right-of-use assets obtained in exchange for new lease liabilities $ — $ 4
Maturities of Operating Lease Liabilities	The maturities of the Company’s operating lease liabilities are as follows: December 31, 2023 Year ending December 31, (in millions) 2024 $ 8 2025 4 2026 1 2027 1 Total lease payments 14 Less: imputed interest ( 1 ) Present value of lease liabilities $ 13

Common Stock and Stock-Based _2

Common Stock and Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Activity Under Equity Plans and Related Information	A summary of activity under the equity plans and related information is as follows: Options Outstanding RSUs Outstanding Number of Weighted- Weighted- Number of Weighted- (in thousands) (in thousands) Balances at December 31, 2022 67 $ 31.17 9.5 2,399 $ 83.88 Granted 299 $ 15.03 2,871 $ 13.56 Vested ( 1,323 ) $ 65.26 Forfeited or cancelled — ( 1,771 ) $ 49.88 Balances at December 31, 2023 366 $ 18.00 9.0 2,176 $ 30.05 The weighted-average grant date fair value of options granted during the years ended December 31, 2023 and 2022 was $ 11.27 and $ 47.25 per share. Approximately 180 thousand options as of December 31, 2023 were vested. The vested options have a weighted average exercise price of $ 21.09 , a weighted-average remaining contractual term of 8.90 years, and an aggregate intrinsic value of zero. The aggregate intrinsic value of options exercised during the year ended December 31, 2022 was $ 24 million. There were no options exercised during the year ended December 31, 2023. The intrinsic value is the difference between the closing price of the Company’s common stock at the date of exercise and the exercise price for in-the-money options.
Summary of Assumptions Used in Black-Scholes Option Pricing Model	Year Ended 2023 2022 Expected term (in years) 5.55 5.93 Risk free interest rate 4.15 % 2.28 % Volatility 91.51 % 75.53 % Dividend yield — —
Summary of Stock-Based Compensation Expense	Total stock-based compensation expense included in the consolidated statements of operations is as follows: Year Ended December 31, 2023 2022 (in millions) Cost of revenue $ 3 $ 7 Sales and marketing 4 6 Product development 36 50 General and administrative 21 9 Total stock-based compensation (1) $ 64 $ 72 (1) Total stock-based compensation expense for the year ended December 31, 2023 decreased by $ 8 million compared to the year ended December 31, 2022 primarily because stock-based compensation of outstanding equity awards during 2023 was based off a lower weighted average grant date fair value compared to that of outstanding equity awards from the 2022 and the impacts of the reductions in force during the first and third quarters of 2023, partially offset by the impacts of PSU reversals and equity modifications during the year ended December 31, 2022.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Components of Loss Before Provision for Income Taxes	The components of loss before provision for income taxes are as follows: Year Ended December 31, 2023 2022 (in millions) Domestic $ 321 $ 388 Foreign ( 9 ) ( 5 ) Loss before provision for income taxes $ 312 $ 383
Schedule of Provision for Income Taxes	The provision for income taxes consisted of the following: Year Ended December 31, 2023 2022 (in millions) Current: Federal $ — $ — State — ( 1 ) Foreign 6 1 Total current 6 — Deferred: Federal — — State — — Foreign ( 1 ) 1 Total deferred ( 1 ) 1 Total provision for income taxes $ 5 $ 1
Reconciliation of Income Taxes Computed at Statutory Federal Income Tax Rate and Provision for Income Taxes	The difference between income taxes computed at the statutory federal income tax rate and the provision for income taxes is attributable to the following: Year Ended December 31, 2023 2022 (in millions) Federal benefit at statutory rate $ ( 66 ) $ ( 80 ) State tax (benefit), net of federal benefit — ( 1 ) Stock-based compensation 14 16 Foreign rate differential 7 11 Other 1 ( 2 ) Change in valuation allowance 49 57 Total provision for income taxes $ 5 $ 1
Schedule of Deferred Tax Assets and Liabilities	Deferred tax assets and liabilities are as follows: December 31, 2023 2022 (in millions) Deferred tax assets: Net operating loss carryforwards $ 609 $ 558 Capitalization of R&D expenses 47 30 Lease liabilities 3 4 Reserves and accruals not currently deductible 9 11 Stock-based compensation 2 5 Fixed assets including right of use assets 1 1 Total gross deferred tax assets 671 609 Less: valuation allowance ( 669 ) ( 607 ) Total deferred tax assets, net of valuation allowance 2 2 Deferred tax liabilities: Property and equipment, including right-of-use assets — — Total gross deferred tax liabilities — — Net deferred tax assets $ 2 $ 2
Summary of Deferred Tax Asset Valuation Allowance	The table below details the activity of the deferred tax asset valuation allowance: Balance at Additions Deductions Balance (in millions) Year ended December 31, 2023 Deferred tax assets valuation allowance $ 607 $ 62 $ — $ 669 Year ended December 31, 2022 Deferred tax assets valuation allowance $ 546 $ 61 $ — $ 607
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits	A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Year Ended December 31, 2023 2022 (in millions) Balance as of January 1 $ 9 $ 1 Additions for tax positions of current year 1 9 Additions for tax positions of prior years 2 — Decreases for tax positions of prior years ( 8 ) ( 1 ) Balance as of December 31 $ 4 $ 9

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net Loss Per Share	The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders: Year Ended December 31, 2023 2022 ($ in millions, shares in thousands, except per share data) Numerator: Net loss $ ( 317 ) $ ( 384 ) Denominator: Weighted-average shares used in computing net loss per share, basic and diluted 23,732 22,415 Net loss per share attributable to common stockholders, basic and diluted $ ( 13.36 ) $ ( 17.13 )
Summary of Outstanding Shares of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share	The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share because including them would have had an anti-dilutive effect: December 31, 2023 2022 (in thousands) Common stock options outstanding 366 67 Unvested restricted stock units outstanding 2,176 2,399 Employee stock purchase plan 57 109 Total 2,599 2,575

Geographical Information (Table

Geographical Information (Tables)	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Summary of Revenue by Geographic Area	Core marketplace revenue by geographic area based on the ship-to address of the user is as follows: Year Ended December 31, 2023 2022 ($ in millions) Europe $ 44 51 % $ 83 38 % North America (1) 30 35 % 105 48 % South America 4 5 % 7 3 % Other 8 9 % 25 11 % Core marketplace revenue (2) $ 86 100 % $ 220 100 % (1) United States accounted for $ 22 million and $ 83 million of core marketplace revenue for the years ended December 31, 2023 and 2022, respectively. (2) Core marketplace revenue included a net loss of $ 3 million for the year ended December 31, 2023 and a net loss of $ 6 million for the year ended December 31, 2022, from the Company’s cash flow hedging program.
Summary of Property and Equipment, Net and Operating Lease Right-of-Use Assets, Net	The Company’s long-lived tangible assets, which consist of property and equipment, net, and operating lease right-of-use assets, net, is as follows: Year Ended December 31, 2023 2022 ($ in millions) United States $ 5 56 % $ 13 72 % China 4 44 % 4 22 % Other (1) — — 1 6 % Total property and equipment, net and right-of-use assets $ 9 100 % $ 18 100 % (1) Other long-lived tangible assets were located in Canada and the Netherlands.

Reduction In Workforce (Tables)

Reduction In Workforce (Tables)	12 Months Ended
	Dec. 31, 2023
Restructuring and Related Activities [Abstract]
Schedule of Total Severance and Other Personnel Reduction Costs	The 2023 RIFs were intended to refocus the Company’s operations to support its ongoing business prioritization efforts, better align resources, and improve operational efficiencies. Total severance and other personnel reduction costs included in the consolidated statements of operations are as follows: Year Ended December 31, 2023 (in millions) Cost of revenue $ 1 Sales and marketing 2 Product development 8 General and administrative 2 Total severance and other personnel reduction costs $ 13
Summary of Changes in Severance and Other Personnel Reduction Liabilities Included Accrued Liabilities	The following table is a summary of the changes in severance and other personnel reduction liabilities, included within accrued liabilities on the consolidated balance sheet as of December 31, 2023, in connection with each of the 2023 RIFs: January RIF August RIF (in millions) Balance at the beginning of the period $ — $ — Severance and other personnel reduction costs 3 10 Cash payments during the period ( 3 ) ( 10 ) Balance at the end of the period $ — $ —

Description of Business - Addit

Description of Business - Additional Information (Details) - $ / shares		12 Months Ended
	Apr. 11, 2023	Dec. 31, 2023	Dec. 31, 2022
Class Of Stock [Line Items]
Entity Incorporation, State or Country Code		DE
Entity incorporation, date		Jun. 30, 2010
Common stock, shares authorized	3,000,000,000	3,000,000,000	3,000,000,000
Common stock, par value	$ 0.0001	$ 0.0001	$ 0.0001
Reverse stock split	1-for-30	Reverse Stock Split, every thirty shares of the common stock were combined into one issued and outstanding share of common stock and no fractional shares were issued.

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) Segment Lease	Dec. 31, 2022 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of operating segment | Segment	1
Number of reportable segment | Segment	1
Advertising expense	$ 104	$ 195
Restricted cash	$ 0
Percentage of concentrations of risk, cash and cash equivalents	49%	24%
Number of finance leases outstanding | Lease	0
Unrestricted cash, cash equivalents, and marketable securities	$ 382
Accumulated loss	$ (3,246)	$ (2,929)
Percentage of merchants payable amount denominated in RMB	58%	70%
Net gain (losses) resulting from foreign exchange transactions	$ (1)	$ 10
Cumulative translation gain (loss)	$ (2)	$ (7)
Foreign Exchange Forward Contracts
Summary Of Significant Accounting Policies [Line Items]
Derivative contract term	12 months
Minimum
Summary Of Significant Accounting Policies [Line Items]
Original maturities of marketable securities	90 days
Minimum | Restricted Stock Units (RSUs) and Stock Options
Summary Of Significant Accounting Policies [Line Items]
Award requisite service period	1 year
Maximum | Restricted Stock Units (RSUs) and Stock Options
Summary Of Significant Accounting Policies [Line Items]
Award requisite service period	4 years
United States
Summary Of Significant Accounting Policies [Line Items]
Percentage of cash and cash equivalents	28%	72%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Disaggregated Revenue (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022
Disaggregation Of Revenue [Line Items]
Revenue		$ 287	$ 571
Core Marketplace Revenue
Disaggregation Of Revenue [Line Items]
Revenue	[1]	86	220
ProductBoost Revenue
Disaggregation Of Revenue [Line Items]
Revenue		24	46
Marketplace Revenue
Disaggregation Of Revenue [Line Items]
Revenue		110	266
Logistics Revenue
Disaggregation Of Revenue [Line Items]
Revenue		$ 177	$ 305
[1] Core marketplace revenue included a net loss of $ 3 million for the year ended December 31, 2023 and a net loss of $ 6 million for the year ended December 31, 2022, from the Company’s cash flow hedging program.

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of PSPs Each Represented 10% or More of Funds Receivable Balance (Details) - Funds Receivable - Credit Concentration Risk	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
PSP 1
Concentration Risk [Line Items]
Percentage of funds receivable balance	28%	56%
PSP 2
Concentration Risk [Line Items]
Percentage of funds receivable balance	57%	32%

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Estimated Useful Lives of Property and Equipment (Details)	Dec. 31, 2023
Computers, Equipment, Software
Property Plant And Equipment [Line Items]
Estimated useful lives	3 years
Furniture and Fixtures, Servers, Networking Equipment
Property Plant And Equipment [Line Items]
Estimated useful lives	5 years
Leasehold Improvements
Property Plant And Equipment [Line Items]
Estimated useful lives	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember

Financial Instruments and Fai_3

Financial Instruments and Fair Value Measurement - Schedule of Financial Assets and Liabilities Subject to Fair Value Measurements on Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Financial assets:
Derivative assets	$ 1	$ 6
Financial liabilities:
Derivative liabilities	1	2
Recurring
Financial assets:
Cash equivalents		52
Marketable securities	144	213
Derivative assets	1	6
Total financial assets	145	271
Financial liabilities:
Derivative liabilities	1	2
Total financial liabilities	1	2
Recurring | Level 1
Financial assets:
Cash equivalents		50
Total financial assets		50
Recurring | Level 2
Financial assets:
Cash equivalents		2
Marketable securities	144	213
Derivative assets	1	6
Total financial assets	145	221
Financial liabilities:
Derivative liabilities	1	2
Total financial liabilities	1	2
Recurring | Money Market Funds
Financial assets:
Cash equivalents		50
Recurring | Money Market Funds | Level 1
Financial assets:
Cash equivalents		50
Recurring | U.S. Treasury Bills
Financial assets:
Marketable securities	127	173
Recurring | U.S. Treasury Bills | Level 2
Financial assets:
Marketable securities	127	173
Recurring | Commercial Paper
Financial assets:
Marketable securities		7
Recurring | Commercial Paper | Level 2
Financial assets:
Marketable securities		7
Recurring | Non-U.S. government
Financial assets:
Marketable securities		4
Recurring | Non-U.S. government | Level 2
Financial assets:
Marketable securities		4
Recurring | Corporate Bonds
Financial assets:
Cash equivalents		2
Marketable securities	17	29
Recurring | Corporate Bonds | Level 2
Financial assets:
Cash equivalents		2
Marketable securities	$ 17	$ 29

Financial Instruments and Fai_4

Financial Instruments and Fair Value Measurement - Schedule of Contractual Maturities of Marketable Securities (Details) - Recurring - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Amortized Cost
Due within one year	$ 144	$ 214
Total marketable securities	144	214
Estimated Fair Value
Due within one year	144	213
Total marketable securities	$ 144	$ 213

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Accrued Liabilities, Current [Abstract]
Logistics costs	$ 25	$ 44
Deferred revenue and customer deposits	12	18
Wish Cash liability	11	14
Sales and indirect taxes	12	15
Other	30	39
Total accrued liabilities	$ 90	$ 130

Balance Sheet Components - Sc_2

Balance Sheet Components - Schedule of Accrued Liabilities (Parenthetical) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accrued Liabilities, Current [Abstract]
Percentage of decrease in vendor services due to significantly reduce digital advertising expenditures and lower logistics costs	43%
Decrease in logistics costs	$ 19
Decrease in deferred revenue and customer deposits	$ (6)
Percentage of decrease in deferred revenue and customer deposits due to lower logistics volumes	33%
Unredeemable wish cash balances in core marketplace revenue	$ 3	$ 4
Decrease in sales and indirect taxes	$ 3
Percentage of decrease in sales and indirect taxes due to less taxes collected in connection with lower order volumes	20%

Derivative Financial Instrume_3

Derivative Financial Instruments - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Net gains or losses on change in fair value of foreign exchange forward contracts	$ 3	$ 7

Derivative Financial Instrume_4

Derivative Financial Instruments - Summary of Total Gross Notional Amounts of Outstanding Derivatives (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Derivatives Fair Value [Line Items]
Total gross notional amounts of outstanding derivatives	$ 73,000,000	$ 179,000,000
Designated Hedges | Cash Flow Hedges
Derivatives Fair Value [Line Items]
Total gross notional amounts of outstanding derivatives	29,000,000	168,000,000
Non-designated Hedges
Derivatives Fair Value [Line Items]
Total gross notional amounts of outstanding derivatives	$ 44,000,000	$ 11,000,000

Derivative Financial Instrume_5

Derivative Financial Instruments - Schedule of Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Derivatives Fair Value [Line Items]
Derivative assets	$ 1	$ 6
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid Expense and Other Assets, Current	Prepaid Expense and Other Assets, Current
Derivative liabilities	$ 1	$ 2
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current
Designated Hedges | Cash Flow Hedges
Derivatives Fair Value [Line Items]
Derivative assets		$ 2
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid Expense and Other Assets, Current	Prepaid Expense and Other Assets, Current
Non-designated Hedges | Foreign Exchange Forward Contracts
Derivatives Fair Value [Line Items]
Derivative assets	$ 1	$ 4
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid Expense and Other Assets, Current	Prepaid Expense and Other Assets, Current
Derivative liabilities	$ 1	$ 2
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current

Derivative Financial Instrume_6

Derivative Financial Instruments - Schedule of Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Balance at the beginning of the period	$ 2	$ 2
Other comprehensive loss before reclassifications	(4)	(6)
Amounts recognized in core marketplace revenue and reclassified out of accumulated other comprehensive income	3	6
Balance at the end of the period	$ 1	$ 2

Operating Leases - Components o

Operating Leases - Components of Lease Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease costs	$ 4	$ 7
Short-term lease costs	3	2
Variable costs	1	1
Total	$ 8	$ 10

Operating Leases - Additional I

Operating Leases - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Lessee Lease Description [Line Items]
ROU assets	$ 5	$ 9
Operating lease, liabilities current	$ 7	$ 7
Operating lease, liability current, Statement of financial position [Extensible List]	Accrued liabilities	Accrued liabilities
Lease liabilities, non-current	$ 6	$ 13
Weighted-average remaining lease term	2 years	3 years
Weighted-average discount rate	6%	6%

Operating Leases - Supplemental

Operating Leases - Supplemental Cash Flow Information for Operating Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 8	$ 9
Right-of-use assets obtained in exchange for new lease liabilities		$ 4

Operating Leases - Maturities o

Operating Leases - Maturities of Operating Lease Liabilities (Details) $ in Millions	Dec. 31, 2023 USD ($)
Leases [Abstract]
2024	$ 8
2025	4
2026	1
2027	1
Total lease payments	14
Less: imputed interest	(1)
Present value of lease liabilities	$ 13

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)	1 Months Ended		12 Months Ended
	Sep. 30, 2022 USD ($)	Nov. 30, 2020 USD ($)	Dec. 31, 2023 USD ($) Case	Sep. 30, 2023 USD ($)
Commitments And Contingencies Disclosure [Line Items]
Number of putative class action lawsuits | Case			4
Number of cases dismissed by plaintiff | Case			1
Number of cases coordinated and consolidated | Case			3
Colocation and Cloud Services Arrangement
Commitments And Contingencies Disclosure [Line Items]
Purchase commitment amount	$ 85,000,000
Purchase commitment, period	3 years
Purchase obligations, remaining commitment				$ 45,000,000
Revolving Credit Facility
Commitments And Contingencies Disclosure [Line Items]
Minimum liquidity financial covenant			$ 350,000,000
Standby letter of credit			7,000,000
Borrowings under credit facility			$ 0
Senior Secured Debt | Revolving Credit Facility
Commitments And Contingencies Disclosure [Line Items]
Senior secured revolving credit facility, term		5 years
Senior secured revolving credit facility		$ 280,000,000
Commitment fee percentage on unused portion of aggregate commitments		0.25%
Commitment fee percentage		1.50%
Senior Secured Debt | Revolving Credit Facility | Maximum
Commitments And Contingencies Disclosure [Line Items]
Aggregate commitments		$ 100,000,000
Senior Secured Debt | Revolving Credit Facility | LIBOR
Commitments And Contingencies Disclosure [Line Items]
Revolving credit facility, variable interest rate		1.50%
Senior Secured Debt | Revolving Credit Facility | Alternative Base Rate
Commitments And Contingencies Disclosure [Line Items]
Revolving credit facility, variable interest rate		0.50%

Common Stock and Stock-Based _3

Common Stock and Stock-Based Compensation - Additional Information (Details)	1 Months Ended					12 Months Ended
	Feb. 28, 2023 USD ($) $ / shares shares	Jan. 31, 2023 USD ($)	Sep. 30, 2022 USD ($) $ / shares shares	Feb. 28, 2022 USD ($) $ / shares	Jan. 31, 2022 USD ($) shares	Dec. 31, 2023 USD ($) Vote $ / shares shares	Dec. 31, 2022 USD ($) $ / shares	Nov. 19, 2020 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares purchased | shares						42,000
Share based compensation expense						$ 252,000
Aggregate intrinsic value of options exercised							$ 24,000,000
Aggregate intrinsic value of options outstanding						$ 0	$ 0
Number of Options, Granted | shares						299,000,000
Aggregate fair value of options vested						$ 180,000
Exercise price | $ / shares						$ 11.27	$ 47.25
Weighted average exercise price | $ / shares						$ 21.09
Weighted-average remaining contractual term						8 years 10 months 24 days
Class A Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of votes | Vote						1
Class B Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of votes | Vote						20
Conversion of stock, shares converted | shares						1
Class B Common Stock | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of remaining outstanding shares						5%
2020 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Incentive plan approval date						Nov. 19, 2020
Common stock shares outstanding percentage						5%
Number of shares available for grant | shares						2,000,000
2020 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Incentive plan approval date						Nov. 19, 2020
Common stock shares outstanding percentage						1%
Shares reserve for issuance | shares						1,000,000		267,000
2020 Employee Stock Purchase Plan | Class A Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation purchase plan description						The 2020 ESPP provides for 24-month offering periods, generally beginning in November and May of each year, and each offering period consists of four six-month purchase periods.
Percentage of eligible compensation to purchase shares at discount						15%
Maximum eligible compensation to purchase shares at discount						$ 25,000
Maximum number of shares eligible to purchase by an employee on purchase date | shares						166
Share based compensation purchase plan offering period						24 months
2022 Inducement Plan | Class A Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for grant | shares						350,000
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Additional stock based compensation expense						$ 2,000,000
Compensation expense recognition date						Nov. 20, 2025
Employee Stock Purchase Plan | Class A Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of price per share						85%
Mr. Vijay Talwar | Class A Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options, Grant date Fair Value					$ 12,000,000
Mr. Vijay Talwar | 2022 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period					4 years
Term of option award					10 years
Share based compensation expense			$ 6,000,000
Mr. Vijay Talwar | 2022 Employee Stock Purchase Plan | Class A Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Options, Granted | shares					216,000
Exercise price | $ / shares				$ 85.8
Mr. Jun Yan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	2 years
Term of option award	10 years
Percentage of RSU vest upon termination of interim CEO within six months from commencement of employment						50%
Percentage of Option vest upon termination of interim CEO within six months from commencement of employment						50%
Mr. Jun Yan | 2020 Employee Stock Purchase Plan | Class A Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options, Grant date Fair Value	$ 3,000,000
Number of Options, Granted | shares	299,000
Exercise price | $ / shares	$ 15.03
Mr. Jun Yan | 2022 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			1 year
Term of option award			10 years
Mr. Jun Yan | 2022 Employee Stock Purchase Plan | Class A Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options, Grant date Fair Value			$ 1,000,000
Number of Options, Granted | shares			65,000
Exercise price | $ / shares			$ 25.85
Restricted Stock Units ("RSUs")
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant date fair value, granted | $ / shares						$ 13.56	$ 48.97
Aggregate intrinsic value vested						$ 13,000,000	$ 42,000,000
Aggregate intrinsic value of options outstanding						13,000,000	$ 35,000,000
Unrecognized compensation expenses						$ 55,000,000
Unrecognized compensation expenses, recognition period						1 year 10 months 24 days
Restricted Stock Units ("RSUs") | 2010 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Term of option award						7 years
Restricted Stock Units ("RSUs") | 2010 Equity Incentive Plan | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period						4 years
Restricted Stock Units ("RSUs") | 2010 Equity Incentive Plan | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period						5 years
Restricted Stock Units ("RSUs") | Mr. Vijay Talwar | 2022 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, granted date fair value					$ 13,000,000
Number of Options, Granted | shares					154,000
Restricted Stock Units ("RSUs") | Mr. Jun Yan | 2020 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, granted date fair value	$ 3,000,000
Number of Options, Granted | shares	167,000
Restricted Stock Units ("RSUs") | Mr. Jun Yan | 2022 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, granted date fair value			$ 2,000,000
Number of Options, Granted | shares			65,000,000
Performance-Based Units ("PSUs") | Executive Chair
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense reversal amount				$ 3,000,000
Performance stock units, modified fair value				$ 2,000,000
Performance-Based Units ("PSUs") | Chief Executive Officer
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense reversal amount		$ 21,000,000
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expenses						$ 2,000,000
Unrecognized compensation expenses, recognition period						1 year 1 month 6 days

Common Stock and Stock-Based _4

Common Stock and Stock-Based Compensation - Summary of Activity Under Equity Plans and Related Information (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Options, Beginning balance	67,000
Number of Options, Granted	299,000
Number of Options, Ending balance	366,000	67,000
Weighted-Average Exercise Price, Beginning balance	$ 31.17
Weighted-Average Exercise Price, Granted	15.03
Weighted-Average Exercise Price, Ending balance	$ 18	$ 31.17
Weighted-Average Remaining Contractual Term	9 years	9 years 6 months
Restricted Stock Units ("RSUs")
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Restricted Stock Units, Beginning balance	2,399
Number of Restricted Stock Units, Granted	2,871
Number of Restricted Stock Units, Vested	(1,323)
Number of Restricted Stock Units, Forfeited or cancelled	(1,771)
Number of Restricted Stock Units, Ending balance	2,176	2,399
Weighted-Average Grant Date Fair Value, Beginning balance	$ 83.88
Weighted-Average Grant Date Fair Value, Granted	13.56	$ 48.97
Weighted-Average Grant Date Fair Value, Vested	65.26
Weighted-Average Grant Date Fair Value, Forfeited or cancelled	49.88
Weighted-Average Grant Date Fair Value, Ending balance	$ 30.05	$ 83.88

Common Stock and Stock-Based _5

Common Stock and Stock-Based Compensation - Summary of Assumptions Used in Black-Scholes Option Pricing Model (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Expected term (in years)	5 years 6 months 18 days	5 years 11 months 4 days
Risk-free rate	4.15%	2.28%
Volatility	91.51%	75.53%

Common Stock and Stock-Based _6

Common Stock and Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 64	$ 72
Cost of Revenue
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	3	7
Sales and Marketing
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	4	6
Product Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	36	50
General and Administrative Expenses
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 21	$ 9

Common Stock and Stock-Based _7

Common Stock and Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Parenthetical) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Share-Based Payment Arrangement [Abstract]
Decrease in stock-based compensation expense	$ (8)

Income Taxes - Components of Lo

Income Taxes - Components of Loss Before Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Domestic	$ 321	$ 388
Foreign	(9)	(5)
Loss before provision for income taxes	$ 312	$ 383

Income Taxes - Schedule of Prov

Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Current:
State		$ (1)
Foreign	$ 6	1
Total current	6
Deferred:
Foreign	(1)	1
Total deferred	(1)	1
Total provision for income taxes	$ 5	$ 1

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Line Items]
Provision for income taxes expense	$ 5,000,000	$ 1,000,000
Current foreign tax expense	6,000,000	1,000,000
Current state tax benefit		1,000,000
Deferred foreign tax expense (benefit)	(1,000,000)	1,000,000
Increase of valuation allowance	62,000,000	61,000,000
Deferred tax assets net operating losses increased	51,000,000
Unrecognized tax benefit	4,000,000	9,000,000	$ 1,000,000
Unrecognized tax benefits interest or penalties		0
Stock-based compensation increase (decrease) in Income tax provision	14,000,000	16,000,000
Deferred tax asset for reserves and accruals not currently deductible decreased	2,000,000
Deferred tax asset recognized net impact of capitalization and amortization expense	$ 47,000,000	$ 30,000,000
Federal
Income Taxes [Line Items]
Research and development expenses carryforward amortization period	5 years
Foreign
Income Taxes [Line Items]
Research and development expenses carryforward amortization period	15 years
Tax Period begin to expire in 2030 through 2037 | Federal
Income Taxes [Line Items]
Net operating loss carryforwards	$ 886,000,000
Unlimited Carryover Period | Federal
Income Taxes [Line Items]
Net operating loss carryforwards	1,900,000,000
Unlimited Carryover Period | State
Income Taxes [Line Items]
Net operating loss carryforwards	2,000,000,000
Tax Period begin to expire in 2026 through 2043 | State
Income Taxes [Line Items]
Net operating loss carryforwards	$ 7,000,000,000

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Income Taxes Computed at Statutory Federal Income Tax Rate and Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Federal benefit at statutory rate	$ (66)	$ (80)
State tax (benefit), net of federal benefit		(1)
Stock-based compensation	14	16
Foreign rate differential	7	11
Other	1	(2)
Change in valuation allowance	49	57
Total provision for income taxes	$ 5	$ 1

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Net operating loss carryforwards	$ 609	$ 558
Capitalization of R&D expenses	47	30
Lease liabilities	3	4
Reserves and accruals not currently deductible	9	11
Stock-based compensation	2	5
Fixed assets including right of use assets	1	1
Total gross deferred tax assets	671	609
Less: valuation allowance	(669)	(607)
Total deferred tax assets, net of valuation allowance	2	2
Deferred tax liabilities:
Net deferred tax assets	$ 2	$ 2

Income Taxes - Summary of Defer

Income Taxes - Summary of Deferred Tax Asset Valuation Allowance (Details) - Valuation Allowance of Deferred Tax Assets - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Valuation And Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Period	$ 607	$ 546
Additions	62	61
Balance at End of Period	$ 669	$ 607

Income Taxes - Reconciliation_2

Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Balance at January 1	$ 9	$ 1
Additions for tax positions of current year	1	9
Additions for tax positions of prior years	2
Decreases for tax positions of prior years	(8)	(1)
Balance at December 31	$ 4	$ 9

Net Loss Per Share - Computatio

Net Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net Income (Loss)	$ (317)	$ (384)
Denominator:
Weighted-average shares used in computing net loss per share, basic	23,732	22,415
Weighted-average shares used in computing net loss per share, diluted	23,732	22,415
Net loss per share, basic	$ (13.36)	$ (17.13)
Net loss per share, diluted	$ (13.36)	$ (17.13)

Net Loss Per Share - Summary of

Net Loss Per Share - Summary of Outstanding Shares of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share	2,599	2,575
Common Stock Options Outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share	366	67
Unvested Restricted Stock Units Outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share	2,176	2,399
Employee Stock Purchase Plan
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share	57	109

Geographical Information - Summ

Geographical Information - Summary of Revenue by Geographic Area (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022
Revenue, Major Customer [Line Items]
Revenue		$ 287	$ 571
Core Marketplace Revenue
Revenue, Major Customer [Line Items]
Revenue	[1]	$ 86	$ 220
Core Marketplace Revenue | Revenue | Geographic Concentration Risk
Revenue, Major Customer [Line Items]
Revenue percentage	[1]	100%	100%
Core Marketplace Revenue | Europe
Revenue, Major Customer [Line Items]
Revenue		$ 44	$ 83
Core Marketplace Revenue | Europe | Revenue | Geographic Concentration Risk
Revenue, Major Customer [Line Items]
Revenue percentage		51%	38%
Core Marketplace Revenue | North America
Revenue, Major Customer [Line Items]
Revenue	[2]	$ 30	$ 105
Core Marketplace Revenue | North America | Revenue | Geographic Concentration Risk
Revenue, Major Customer [Line Items]
Revenue percentage	[2]	35%	48%
Core Marketplace Revenue | South America
Revenue, Major Customer [Line Items]
Revenue		$ 4	$ 7
Core Marketplace Revenue | South America | Revenue | Geographic Concentration Risk
Revenue, Major Customer [Line Items]
Revenue percentage		5%	3%
Core Marketplace Revenue | Other
Revenue, Major Customer [Line Items]
Revenue		$ 8	$ 25
Core Marketplace Revenue | Other | Revenue | Geographic Concentration Risk
Revenue, Major Customer [Line Items]
Revenue percentage		9%	11%
[1] Core marketplace revenue included a net loss of $ 3 million for the year ended December 31, 2023 and a net loss of $ 6 million for the year ended December 31, 2022, from the Company’s cash flow hedging program. United States accounted for $ 22 million and $ 83 million of core marketplace revenue for the years ended December 31, 2023 and 2022, respectively.

Geographical Information - Su_2

Geographical Information - Summary of Revenue by Geographic Area (Parenthetical) (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022
Revenue, Major Customer [Line Items]
Revenue		$ 287	$ 571
Core Marketplace Revenue
Revenue, Major Customer [Line Items]
Revenue	[1]	86	220
Net gains (loss) from cash flow hedging program		(3)	(6)
Core Marketplace Revenue | United States
Revenue, Major Customer [Line Items]
Revenue		$ 22	$ 83
[1] Core marketplace revenue included a net loss of $ 3 million for the year ended December 31, 2023 and a net loss of $ 6 million for the year ended December 31, 2022, from the Company’s cash flow hedging program.

Geographical Information - Su_3

Geographical Information - Summary of Property and Equipment, Net and Operating Lease Right-of-Use Assets, Net (Details) - USD ($) $ in Millions		Dec. 31, 2023	Dec. 31, 2022
Revenue, Major Customer [Line Items]
Property and equipment, net and right-of-use assets		$ 9	$ 18
Property and equipment, net and right-of-use assets percentage		100%	100%
United States
Revenue, Major Customer [Line Items]
Property and equipment, net and right-of-use assets		$ 5	$ 13
Property and equipment, net and right-of-use assets percentage		56%	72%
China
Revenue, Major Customer [Line Items]
Property and equipment, net and right-of-use assets		$ 4	$ 4
Property and equipment, net and right-of-use assets percentage		44%	22%
Other
Revenue, Major Customer [Line Items]
Property and equipment, net and right-of-use assets	[1]		$ 1
Property and equipment, net and right-of-use assets percentage	[1]		6%
[1] Other long-lived tangible assets were located in Canada and the Netherlands.

Reduction In Workforce - Additi

Reduction In Workforce - Additional Information (Details) $ in Millions	1 Months Ended			12 Months Ended
	Aug. 31, 2023 USD ($) Employee	Jan. 31, 2023 USD ($) Employee	Feb. 28, 2022 Employee	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Restructuring Cost and Reserve [Line Items]
Reduction In workforce, number of positions reduced, percentage	34%	17%	15%
Reduction in workforce, number of positions reduced | Employee	255	150	190
Severance and other personnel reduction costs	$ 10	$ 3		$ 13	$ 3
Impairments of lease assets and property and equipment					$ 11

Reduction In Workforce - Schedu

Reduction In Workforce - Schedule of Total Severance and Other Personnel Reduction Costs (Details) - USD ($) $ in Millions	1 Months Ended		12 Months Ended
	Aug. 31, 2023	Jan. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Total severance and other personnel reduction costs	$ 10	$ 3	$ 13	$ 3
Cost of Revenue
Restructuring Cost and Reserve [Line Items]
Total severance and other personnel reduction costs			1
Sales and Marketing
Restructuring Cost and Reserve [Line Items]
Total severance and other personnel reduction costs			2
Product Development
Restructuring Cost and Reserve [Line Items]
Total severance and other personnel reduction costs			8
General and Administrative
Restructuring Cost and Reserve [Line Items]
Total severance and other personnel reduction costs			$ 2

Reduction In Workforce - Summar

Reduction In Workforce - Summary of Changes in Severance and Other Personnel Reduction Liabilities Included Accrued Liabilities (Details) - USD ($) $ in Millions	1 Months Ended		12 Months Ended
	Aug. 31, 2023	Jan. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Restructuring and Related Activities [Abstract]
Severance and other personnel reduction costs	$ 10	$ 3	$ 13	$ 3
Cash payments during the period	$ (10)	$ (3)

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Feb. 10, 2024	Dec. 31, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Preferred stock, shares issued		0	0
Preferred stock, par value		$ 0.0001	$ 0.0001
Subsequent Event
Subsequent Event [Line Items]
Asset purchase price consideration	$ 173
Subsequent Event | Series A Preferred Stock | Tax Benefits Preservation Plan
Subsequent Event [Line Items]
Exercise price per share	$ 20
Preferred stock, shares issued	3,000,000
Preferred stock, par value	$ 0.0001
Preferred stock dividend shares issuable	0.001
Dividend record date	Feb. 22, 2024
Percentage of acquiring Beneficial ownership.	4.90%