ContextLogic 10-Q 8 Aug 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Jul. 31, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Registrant Name	ContextLogic Inc.
Entity Central Index Key	0001822250
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		26,274,640
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	2648 International Blvd Ste 115
Entity Address, City or Town	Oakland
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94601
City Area Code	415
Local Phone Number	965-8476
Document Quarterly Report	true
Document Transition Report	false
Class A Common Stock
Document Information [Line Items]
Title of 12(b) Security	Class A Common Stock, $0.0001 par value
Trading Symbol	LOGC
Security Exchange Name	NASDAQ
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

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 103	$ 238
Marketable securities	47	144
Funds receivable	0	7
Prepaid expenses and other current assets	9	21
Total current assets	159	410
Property and equipment, net		4
Right-of-use assets		5
Other assets		2
Deferred tax assets, net		2
Total assets	159	423
Current liabilities:
Accounts payable	0	30
Merchants payable	0	74
Refunds liability		2
Accrued liabilities	5	90
Total current liabilities	5	196
Lease liabilities, non-current		6
Other liabilities		4
Total liabilities	5	206
Commitments and contingencies (Note 8)
Stockholders’ equity:
Preferred stock, $0.0001 par value: 100,000 shares authorized as of June 30, 2024 and December 31, 2023; No shares issued and outstanding as of June 30, 2024 and December 31, 2023
Common stock, $0.0001 par value: 3,000,000 shares authorized as of June 30, 2024 and December 31, 2023; 26,211 and 24,229 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively
Additional paid-in capital	3,481	3,470
Accumulated other comprehensive loss		(7)
Accumulated deficit	(3,327)	(3,246)
Total stockholders’ equity	154	217
Total liabilities and stockholders’ equity	$ 159	$ 423

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
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	26,211,000	24,229,000
Common stock, shares outstanding	26,211,000	24,229,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenue	$ 7	$ 78	$ 43	$ 174
Cost of revenue	6	62	36	138
Gross profit	1	16	7	36
Operating expenses:
Sales and marketing	3	39	18	76
Product development	4	38	26	89
General and administrative	13	22	35	47
Total operating expenses	20	99	79	212
Loss from operations	(19)	(83)	(72)	(176)
Other income, net:
Interest and other income, net	2	6	2	10
Gain on Asset Sale	4		4
Loss before provision for income taxes	(13)	(77)	(66)	(166)
Provision for income taxes	0	3	6	3
Net loss	$ (13)	$ (80)	$ (72)	$ (169)
Net loss per share, basic	$ (0.5)	$ (3.38)	$ (2.87)	$ (7.21)
Net loss per share, diluted	$ (0.5)	$ (3.38)	$ (2.87)	$ (7.21)
Weighted-average shares used in computing net loss per share, basic	25,858	23,651	25,086	23,451
Weighted-average shares used in computing net loss per share, diluted	25,858	23,651	25,086	23,451

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (13)	$ (80)	$ (72)	$ (169)
Other comprehensive loss:
Unrealized holding losses on derivatives and marketable securities, net of tax		(4)	(1)	(4)
Foreign-exchange related adjustment included in Asset Sale	9		9
Foreign currency translation adjustment		(4)	(1)	(4)
Comprehensive loss	$ (4)	$ (88)	$ (65)	$ (177)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) - USD ($) shares in Thousands, $ in Millions	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance at Dec. 31, 2022	$ 477		$ 3,411	$ (5)	$ (2,929)
Beginning balance, Shares at Dec. 31, 2022		23,164
Fractional shares issued due to reverse stock split, Shares		201
Issuance of common stock upon settlement of restricted stock units, Shares		631
Shares withheld related to net share settlement	(4)		(4)
Shares withheld related to net share settlement, Shares		(244)
Issuance of common stock through ESPP, Shares		29
Stock-based compensation	41		41
Other comprehensive loss, net	(8)			(8)
Net loss	(169)				(169)
Ending balance at Jun. 30, 2023	337		3,448	(13)	(3,098)
Ending balance, Shares at Jun. 30, 2023		23,781
Beginning balance at Mar. 31, 2023	411		3,434	(5)	(3,018)
Beginning balance, Shares at Mar. 31, 2023		23,341
Fractional shares issued due to reverse stock split, Shares		201
Issuance of common stock upon settlement of restricted stock units, Shares		311
Shares withheld related to net share settlement	(1)		(1)
Shares withheld related to net share settlement, Shares		(101)
Issuance of common stock through ESPP, Shares		29
Stock-based compensation	15		15
Other comprehensive loss, net	(8)			(8)
Net loss	(80)				(80)
Ending balance at Jun. 30, 2023	337		3,448	(13)	(3,098)
Ending balance, Shares at Jun. 30, 2023		23,781
Beginning balance at Dec. 31, 2023	$ 217		3,470	(7)	(3,246)
Beginning balance, Shares at Dec. 31, 2023	24,229	24,229
Issuance of common stock upon settlement of restricted stock units, Shares		2,102
Shares withheld related to net share settlement	$ (1)		(1)
Shares withheld related to net share settlement, Shares		(120)
Stock-based compensation	12		12
Other comprehensive loss, net	(2)			7	(9)
Net loss	(72)				(72)
Ending balance at Jun. 30, 2024	$ 154		3,481		(3,327)
Ending balance, Shares at Jun. 30, 2024	26,211	26,211
Beginning balance at Mar. 31, 2024	$ 164		3,478	(9)	(3,305)
Beginning balance, Shares at Mar. 31, 2024		24,398
Issuance of common stock upon settlement of restricted stock units, Shares		1,814
Shares withheld related to net share settlement, Shares		(1)
Stock-based compensation	3		3
Other comprehensive loss, net				$ 9	(9)
Net loss	(13)				(13)
Ending balance at Jun. 30, 2024	$ 154		$ 3,481		$ (3,327)
Ending balance, Shares at Jun. 30, 2024	26,211	26,211

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Cash flows from operating activities:
Net loss	$ (13)	$ (72)	$ (169)
Adjustments to reconcile net loss to net cash provided by used in operating activities:
Depreciation and amortization		1	2
Noncash lease expense		1	2
Impairment of lease assets and property and equipment			1
Stock-based compensation		12	41
Net (accretion) amortization of discounts and premiums on marketable securities		(1)	(4)
Gain on Asset Sale	(4)	(4)
Other			(5)
Changes in operating assets and liabilities:
Funds receivable			10
Prepaid expenses, other current and noncurrent assets		(1)	14
Accounts payable		(16)	(16)
Merchants payable		(8)	(33)
Accrued and refund liabilities		(6)	(18)
Lease liabilities		(2)	(4)
Other current and noncurrent liabilities		6	(1)
Net cash used in operating activities		(90)	(180)
Cash flows from investing activities:
Purchases of property and equipment and development of internal use software			(3)
Proceeds from Asset Sale, net of cash disposed		(133)
Purchases of marketable securities		(47)	(170)
Maturities of marketable securities		145	176
Net cash (used in) provided by investing activities		(35)	3
Cash flows from financing activities:
Payment of taxes related to RSU settlement		(1)	(4)
Net cash used in financing activities		(1)	(4)
Foreign currency effects on cash, cash equivalents and restricted cash		(2)	(7)
Net decrease in cash, cash equivalents and restricted cash		(128)	(188)
Cash, cash equivalents and restricted cash at beginning of period		238	513
Cash, cash equivalents and restricted cash at end of period	110	110	325
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	103	103	318
Restricted cash included in prepaid and other current assets in the condensed consolidated balance sheets	7	7	7
Cash, cash equivalents and restricted cash at end of period	$ 110	$ 110	$ 325

Overview, Basis of Presentation

Overview, Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Overview, Basis of Presentation and Significant Accounting Policies	NOTE 1. OVERVIEW, BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES As previously disclosed, on February 10, 2024, ContextLogic Inc. (the “Company” or “ContextLogic”) entered into an asset purchase agreement (the “Asset Purchase Agreement”) with Qoo10 Inc., a Delaware corporation (“Qoo10 Delaware”), and, for certain specified purposes, Qoo10 Pte. Ltd., a Singapore private limited company and Qoo10 Delaware’s parent company (“Qoo10”), pursuant to which (i) the Company agreed to sell substantially all of its assets to Qoo10 Delaware or an affiliate designated by Qoo10 Delaware (such designated affiliate, the “Buyer”), other than (A) the Company’s net operating losses (“NOLs”) and certain other tax attributes, (B) the Company’s marketable securities and (C) certain of the Company’s cash and cash equivalents, and (ii) Qoo10 agreed to acquire those assets and assume substantially all of the Company’s liabilities as specified in the Asset Purchase Agreement (the “Asset Sale”). On April 18, 2024, the holders of a majority of the outstanding shares of the Company’s common stock voted to approve the Asset Sale. Pursuant to such vote and satisfaction of other customary closing conditions, the Asset Sale closed on April 19, 2024 (the “Closing"), and immediately following the closing of the Asset Sale, the Company received/retained $ 162 million in cash, cash equivalents and marketable securities (consisting of government securities) (“Post-Closing Cash”), as well as the NOLs and other tax attributes described herein. Prior to the Asset Sale, the Company owned and operated the Wish platform (“Wish”). The Wish platform generated revenue for the Company from marketplace and logistics services provided to merchants. As a result of the Asset Sale, the Wish platform and all related operating assets were sold to the Buyer. The financial statements presented in this Quarterly Report on Form 10-Q reflect the Asset Sale as it was completed during the period. Accordingly, the financial statements and the narrative description of the Company’s business, assets, liabilities and risks contained in the related Notes to Unaudited Condensed Consolidated Financial Statements, as well as in the accompanying Management’s Discussion and Analysis of Financial Condition and Results of Operations reflect the pre-Asset Sale operations from April 1, 2024 to April 19, 2024, the results of the Asset Sale, and the limited post-Asset Sale activities from April 20, 2024 to June 30, 2024. Refer to Note 4 – Asset sale for additional information on the Asset Sale. The Company was incorporated in the state of Delaware in June 2010 and is headquartered in Oakland, California. 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 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. Basis of Presentation and Consolidation The accompanying condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”). The condensed 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 interim financial statements as of June 30, 2024 and for the three and six months ended June 30, 2024 and 2023 is unaudited. In the opinion of management, the interim financial data includes all adjustments, consisting only of normal recurring adjustments, necessary to a fair statement of the results for the interim periods. The consolidated balance sheet as of December 31, 2023 is derived from audited financial statements, however, it does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC on March 5, 2024 (the “2023 Form 10-K”). Tax Benefits Preservation Plan and Series A Junior Participating Preferred Stock 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 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 (as defined below) 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 Directors' approval of a Tax Benefits Preservation Plan, as discussed above. 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 outstanding common stock. Subject to certain exceptions, the Rights become exercisable and trade separately from the Company’s 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 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; and (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. Use of Estimates The preparation of condensed consolidated financial statements in accordance with U.S. 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 condensed 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 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. Assets and Liabilities Held for Sale The Company classifies long-lived assets or disposal groups to be sold as held for sale in the period in which all of the following criteria are met: (1) management, having the authority to approve the action, commits to a plan to sell the asset or disposal group; (2) the asset or disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets or disposal groups; (3) an active program to locate a buyer and other actions required to complete the plan to sell the asset or disposal group have been initiated; (4) the sale of the asset or disposal group is probable, and transfer of the asset or disposal group is expected to qualify for recognition as a completed sale within one year, except if events or circumstances beyond the Company's control extend the period of time required to sell the asset or disposal group beyond one year; (5) the asset or disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (6) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. The Company initially measures a long-lived asset or disposal group that is classified as held for sale at the lower of its carrying value or fair value less any costs to sell. Any loss resulting from this measurement is recognized in the period in which the held-for-sale criteria are met. Conversely, gains are not recognized on the sale of a long-lived asset or disposal group until the date of sale. The Company assesses the fair value of a long-lived asset or disposal group less any costs to sell each reporting period it remains classified as held for sale and reports any subsequent changes as an adjustment to the carrying value of the asset or disposal group, as long as the new carrying value does not exceed the carrying value of the asset at the time it was initially classified as held for sale. Upon determining that a long-lived asset or disposal group meets the criteria to be classified as held for sale, the Company ceases depreciation and reports long-lived assets and/or the assets and liabilities of the disposal group, if material, in the line items assets held for sale and liabilities held for sale, respectively, in the Company's condensed consolidated balance sheet. In February 2024, the Company announced the Asset Sale to Qoo10. The Asset Sale met the held for sale criteria on April 18, 2024, the date that the stockholders of the Company approved the Asset Sale. Refer to Note 4 – Asset sale for additional information on the Asset Sale. Discontinued Operations A disposal group is classified as a discontinued operation when the following criteria are met: (1) the disposal group is a component of an entity; (2) the component of the entity meets the held-for-sale criteria in accordance with our policy described above; and (3) the component of the entity represents a strategic shift in the entity's operating and financial results. Alternatively, if a business meets the criteria for held for sale on the acquisition date, the business is accounted for as a discontinued operation. The Asset Sale did not result in the Company's operations meeting the criteria for discontinued operations as the operations being disposed, per the Asset Sale, were not clearly distinguishable from the rest of the Company. 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. The Company performs impairment testing at the asset group level that represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The 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. 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 condensed consolidated financial information. As such, the Company has determined that it operates in one reportable segment. 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 condensed 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. Following the Asset Sale, the Company only maintains bank accounts in the United States. The total cash balance in former bank accounts maintained in China represented approximately 49 % of the Company’s total cash and cash equivalents as of December 31, 2023. Prior to the Asset Sale, the Company's derivative financial instruments exposed it to credit risk to the extent that the counterparties were unable to meet the terms of the arrangement. Following the Asset Sale, the Company did not have any derivative instruments as of June 30, 2024. Refer to Note 4 – Asset sale for additional information on Asset Sale. Prior to the Asset Sale, the Company was exposed to credit risk in the event of a default by its Payment Service Providers (“PSPs”) . Following the Asset Sale, the Company did not have any funds receivable as of June 30, 2024. The two PSPs that represented more than 10% of the Company's fund receivable balance as of December 31, 2023, amounted to 57 % and 28 %, in the order of magnitude. Refer to Note 4 – Asset sale for additional information on Asset Sale. Services Risk — Prior to the Asset Sale, the Company served all of its users using third-party data center and hosting providers. No significant interruptions of service were known to have occurred during the three and six months ended June 30, 2024 and 2023. The Company does not have any service risk as of June 30, 2024 as the Company no longer has marketplace and logistics operations as of the Asset Sale on April 19, 2024. Refer to Note 4 – Asset sale for additional information on Asset Sale. Summary of Significant Accounting Policies There have been no changes to the Company’s significant accounting policies described in its 2023 Form 10-K, filed with the SEC on March 5, 2024, that have had a material impact on its condensed consolidated financial statements. 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 condensed 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 condensed consolidated statements. In March 2024, the FASB issued ASU No. 2024-01, Compensation-Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards (ASU 2024-01), which clarifies how an entity determines whether a profits interest or similar award is (1) within the scope of ASC 718 or (2) not a share-based payment arrangement and therefore within the scope of other guidance. This amendment will be effective for fiscal years beginning after December 15, 2024, including interim periods within those years. Early adoption is permitted. This amended guidance will not have an impact on the footnotes of our condensed consolidated statements. In March 2024, the FASB issued ASU No. 2024-02, Codification Improvements–Amendments to Remove References to the Concept Statements, which contains amendments to the Codification that remove references to various FASB Concepts Statements. The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2024. Early application is permitted. An entity should apply the amendments in this Update using one of the following transition methods: 1. Prospectively to all new transactions recognized on or after the date that the entity first applies the amendments 2. Retrospectively the beginning of the earliest comparative period presented in which the amendments were first applied. An entity shall adjust the opening balance of retained earnings (or other appropriate components of equity or net assets in the statement of financial position) as of the beginning of the earliest comparative period presented. We do not expect the adoption of this guidance to have a material impact on our condensed consolidated financial statements.

Disaggregation of Revenue

Disaggregation of Revenue	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	NOTE 2. DISAGGREGATION OF REVENUE Prior to the Asset Sale, the Company generated revenue from marketplace and logistics services provided to its customers. Prior to the Asset Sale, revenue is recognized as the Company transferred control of promised goods or services to its customers in an amount that reflects the consideration the Company expected to be entitled to in exchange for those goods or services. The Company considered both the merchant and the user to be customers, depending on the revenue stream. The Company evaluated whether it is appropriate to recognize revenue on a gross or net basis based upon its evaluation of whether the Company obtained control of the specified goods or services by considering if it was primarily responsible for fulfillment of the promise, had inventory risk and had latitude in establishing pricing and selecting suppliers, among other factors. Based on these factors, marketplace revenue was generally recognized on a net basis and logistics revenue was generally recognized on a gross basis. Revenue excluded any amounts collected on behalf of third parties, including indirect taxes. Marketplace Revenue Prior to the Asset Sale, the Company provided a mix of marketplace services to its customers. The Company provided merchants access to its marketplace where merchants displayed and sold their products to users. The Company also provided ProductBoost services to help merchants promote their products within the Company’s marketplace. Prior to the Asset Sale, marketplace revenue included commission fees collected in connection with user purchases of the merchants’ products. The commission fees varied depending on factors such as geography, product category, Wish Standards' tier, item value and dynamic pricing. The Company recognized revenue when a user’s order was processed, and the related order information had been made available to the merchant. Commission fees were recognized net of estimated refunds and chargebacks. Marketplace revenue also included ProductBoost revenue generated by increasing exposure for a merchant’s relevant products within the Company's marketplace. The Company recognized ProductBoost revenue based on the number of impressions delivered, or clicks by users. Logistics Revenue Prior to the Asset Sale, the Company’s logistics offering for merchants was designed for direct end-to-end single order shipment from a merchant’s location to the user. Logistics services included transportation and delivery of the merchant’s products to the user. Merchants were required to prepay for logistics services on a per order basis. Prior to the Asset Sale, the Company recognized revenue over time as the merchant simultaneously received and consumed the logistics services benefit as the logistics services were performed. The Company used an output method of progress based on days in transit as the Company believed that it best depicted the Company’s progress toward complete satisfaction of the performance obligation. The following table shows the disaggregated revenue for the applicable periods: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (in millions) Core marketplace revenue $ 2 $ 24 $ 13 $ 52 ProductBoost revenue 1 6 4 14 Marketplace revenue 3 30 17 66 Logistics revenue 4 48 26 108 Revenue $ 7 $ 78 $ 43 $ 174 Refer to Note 12 – Geographical Information for the disaggregated revenue by geographical location. Following the Asset Sale, consummated on April 19, 2024, the Company no longer has revenues as it has no marketplace and logistics operations.

Financial Instruments and Fair

Financial Instruments and Fair Value Measurement	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Financial Instruments and Fair Value Measurement	NOTE 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 condensed 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: June 30, 2024 Total Level 1 Level 2 Level 3 (in millions) Financial assets: Cash equivalents: Money market funds $ 97 $ 97 $ — $ — U.S. Treasury bills 3 — 3 — Total cash equivalents: $ 100 $ 97 $ 3 $ — Marketable securities: U.S. treasury bills $ 47 $ — $ 47 $ — Total marketable securities $ 47 $ — $ 47 $ — Total financial assets $ 147 $ 97 $ 50 $ — 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 $ — The Company applies Accounting Standards Codification (“ASC”) 230, “Statement of Cash Flows” when determining whether or not to classify marketable securities as cash and cash equivalents. As of June 30, 2024, the Company’s “cash and cash equivalents” line item was comprised of money market funds and government securities, and “marketable securities” was comprised solely of government securities. 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: June 30, December 31, 2024 2023 Amortized Estimated Amortized Estimated (in millions) Due within one year $ 47 $ 47 $ 144 $ 144 Total marketable securities $ 47 $ 47 $ 144 $ 144 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 loss and net gain on available-for-sale marketable securities as of June 30, 2024 and December 31, 2023, respectively, were insignificant. As of June 30, 2024 and December 31, 2023, those investments with an original maturity of three months or less were classified as cash equivalents and those investments with original maturities beyond three months were classified as marketable securities. The Company has classified all of the marketable securities as available-for-sale. As of June 30, 2024, funds receivable, derivative instruments, accounts payable, and merchants payable were zero due to the Asset Sale. Refer to Note 4 – Asset sale for additional information on Asset Sale.

Asset Sale

Asset Sale	6 Months Ended
	Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Asset Sale	NOTE 4. ASSET SALE As set forth in Note 1 – Overview, Basis of Presentation and Significant New Accounting Policies, on February 10, 2024, the Company entered into the Asset Purchase Agreement and consummated the Asset Sale on April 19, 2024 following approval by the Company’s stockholders on April 18, 2024. As consideration for the Asset Sale, Qoo10 paid the Company a purchase price equal to $ 162 million in cash, after giving effect to the purchase price adjustments set forth in the Asset Purchase Agreement, and agreed to assume substantially all of the Company’s liabilities. The net assets associated with the Asset Purchase Agreement met the criteria to be classified as assets held for sale upon approval of the stockholders on April 18, 2024. The assets and liabilities of the disposed of business at the date of disposition i.e. April 19, 2024, were as follows (in millions): (in millions) Assets Cash and cash equivalents $ 177 Funds receivable 6 Prepaid expenses and other current assets 20 Property and equipment, net 3 Right-of-use assets 5 Other assets 3 Total assets held-for-sale $ 214 Liabilities Accounts payable $ 13 Merchants payable 67 Refunds liability 1 Accrued liabilities 79 Lease and other liabilities 13 Total liabilities held-for-sale $ 173 Net Assets $ 41 As a result of the Asset Sale, the Company recorded a gain on Asset Sale of $ 4 million in the condensed consolidated statements of operations. (in millions) Purchase price per Asset Sale $ 173 Add: Transaction Costs Paid by Buyer on behalf of Company at closing 6 Less: Excluded cash at Closing ( 123 ) Less: Cash adjustment pursuant to the Asset Sale ( 11 ) Net proceeds $ 45 Less: Net Assets sold pursuant to the Asset Sale ( 41 ) Gain on Asset Sale $ 4 Excluded cash consists of the Company's certain cash and cash equivalents and marketable securities. On April 19, 2024, the Company terminated its Revolving Credit Agreement, dated as of November 20, 2020, by and among the Company, as the borrower, the lenders party thereto, the issuing banks party thereto, and JPMorgan Chase Bank, N.A., as the administrative agent (“Revolving Credit Facility”), as well as the related security agreements. Prior to the termination, the Revolving Credit Facility enabled the Company to borrow up to $ 280 million and contained a minimum liquidity financial covenant of $ 350 million, which included unrestricted cash and any available borrowing capacity under the Revolving Credit Facility. On April 19, 2024, all outstanding unvested restricted awards for employees and directors were accelerated and fully vested. Refer to Note 9 – Equity Award Activity and Stock-Based Compensation for additional information.

Balance Sheet Components

Balance Sheet Components	6 Months Ended
	Jun. 30, 2024
Balance Sheet Related Disclosures [Abstract]
Balance Sheet Components	NOTE 5. BALANCE SHEET COMPONENTS Accrued Liabilities Accrued liabilities consist of the following: June 30, December 31, 2024 2023 (in millions) Logistics costs (1) $ — $ 25 Deferred revenue and customer deposits (1) — 12 Wish Cash liability (1) — 11 Sales and indirect taxes (1) — 12 Other (2) 5 30 Total accrued liabilities $ 5 $ 90 (1) The balances decreased by 100 % due to Asset Sale on April 19, 2024. Refer to Note 4 - Asset Sale for additional information on the Asset Sale. (2) Other accrued liabilities decreased by 83 % to $ 5 million primarily due to Asset Sale on April 19, 2024. Refer to Note 4 - Asset Sale for additional information on the Asset Sale. Following the Asset Sale, o ther accrued liabilities primarily consist of $ 3 million of other payables to Qoo10 related to restricted cash held at JPMorgan for the One Sansome lease's letter of credit. When the letter of credit is closed and the restriction on cash lifted, this payable will be repaid.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	NOTE 6. DERIVATIVE FINANCIAL INSTRUMENTS Prior to the Asset Sale, the Company conducted business in certain foreign currencies throughout its worldwide operations, and various entities held monetary assets or liabilities, earned revenues, or incurred costs in currencies other than the entity’s functional currency. As a result, the Company was exposed to foreign exchange gains or losses which impacted the Company’s operating results. The Company billed its users in their local currencies, primarily in U.S. dollars and Euros, and the Company made payments to merchants for products sold on the Company’s platforms in various currencies through third party payment service providers, which created exposure to currency rate fluctuations. The Company hedged these exposures to reduce the risk that its earnings and cash flows would be adversely affected by changes in exchange rates. As part of the Company’s foreign currency risk mitigation strategy prior to the Asset Sale, the Company entered into derivative contracts and foreign exchange forward contracts with up to twelve months in duration to hedge exposures for variability in U.S.-dollar equivalent of non-U.S.-dollar denominated cash flows associated with its forecasted revenue related transactions. The Company’s derivatives transactions were not collateralized and did not include collateralization agreements with counterparties. The Company did not and does not use derivative financial instruments for speculative or trading purposes. 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: June 30, December 31, 2024 2023 (in millions) Cash flow hedges $ — $ 29 Non-designated hedges — 44 Total $ — $ 73 Fair Value of Derivative Financial Instruments June 30, December 31, 2024 2023 Assets (1) Liabilities (2) Assets (1) Liabilities (2) (in millions) Derivative designated as hedging instruments Cash flow hedges $ — $ — $ — $ — Derivative not designated as hedging instruments Foreign currency forward contracts $ — $ — $ 1 $ 1 Total derivatives $ — $ — $ 1 $ 1 (1) Derivative assets are included within prepaid and other current assets in the condensed consolidated balance sheets. (2) Derivative liabilities are included within "other" in accrued liabilities in the condensed consolidated balance sheets. Derivatives in Cash Flow Hedging Relationships The changes in accumulated other comprehensive income (loss) resulting from cash flow hedging were as follows: June 30, December 31, 2024 2023 (in millions) Balance at the beginning of the period — $ 2 Other comprehensive loss before reclassifications — ( 4 ) Amounts recognized in core marketplace revenue and reclassified out of — 3 Balance at the end of the period — $ 1 The Company recognized changes in fair value of the cash flow hedges of foreign currency denominated merchants payable in accumulated other comprehensive loss in its condensed consolidated balance sheets until the forecasted transaction occurs. When the forecasted transaction affected earnings, the Company reclassified the related gain or loss on the cash flow hedge to core marketplace revenue. All amounts in other comprehensive income at period end were expected to be reclassified to earnings within 12 months. In the event the underlying forecasted transaction did not occur, or it became probable that it will not occur, the Company reclassified the gain or loss on the related cash flow hedge from accumulated other comprehensive loss to core marketplace revenue. For the three and six months ended June 30, 2024 and 2023, there were no net gains or losses recognized in core marketplace revenue relating to hedges of forecasted transactions that did not occur or were not probable to occur. Prior to the Asset Sale, the Company classified cash flows related to its cash flow hedges as operating activities in its condensed consolidated statements of cash flows. Derivatives Not Designated as Hedging Instruments The net gains and losses on the change in fair value of the Company’s foreign exchange forward contracts not designated as hedging instruments recognized in other income, net in the condensed consolidated statements of operations were insignificant for both the three and six months ended June 30, 2024, and were approximately net losses of $ 4 million for both the three and six months ended June 30, 2023. Prior to the Asset Sale, the Company classified cash flows related to its non-designated hedging instruments as operating activities in its condensed consolidated statements of cash flows. The Company did not have any derivative instruments as of June 30, 2024, as they were part of the Asset Sale on April 19, 2024. Refer to Note 4 – Asset sale for additional information on the Asset Sale.

Operating Leases

Operating Leases	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Operating Leases	NOTE 7. OPERATING LEASES Prior to the Asset Sale, the Company leased its facilities and data center colocations under operating leases with various expiration dates through 2027. Total operating lease cost was insignificant and $ 1 million for the three and six months ended June 30, 2024, respectively, and $ 1 million and $ 2 million for the three and six months ended June 30, 2023, respectively. Short-term lease costs, variable lease costs and sublease income were not material. Following the Asset Sale, the Company no longer has any operating leases or related right-of-use assets, current lease liabilities, or non-current lease liabilities. As of December 31, 2023 the Company’s condensed consolidated balance sheets included right-of-use assets of $ 5 million, current lease liabilities in the amount of $ 7 million in accrued liabilities , and $ 6 million in lease liabilities, non-current. The weighted-average remaining lease term was 2 years and the weighted-average discount rate used to determine the net present value of the lease liabilities was 6 %. Supplemental cash flow information for the Company’s operating leases was as follows: Six Months Ended, June 30, June 30, 2024 2023 (in millions) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3 $ 4 As of June 30, 2024, operating lease liabilities were zero due to the Asset Sale as all of the Company's operating leases were transferred to Qoo10. Refer to Note 4 – Asset sale for additional information on the Asset Sale.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 8. 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”). The Company also entered into letters of credit from time to time, which reduced its borrowing capacity under the Revolving Credit Facility. Interest on any borrowings under the Revolving Credit Facility accrued at either adjusted LIBOR plus 1.50 % or at an alternative base rate plus 0.50 %, at the Company’s election, and the Company was required to pay a commitment fee that accrued at 0.25 % per annum on the unused portion of the aggregate commitments under the Revolving Credit Facility. The Company was required to pay a fee that accrued 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. In March 2024, the Company executed a letter to reduce the Revolving Credit Facility from an aggregate principal amount of $ 280 million to $ 7 million. The Revolving Credit Facility contained customary conditions to borrowing, events of default and covenants, including covenants that restricted 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 contained a minimum liquidity financial covenant of $ 350 million, which included unrestricted cash and any available borrowing capacity under the Revolving Credit Facility. The obligations under the Revolving Credit Facility were secured by liens on substantially all of the Company’s domestic assets and were guaranteed by any material domestic subsidiaries, subject to customary exceptions. A standby letter of credit (the "Letter of Credit") in the amount of approximately $ 7 million was issued under the Revolving Credit Facility in conjunction with the lease of the Company’s previous headquarters in San Francisco, California. Fees incurred under the Revolving Credit Facility were insignificant for the six months ended June 30, 2024 and 2023. At the closing of the Asset Sale on April 19, 2024, we terminated the Revolving Credit Facility. At that closing, the Letter of Credit ceased to be issued under the Revolving Credit Facility and was cash collateralized in equal amounts by the Company and the Buyer. Furthermore, the Company's previous headquarters was transferred to the Buyer, which has assumed the Company's obligations under the lease for those headquarters upon closing of the Asset Sale. Refer to Note 4 – Asset sale for additional information on Asset Sale. Purchase Obligations Prior to the Asset Sale, 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 effective September 1, 2022. Following the Asset Sale, the Company no longer had this commitment as of June 30, 2024. Refer to Note 4 – Asset sale for additional information on Asset Sale. The purchase obligations were assumed and thus were zero as of the Asset Sale. 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. On April 10, 2023, the plaintiffs filed an amended complaint and asserted only claims made under Sections 11 and 15 of the Securities Act. In December 2023, the Court granted the defendants' motion to dismiss the first amended consolidated complaint. In February 2024, plaintiffs filed a second amended consolidated complaint, which the defendants have moved to dismiss. 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. As of June 30, 2024, 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.

Equity Award Activity and Stock

Equity Award Activity and Stock-Based Compensation	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Equity Award Activity and Stock-Based Compensation	NOTE 9. EQUITY Award activity and STOCK-based compensation Equity Award Activity A summary of activity under the equity plans and related information was as follows: Options Outstanding RSUs Outstanding Number of Weighted- Weighted- Number of (in thousands) (in thousands) Balances at December 31, 2023 366 $ 18.00 9 2,176 Granted — 277 Exercised or vested — ( 2,165 ) Forfeited or cancelled — ( 88 ) Balances at June 30, 2024 366 $ 18.00 2 200 The weighted-average grant date fair value of restricted stock was $ 5.46 per share for both the three and six months ended June 30, 2024 and $ 7.97 and $ 14.48 per share for the three and six months ended June 30, 2023, respectively. As of June 30, 2024, 3,202 thousand shares remained available for grant under the Company’s equity incentive plans. In connection with the closing of the Asset Sale, all outstanding equity awards became fully vested at the closing. CEO Transition 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) 0.17 million restricted stock units ("RSUs") with an aggregate grant date fair value of $ 3 million and (ii) options to purchase 0.3 million 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 became 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 originally had a term of 10 years. In February 2024, the option award was amended so the option shares vested as of Mr. Yan's termination date on April 19, 2024 and will expire on the two-year anniversary of the termination date on April 19, 2026 . In connection with the closing of the Asset Sale, all of Mr. Yan's outstanding equity awards were accelerated and became fully veste d at the closing. Stock Option Valuation The fair value of options was 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 assumptions used in the Black-Scholes option pricing model to determine the fair value of the options is as follows: Six months ended 2024 2023 Expected term (in years) — 5.55 Risk free interest rate — 4.15 % Volatility — 91.51 % Dividend yield — — Estimated fair value per share — $ 11.27 *No new options were granted during the three months ended June 30, 2024 Modification of Equity Awards In February 2024, the Company modified its outstanding stock options to extend the expiration date of any option vested as of the date of employment termination from a 90-day period to a two-year period. The Company concluded that the extension of the expiration date of the stock options constituted a Type I modification. The stock based compensation impact of the modification was insignificant. Further, in February 2024, the Board of Directors, as permitted by the terms of the Company's equity incentive plans, modified all outstanding restricted stock awards and options, to add a change-in-control provision whereby all unvested awards would become fully vested upon the occurrence of a change in control and extended the expiration date for a period of two years following termination. The impact of these modifications to stock-based compensation expense for the period ended June 30, 2024, was insignificant. Upon consummation of the Asset Sale, all options and RSUs then outstanding were accelerated, thus no unrecognized expense remained for those equity awards as of June 30, 2024. Stock-Based Compensation Expense Total stock-based compensation expense included in the condensed consolidated statements of operations was as follows: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (in millions) Cost of revenue $ — $ 1 $ — $ 2 Sales and marketing — 1 1 2 Product development 1 9 6 25 General and administrative 2 4 5 12 Total stock-based compensation $ 3 $ 15 $ 12 $ 41 The Company will recognize the remaining $ 1 million of unrecognized stock-based compensation expense related to RSUs granted following the Asset Sale over a weighted-average period of approximately 1 year. Employee Stock Purchase Plan Following the Asset Sale, the Company terminated the Employee Stock Purchase Plan.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 10. INCOME TAXES The Company’s tax provision for the interim periods is determined using an estimate of the annual effective tax rate, adjusted for discrete items, if any, that arise during the period. Each quarter, the Company assesses its estimate of the annual effective tax rate, and if the estimated annual effective tax rate changes, the Company makes a cumulative adjustment in the period of change. The Company’s quarterly tax provision and the estimate of the annual effective tax rate is subject to fluctuation due to several factors, including variability in pre-tax earnings, the geographic distribution of the pre-tax earnings, tax law changes, non-deductible expenses, such as stock-based compensation, and changes in the estimate of the valuation allowance. The provision for income taxes was $ 0 million and $ 6 million for the three and six months ended June 30, 2024, respectively, and was $ 3 million for the three and six months ended June 30, 2023. The year-over-year increase in provision for income taxes was primarily due to withholding taxes accrued on certain intercompany dividends. The Company continues to maintain a valuation allowance on its domestic net deferred tax assets which is excluded from the annual effective tax rate estimate. The Company had no unrecognized tax benefits as of June 30, 2024. The Company had $ 4 million of unrecognized benefits as of December 31, 2023. These unrecognized tax benefits, if recognized, would affect the effective tax rate. The interest and penalties associated with the unrecognized tax benefits for each of the three months ended June 30, 2024 and December 31, 2023 were immaterial. 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, state or other jurisdictions. 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.

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Net Loss Per Share	NOTE 11. Net loss per share The following table sets forth the computation of basic and diluted net loss per share: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 ($ in millions, shares in thousands, except per share data) Numerator: Net loss $ ( 13 ) $ ( 80 ) $ ( 72 ) $ ( 169 ) Denominator: Weighted-average shares used in computing net loss per share, basic and diluted 25,858 23,651 25,086 23,451 Net loss per share, basic and diluted $ ( 0.50 ) $ ( 3.38 ) $ ( 2.87 ) $ ( 7.21 ) 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: As of June 30, 2024 2023 (in thousands) Common stock options outstanding 366 366 Unvested restricted stock units outstanding 200 3,676 Employee stock purchase plan — 117 Total 566 4,159

Geographical Information

Geographical Information	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Geographical Information	NOTE 12. GEOGRAPHICAL INFORMATION China accounted for substantially all of marketplace and logistics revenue during the three and six months ended June 30, 2024 and 2023 based on the location of the merchants’ operations. Marketplace and logistics revenue from merchants based in the United States was immaterial in both periods presented. Prior to the Asset Sale, the Company believed it was relevant to disclose geographical revenue information determined by the location of the users. Following the closing of the Asset Sale, the Company no longer considers geographic revenue information by users to be relevant. As of December 31, 2023, the Company’s long-lived tangible assets, which consisted of property and equipment, net and operating lease right-of-use assets, net were located in United States ( 56 %) and China ( 44 %). Following the closing of the Asset Sale, the Company no longer owns long-lived tangible assets.

Reduction In Workforce

Reduction In Workforce	6 Months Ended
	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring Costs	NOTE 13. REDUCTION IN WORKFORCE In January 2023 and August 2023, the Company announced plans to reduce its workforce ("RIF") 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. Following the Asset Sale, substantially all of the Company's employees became employees of the Buyer.

Overview, Basis of Presentati_2

Overview, Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The accompanying condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”). The condensed 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 interim financial statements as of June 30, 2024 and for the three and six months ended June 30, 2024 and 2023 is unaudited. In the opinion of management, the interim financial data includes all adjustments, consisting only of normal recurring adjustments, necessary to a fair statement of the results for the interim periods. The consolidated balance sheet as of December 31, 2023 is derived from audited financial statements, however, it does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC on March 5, 2024 (the “2023 Form 10-K”).
Tax Benefits Preservation Plan and Series A Junior Participating Preferred Stock	Tax Benefits Preservation Plan and Series A Junior Participating Preferred Stock 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 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 (as defined below) 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 Directors' approval of a Tax Benefits Preservation Plan, as discussed above. 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 outstanding common stock. Subject to certain exceptions, the Rights become exercisable and trade separately from the Company’s 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 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; and (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.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in accordance with U.S. 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 condensed 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 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.
Assets and Liabilities Held for Sale	Assets and Liabilities Held for Sale The Company classifies long-lived assets or disposal groups to be sold as held for sale in the period in which all of the following criteria are met: (1) management, having the authority to approve the action, commits to a plan to sell the asset or disposal group; (2) the asset or disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets or disposal groups; (3) an active program to locate a buyer and other actions required to complete the plan to sell the asset or disposal group have been initiated; (4) the sale of the asset or disposal group is probable, and transfer of the asset or disposal group is expected to qualify for recognition as a completed sale within one year, except if events or circumstances beyond the Company's control extend the period of time required to sell the asset or disposal group beyond one year; (5) the asset or disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (6) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. The Company initially measures a long-lived asset or disposal group that is classified as held for sale at the lower of its carrying value or fair value less any costs to sell. Any loss resulting from this measurement is recognized in the period in which the held-for-sale criteria are met. Conversely, gains are not recognized on the sale of a long-lived asset or disposal group until the date of sale. The Company assesses the fair value of a long-lived asset or disposal group less any costs to sell each reporting period it remains classified as held for sale and reports any subsequent changes as an adjustment to the carrying value of the asset or disposal group, as long as the new carrying value does not exceed the carrying value of the asset at the time it was initially classified as held for sale. Upon determining that a long-lived asset or disposal group meets the criteria to be classified as held for sale, the Company ceases depreciation and reports long-lived assets and/or the assets and liabilities of the disposal group, if material, in the line items assets held for sale and liabilities held for sale, respectively, in the Company's condensed consolidated balance sheet. In February 2024, the Company announced the Asset Sale to Qoo10. The Asset Sale met the held for sale criteria on April 18, 2024, the date that the stockholders of the Company approved the Asset Sale. Refer to Note 4 – Asset sale for additional information on the Asset Sale.
Discontinued Operations	Discontinued Operations A disposal group is classified as a discontinued operation when the following criteria are met: (1) the disposal group is a component of an entity; (2) the component of the entity meets the held-for-sale criteria in accordance with our policy described above; and (3) the component of the entity represents a strategic shift in the entity's operating and financial results. Alternatively, if a business meets the criteria for held for sale on the acquisition date, the business is accounted for as a discontinued operation. The Asset Sale did not result in the Company's operations meeting the criteria for discontinued operations as the operations being disposed, per the Asset Sale, were not clearly distinguishable from the rest of the Company.
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. The Company performs impairment testing at the asset group level that represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The 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.
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 condensed consolidated financial information. As such, the Company has determined that it operates in one reportable segment.
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 condensed 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. Following the Asset Sale, the Company only maintains bank accounts in the United States. The total cash balance in former bank accounts maintained in China represented approximately 49 % of the Company’s total cash and cash equivalents as of December 31, 2023. Prior to the Asset Sale, the Company's derivative financial instruments exposed it to credit risk to the extent that the counterparties were unable to meet the terms of the arrangement. Following the Asset Sale, the Company did not have any derivative instruments as of June 30, 2024. Refer to Note 4 – Asset sale for additional information on Asset Sale. Prior to the Asset Sale, the Company was exposed to credit risk in the event of a default by its Payment Service Providers (“PSPs”) . Following the Asset Sale, the Company did not have any funds receivable as of June 30, 2024. The two PSPs that represented more than 10% of the Company's fund receivable balance as of December 31, 2023, amounted to 57 % and 28 %, in the order of magnitude. Refer to Note 4 – Asset sale for additional information on Asset Sale. Services Risk — Prior to the Asset Sale, the Company served all of its users using third-party data center and hosting providers. No significant interruptions of service were known to have occurred during the three and six months ended June 30, 2024 and 2023. The Company does not have any service risk as of June 30, 2024 as the Company no longer has marketplace and logistics operations as of the Asset Sale on April 19, 2024. Refer to Note 4 – Asset sale for additional information on Asset Sale.
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 condensed 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 condensed consolidated statements. In March 2024, the FASB issued ASU No. 2024-01, Compensation-Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards (ASU 2024-01), which clarifies how an entity determines whether a profits interest or similar award is (1) within the scope of ASC 718 or (2) not a share-based payment arrangement and therefore within the scope of other guidance. This amendment will be effective for fiscal years beginning after December 15, 2024, including interim periods within those years. Early adoption is permitted. This amended guidance will not have an impact on the footnotes of our condensed consolidated statements. In March 2024, the FASB issued ASU No. 2024-02, Codification Improvements–Amendments to Remove References to the Concept Statements, which contains amendments to the Codification that remove references to various FASB Concepts Statements. The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2024. Early application is permitted. An entity should apply the amendments in this Update using one of the following transition methods: 1. Prospectively to all new transactions recognized on or after the date that the entity first applies the amendments 2. Retrospectively the beginning of the earliest comparative period presented in which the amendments were first applied. An entity shall adjust the opening balance of retained earnings (or other appropriate components of equity or net assets in the statement of financial position) as of the beginning of the earliest comparative period presented. We do not expect the adoption of this guidance to have a material impact on our condensed consolidated financial statements.

Disaggregation of Revenue (Tabl

Disaggregation of Revenue (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Summary of Disaggregated Revenue	The following table shows the disaggregated revenue for the applicable periods: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (in millions) Core marketplace revenue $ 2 $ 24 $ 13 $ 52 ProductBoost revenue 1 6 4 14 Marketplace revenue 3 30 17 66 Logistics revenue 4 48 26 108 Revenue $ 7 $ 78 $ 43 $ 174

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurement (Tables)	6 Months Ended
	Jun. 30, 2024
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: June 30, 2024 Total Level 1 Level 2 Level 3 (in millions) Financial assets: Cash equivalents: Money market funds $ 97 $ 97 $ — $ — U.S. Treasury bills 3 — 3 — Total cash equivalents: $ 100 $ 97 $ 3 $ — Marketable securities: U.S. treasury bills $ 47 $ — $ 47 $ — Total marketable securities $ 47 $ — $ 47 $ — Total financial assets $ 147 $ 97 $ 50 $ — 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 $ —
Schedule of Contractual Maturities of Marketable Securities	The following table summarizes the contractual maturities of the Company’s marketable securities: June 30, December 31, 2024 2023 Amortized Estimated Amortized Estimated (in millions) Due within one year $ 47 $ 47 $ 144 $ 144 Total marketable securities $ 47 $ 47 $ 144 $ 144

Asset Sale (Tables)

Asset Sale (Tables)	6 Months Ended
	Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Discontinued Operations of Asset Held for Sale	The assets and liabilities of the disposed of business at the date of disposition i.e. April 19, 2024, were as follows (in millions): (in millions) Assets Cash and cash equivalents $ 177 Funds receivable 6 Prepaid expenses and other current assets 20 Property and equipment, net 3 Right-of-use assets 5 Other assets 3 Total assets held-for-sale $ 214 Liabilities Accounts payable $ 13 Merchants payable 67 Refunds liability 1 Accrued liabilities 79 Lease and other liabilities 13 Total liabilities held-for-sale $ 173 Net Assets $ 41 As a result of the Asset Sale, the Company recorded a gain on Asset Sale of $ 4 million in the condensed consolidated statements of operations. (in millions) Purchase price per Asset Sale $ 173 Add: Transaction Costs Paid by Buyer on behalf of Company at closing 6 Less: Excluded cash at Closing ( 123 ) Less: Cash adjustment pursuant to the Asset Sale ( 11 ) Net proceeds $ 45 Less: Net Assets sold pursuant to the Asset Sale ( 41 ) Gain on Asset Sale $ 4

Balance Sheet Components (Table

Balance Sheet Components (Tables)	3 Months Ended
	Jun. 30, 2024
Balance Sheet Related Disclosures [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consist of the following: June 30, December 31, 2024 2023 (in millions) Logistics costs (1) $ — $ 25 Deferred revenue and customer deposits (1) — 12 Wish Cash liability (1) — 11 Sales and indirect taxes (1) — 12 Other (2) 5 30 Total accrued liabilities $ 5 $ 90 (1) The balances decreased by 100 % due to Asset Sale on April 19, 2024. Refer to Note 4 - Asset Sale for additional information on the Asset Sale. (2) Other accrued liabilities decreased by 83 % to $ 5 million primarily due to Asset Sale on April 19, 2024. Refer to Note 4 - Asset Sale for additional information on the Asset Sale. Following the Asset Sale, o ther accrued liabilities primarily consist of $ 3 million of other payables to Qoo10 related to restricted cash held at JPMorgan for the One Sansome lease's letter of credit. When the letter of credit is closed and the restriction on cash lifted, this payable will be repaid.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2024
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: June 30, December 31, 2024 2023 (in millions) Cash flow hedges $ — $ 29 Non-designated hedges — 44 Total $ — $ 73
Schedule of Fair Value of Derivative Financial Instruments	Fair Value of Derivative Financial Instruments June 30, December 31, 2024 2023 Assets (1) Liabilities (2) Assets (1) Liabilities (2) (in millions) Derivative designated as hedging instruments Cash flow hedges $ — $ — $ — $ — Derivative not designated as hedging instruments Foreign currency forward contracts $ — $ — $ 1 $ 1 Total derivatives $ — $ — $ 1 $ 1 (1) Derivative assets are included within prepaid and other current assets in the condensed consolidated balance sheets. (2) Derivative liabilities are included within "other" in accrued liabilities in the condensed consolidated balance sheets.
Schedule of Changes in Accumulated Other Comprehensive Income (Loss)	The changes in accumulated other comprehensive income (loss) resulting from cash flow hedging were as follows: June 30, December 31, 2024 2023 (in millions) Balance at the beginning of the period — $ 2 Other comprehensive loss before reclassifications — ( 4 ) Amounts recognized in core marketplace revenue and reclassified out of — 3 Balance at the end of the period — $ 1

Operating Leases (Tables)

Operating Leases (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Supplemental Cash Flow Information for Operating Leases	Six Months Ended, June 30, June 30, 2024 2023 (in millions) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3 $ 4

Equity Award Activity and Sto_2

Equity Award Activity and Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
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 was as follows: Options Outstanding RSUs Outstanding Number of Weighted- Weighted- Number of (in thousands) (in thousands) Balances at December 31, 2023 366 $ 18.00 9 2,176 Granted — 277 Exercised or vested — ( 2,165 ) Forfeited or cancelled — ( 88 ) Balances at June 30, 2024 366 $ 18.00 2 200
Summary of Assumptions Used in Black-Scholes Option Pricing Model	A summary of the assumptions used in the Black-Scholes option pricing model to determine the fair value of the options is as follows: Six months ended 2024 2023 Expected term (in years) — 5.55 Risk free interest rate — 4.15 % Volatility — 91.51 % Dividend yield — — Estimated fair value per share — $ 11.27 *No new options were granted during the three months ended June 30, 2024
Summary of Stock-Based Compensation Expense	Total stock-based compensation expense included in the condensed consolidated statements of operations was as follows: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (in millions) Cost of revenue $ — $ 1 $ — $ 2 Sales and marketing — 1 1 2 Product development 1 9 6 25 General and administrative 2 4 5 12 Total stock-based compensation $ 3 $ 15 $ 12 $ 41

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2024
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: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 ($ in millions, shares in thousands, except per share data) Numerator: Net loss $ ( 13 ) $ ( 80 ) $ ( 72 ) $ ( 169 ) Denominator: Weighted-average shares used in computing net loss per share, basic and diluted 25,858 23,651 25,086 23,451 Net loss per share, basic and diluted $ ( 0.50 ) $ ( 3.38 ) $ ( 2.87 ) $ ( 7.21 )
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: As of June 30, 2024 2023 (in thousands) Common stock options outstanding 366 366 Unvested restricted stock units outstanding 200 3,676 Employee stock purchase plan — 117 Total 566 4,159

Overview, Basis of Presentati_3

Overview, Basis of Presentation and Significant Accounting Policies - Additional Information (Details) $ / shares in Units, $ in Millions			6 Months Ended	12 Months Ended
	Feb. 10, 2024 $ / shares shares	Apr. 11, 2023 $ / shares shares	Jun. 30, 2024 USD ($) Segment $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Apr. 19, 2024 USD ($)	Jun. 30, 2023 USD ($)
Class Of Stock [Line Items]
Cash | $			$ 103	$ 238	$ 162	$ 318
Entity Incorporation, State or Country Code			DE
Entity incorporation, date			Jun. 30, 2010
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.
Common stock, par value | $ / shares		$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock, shares issued | shares			0	0
Preferred stock, par value | $ / shares			$ 0.0001	$ 0.0001
Common stock, shares authorized | shares		3,000,000,000	3,000,000,000	3,000,000,000
Number of operating segment | Segment			1
Number of reportable segment | Segment			1
Percentage of concentrations of risk, cash and cash equivalents				49%
Credit Concentration Risk | PSP 1 | Funds Receivable
Class Of Stock [Line Items]
Percentage of funds receivable balance				57%
Credit Concentration Risk | PSP 2 | Funds Receivable
Class Of Stock [Line Items]
Percentage of funds receivable balance				28%
Series A Preferred Stock | Tax Benefits Preservation Plan
Class Of Stock [Line Items]
Dividend record date	Feb. 22, 2024
Preferred stock dividend shares issuable | shares	0.001
Exercise price per share | $ / shares	$ 20
Preferred stock, shares issued | shares	3,000,000
Preferred stock, par value | $ / shares	$ 0.0001
Percentage of acquiring Beneficial ownership.	4.90%

Disaggregation of Revenue - Sum

Disaggregation of Revenue - Summary of Disaggregated Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation Of Revenue [Line Items]
Revenue	$ 7	$ 78	$ 43	$ 174
Core Marketplace Revenue
Disaggregation Of Revenue [Line Items]
Revenue	2	24	13	52
ProductBoost Revenue
Disaggregation Of Revenue [Line Items]
Revenue	1	6	4	14
Marketplace Revenue
Disaggregation Of Revenue [Line Items]
Revenue	3	30	17	66
Logistics Revenue
Disaggregation Of Revenue [Line Items]
Revenue	$ 4	$ 48	$ 26	$ 108

Disaggregation Of Revenue - Add

Disaggregation Of Revenue - Additional Information (Details) - USD ($)		3 Months Ended		6 Months Ended
	Apr. 19, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue		$ 7,000,000	$ 78,000,000	$ 43,000,000	$ 174,000,000
E-Commerce Operations
Disaggregation of Revenue [Line Items]
Revenue	$ 0

Financial Instruments and Fai_3

Financial Instruments and Fair Value Measurement - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Funds receivable	$ 0	$ 7
Derivative assets	0	1
Accounts payable	0	30
Merchants payable	$ 0	$ 74

Financial Instruments and Fai_4

Financial Instruments and Fair Value Measurement - Schedule of Financial Assets and Liabilities Subject to Fair Value Measurements on Recurring Basis (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Financial assets:
Derivative assets	$ 0	$ 1
Financial liabilities:
Derivative liabilities		1
Recurring
Financial assets:
Cash equivalents	100
Marketable securities	47	144
Derivative assets		1
Total financial assets	147	145
Financial liabilities:
Derivative liabilities		1
Total financial liabilities		1
Recurring | Level 1
Financial assets:
Cash equivalents	97
Total financial assets	97
Recurring | Level 2
Financial assets:
Cash equivalents	3
Marketable securities	47	144
Derivative assets		1
Total financial assets	50	145
Financial liabilities:
Derivative liabilities		1
Total financial liabilities		1
Recurring | Money Market Funds
Financial assets:
Cash equivalents	97
Recurring | Money Market Funds | Level 1
Financial assets:
Cash equivalents	97
Recurring | U.S. Treasury Bills
Financial assets:
Cash equivalents	3
Marketable securities	47	127
Recurring | U.S. Treasury Bills | Level 2
Financial assets:
Cash equivalents	3
Marketable securities	$ 47	127
Recurring | Corporate Bonds
Financial assets:
Marketable securities		17
Recurring | Corporate Bonds | Level 2
Financial assets:
Marketable securities		$ 17

Financial Instruments and Fai_5

Financial Instruments and Fair Value Measurement - Schedule of Contractual Maturities of Marketable Securities (Details) - Recurring - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Amortized Cost
Due within one year	$ 47	$ 144
Total marketable securities	47	144
Estimated Fair Value
Due within one year	47	144
Total marketable securities	$ 47	$ 144

Asset Sale - Additional Informa

Asset Sale - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended	6 Months Ended
	Apr. 19, 2024	Jun. 30, 2024	Jun. 30, 2024	Nov. 30, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration for assets sale	$ 162
Gain on asset sale	$ 4	$ 4	$ 4
Revolving Credit Facility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revolving credit facility borrowing capacity				$ 280
Minimum liquidity financial covenant amount				$ 350

Asset Sale - Schedule of Discon

Asset Sale - Schedule of Discontinued Operations of Asset Held for Sale (Details) - USD ($) $ in Millions		3 Months Ended	6 Months Ended
	Apr. 19, 2024	Jun. 30, 2024	Jun. 30, 2024
Assets
Cash and cash equivalents	$ 177
Funds receivable	6
Prepaid expenses and other current assets	20
Property and equipment, net	3
Right-of-use assets	5
Other assets	3
Total assets held-for-sale	214
Liabilities
Accounts payable	13
Merchants payable	67
Refunds liability	1
Accrued liabilities	79
Lease and other liabilities	13
Total liabilities held-for-sale	173
Net Assets	41
Condensed consolidated statements of operations
Purchase price per Asset Sale	173
Add: Transaction Costs Paid by Buyer on behalf of Company at closing	6
Less: Excluded cash at Closing	(123)
Less: Cash adjustment pursuant to the Asset Sale	(11)
Net proceeds	45
Less: Net Assets sold pursuant to the Asset Sale	(41)
Gain on Asset Sale	$ 4	$ 4	$ 4

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2024	Apr. 19, 2024	Dec. 31, 2023
Accrued Liabilities, Current [Abstract]
Logistics costs			$ 25
Deferred revenue and customer deposits			12
Wish Cash liability			11
Sales and indirect taxes			12
Other	$ 5	$ 5	30
Total accrued liabilities	$ 5		$ 90

Balance Sheet Components - Sc_2

Balance Sheet Components - Schedule of Accrued Liabilities (Parenthetical) (Details) - USD ($) $ in Millions	Apr. 19, 2024	Jun. 30, 2024	Dec. 31, 2023
Accrued Liabilities, Current [Abstract]
Percentage of decrease in accrued liabilities due to assets sales	100%
Percentage of decrease in other accrued liabilities	83%
Other accrued liabilities	$ 5	$ 5	$ 30
Other payables related to restricted cash held for lease's letter of credit		$ 3

Derivative Financial Instrume_3

Derivative Financial Instruments - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Net gains or losses recognized in core marketplace revenue relating to hedges of forecasted transactions	$ 0	$ 0	$ 0	$ 0
Net gains or losses on change in fair value of foreign exchange forward contracts		$ 4,000,000		$ 4,000,000

Derivative Financial Instrume_4

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

Derivative Financial Instrume_5

Derivative Financial Instruments - Schedule of Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Derivatives Fair Value [Line Items]
Derivative assets	$ 0	$ 1
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid Expense and Other Assets, Current	Prepaid Expense and Other Assets, Current
Derivative liabilities		$ 1
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current
Non-designated Hedges | Foreign Exchange Forward Contracts
Derivatives Fair Value [Line Items]
Derivative assets		$ 1
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid Expense and Other Assets, Current	Prepaid Expense and Other Assets, Current
Derivative liabilities		$ 1
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 (Loss) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Balance at the beginning of the period	$ 2
Other comprehensive loss before reclassifications	(4)
Amounts recognized in core marketplace revenue and reclassified out of accumulated other comprehensive income	3
Balance at the end of the period	$ 1

Operating Leases - Additional I

Operating Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Apr. 19, 2024	Dec. 31, 2023
Lessee Lease Description [Line Items]
Operating lease cost	$ 1	$ 1	$ 1	$ 2
Right-of-use assets					$ 0	$ 5
Operating lease, liabilities current					0	$ 7
Operating lease, liability current, Statement of financial position [Extensible List]						Accrued liabilities
Lease liabilities, non-current					$ 0	$ 6
Weighted-average remaining lease term						2 years
Weighted-average discount rate						6%
Operating lease liabilities	$ 0		$ 0

Operating Leases - Supplemental

Operating Leases - Supplemental Cash Flow Information for Operating Leases (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 3	$ 4

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	1 Months Ended		6 Months Ended
	Sep. 30, 2022 USD ($)	Nov. 30, 2020 USD ($)	Jun. 30, 2024 USD ($) Case	Apr. 19, 2024 USD ($)	Mar. 31, 2024 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		$ 0
Purchase commitment, period	3 years
Revolving Credit Facility
Commitments And Contingencies Disclosure [Line Items]
Senior secured revolving credit facility		$ 280
Minimum liquidity financial covenant			350
Standby letter of credit			$ 7
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
Reduced revolving credit facility aggregate principal amount					$ 7
Commitment fee percentage on unused portion of aggregate commitments		0.25%
Commitment fee percentage		1.50%
Purchase obligation for asset sale				$ 0
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%

Equity Award Activity and Sto_3

Equity Award Activity and Stock-Based Compensation - Summary of Activity Under Equity Plans and Related Information (Details) - $ / shares shares in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Options, Beginning balance	366
Number of Options, Ending balance	366	366
Weighted-Average Exercise Price, Beginning balance	$ 18
Weighted-Average Exercise Price, Ending balance	$ 18	$ 18
Weighted-Average Remaining Contractual Term	2 years	9 years
Restricted Stock Units ("RSUs")
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Restricted Stock Units, Beginning balance	2,176
Number of Restricted Stock Units, Granted	277
Number of Restricted Stock Units, Exercised or vested	(2,165)
Number of Restricted Stock Units, Forfeited or cancelled	(88)
Number of Restricted Stock Units, Ending balance	200	2,176

Equity Award Activity and Sto_4

Equity Award Activity and Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, shares in Thousands		1 Months Ended		3 Months Ended		6 Months Ended
	Apr. 19, 2024	Feb. 29, 2024	Feb. 28, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Term of option award	2 years
Unrecognized compensation expenses				$ 0		$ 0
Number of shares available for grant				3,202		3,202
Mr. Jun Yan | 2022 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			2 years
Term of option award	2 years		10 years
Termination date	Apr. 19, 2024
Expiration date	Apr. 19, 2026
Mr. Jun Yan | 2022 Employee Stock Purchase Plan | Class A Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Options, Granted			300
Options, Grant date Fair Value			$ 3,000,000
Exercise price			$ 15.03
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Term of option award		90 days
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Term of option award		2 years
Restricted Stock Units ("RSUs")
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant date fair value, granted				$ 5.46	$ 7.97	$ 5.46	$ 14.48
Unrecognized compensation expenses				$ 1,000,000		$ 1,000,000
Unrecognized compensation expenses, recognition period						1 year
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			$ 3,000,000
Number of Options, Granted			170

Equity Award Activity and Sto_5

Equity Award Activity and Stock-Based Compensation - Summary of Assumptions Used in Black-Scholes Option Pricing Model (Details)	6 Months Ended
	Jun. 30, 2023 $ / shares
Share-Based Payment Arrangement [Abstract]
Expected term (in years)	5 years 6 months 18 days
Risk free interest rate	4.15%
Volatility	91.51%
Estimated fair value per share	$ 11.27

Equity Award Activity and Sto_6

Equity Award Activity and Stock Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 3	$ 15	$ 12	$ 41
Cost of Revenue
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation		1		2
Sales and Marketing
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation		1	1	2
Product Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	1	9	6	25
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 2	$ 4	$ 5	$ 12

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Income Taxes [Line Items]
Provision for income taxes	$ 0	$ 3,000,000	$ 6,000,000	$ 3,000,000
Unrecognized tax benefits	$ 0		$ 0		$ 4,000,000

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	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net loss	$ (13)	$ (80)	$ (72)	$ (169)
Denominator:
Weighted-average shares used in computing net loss per share, basic	25,858	23,651	25,086	23,451
Weighted-average shares used in computing net loss per share, diluted	25,858	23,651	25,086	23,451
Net loss per share, basic	$ (0.5)	$ (3.38)	$ (2.87)	$ (7.21)
Net loss per share, diluted	$ (0.5)	$ (3.38)	$ (2.87)	$ (7.21)

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 Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share	566	4,159
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	366
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	200	3,676
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		117

Geographical Information - Addi

Geographical Information - Additional Information (Details)	Dec. 31, 2023
United States
Revenue, Major Customer [Line Items]
Property and equipment, net and right-of-use assets percentage	56%
China
Revenue, Major Customer [Line Items]
Property and equipment, net and right-of-use assets percentage	44%

Reduction In Workforce - Additi

Reduction In Workforce - Additional Information (Details) $ in Millions	1 Months Ended		12 Months Ended
	Aug. 31, 2023 Employee	Jan. 31, 2023 Employee	Dec. 31, 2023 USD ($)
Restructuring and Related Activities [Abstract]
Reduction In workforce, number of positions reduced, percentage	34%	17%
Reduction in workforce, number of positions reduced | Employee	255	150
Severance and other personnel reduction costs | $			$ 13

Reduction In Workforce - Summar

Reduction In Workforce - Summary of Changes in Severance and Other Personnel Reduction Liabilities Included Accrued Liabilities (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Restructuring and Related Activities [Abstract]
Severance and other personnel reduction costs	$ 13