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Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Income Taxes [Line Items]
Provision for income taxes	$ 0	$ 6,000,000
Unrecognized tax benefits	0		$ 0
Unrecognized tax benefits, interest and penalties	$ 0		$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Overview, Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2025
Accounting Policies [Abstract]
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, contingent liabilities, and uncertain tax positions.
Accounting Pronouncements	Accounting Pronouncements The Company has reviewed recent accounting pronouncements and concluded as follows: In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure of specified information about certain costs and expenses including the amounts of purchase of inventory, employee compensation, depreciation, intangible asset amortization, and depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities, and the total amount of selling expenses and an entity's definition of selling expenses. The amendments in this ASU are effective to all public business entities for fiscal years beginning after December 15, 2026. Early adoption is permitted. The Company is evaluating the impact this amended guidance may have on the footnotes to the consolidated financial statements. In November 2024, the FASB issued ASU No. 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments, which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. The amendments in this ASU are effective to entities that settle convertible debt instruments for fiscal years beginning after December 15, 2025. Early adoption is permitted for all entities that have adopted the amendments in ASU No. 2020-06. This amended guidance is not expected to have an impact on the footnotes of the consolidated financial statements. In January 2025, the FASB issued ASU No. 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, which clarified the effective date of ASU No. 2024-03 to be annual reporting periods beginning after December 15, 2026 and interim periods within the annual reporting periods beginning after December 15, 2027. The amendments in this ASU are effective to all public business entities. Early adoption is permitted. This amended guidance is not expected to have an impact on the footnotes of the consolidated financial statements. In March 2025, the FASB issued ASU No. 2025-02, Liabilities (Topic 405)—Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 122, which deleted an SEC paragraph originally titled "Accounting for Obligations to Safeguard Crypto Assets an Entity Holds for Its Platform User." This amended guidance is not applicable to the Company.

Income Taxes	3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 8. 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 months ended March 31, 2025 and 2024, respectively. The year-over-year decrease in provision for income taxes was due to the sale of the Company's operating business and all foreign subsidiaries in April 2024. 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 March 31, 2025 and December 31, 2024. There were no interest and penalties associated with the unrecognized tax benefits for the three months ended March 31, 2025 and December 31, 2024. 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.

Income Taxes

3 Months Ended

Mar. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 8. 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 months ended March 31, 2025 and 2024, respectively. The year-over-year decrease in provision for income taxes was due to the sale of the Company's operating business and all foreign subsidiaries in April 2024. 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 March 31, 2025 and December 31, 2024. There were no interest and penalties associated with the unrecognized tax benefits for the three months ended March 31, 2025 and December 31, 2024.

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.

- Definition

The entire disclosure for income tax.

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+ Details

Disaggregation of Revenue (Tables)

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Summary of Disaggregated Revenue

The following table shows the disaggregated revenue for the applicable periods:


	Three Months Ended
	March 31,
	2025		2024
	(in millions)
Core marketplace revenue	$	—	$	11
ProductBoost revenue		—		3
Marketplace revenue		—		14
Logistics revenue		—		22
Revenue	$	—	$	36

Commitments and Contingencies - Additional Information (Details) $ in Millions	1 Months Ended	3 Months Ended
	Nov. 30, 2020 USD ($)	Mar. 31, 2025 USD ($) Case	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
Revolving Credit Facility
Commitments And Contingencies Disclosure [Line Items]
Reduced revolving credit facility aggregate principal amount		$ 1
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%
Senior Secured Debt \| Revolving Credit Facility \| Reference Rate
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%

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
	Mar. 31, 2025	Mar. 31, 2024
Numerator:
Net loss attributable to common stockholders	$ (7)	$ (59)
Denominator:
Weighted-average shares used in computing net loss per share, basic	26,306	24,315
Weighted-average shares used in computing net loss per share, diluted	26,306	24,315
Net loss per share, basic	$ (0.27)	$ (2.43)
Net loss per share, diluted	$ (0.27)	$ (2.43)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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Overview, Basis of Presentation and Significant Accounting Policies - Additional Information (Details)	3 Months Ended	4 Months Ended
	Mar. 31, 2025 $ / shares shares	Apr. 18, 2024 Segment	Dec. 31, 2024 $ / shares shares
Class Of Stock [Line Items]
Entity Incorporation, State or Country Code	DE
Entity incorporation, date	Jun. 30, 2010
Preferred stock, shares issued \| shares	0		0
Preferred stock, par value \| $ / shares	$ 0.0001		$ 0.0001
Number of reportable segment \| Segment		1
BCP Special Opportunities Fund III Originations LP
Class Of Stock [Line Items]
Percentage of ownership of holdings	20.80%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

Disaggregation of Revenue

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

NOTE 2. DISAGGREGATION OF REVENUE

Following the completion of the Asset Sale, the Company no longer has revenue as it has no marketplace and logistics operations.

Prior to the Asset Sale, the Company generated revenue from marketplace and logistics services provided to its customers.

Prior to the Asset Sale, revenue was 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
	March 31,
	2025		2024
	(in millions)
Core marketplace revenue	$	—	$	11
ProductBoost revenue		—		3
Marketplace revenue		—		14
Logistics revenue		—		22
Revenue	$	—	$	36

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 9
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

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	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share	1,021	2,261
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	655	1,838
Employee Stock Purchase Plan
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share		57

Redeemable Non-controlling Interest - Additional Information (Details)	1 Months Ended	3 Months Ended
	Mar. 31, 2025 USD ($) $ / shares shares	Mar. 31, 2025 USD ($) $ / shares shares
Redeemable Noncontrolling Interest [Line Items]
Accreted redemption value		$ 3,000,000
Class A Convertible Preferred Units
Redeemable Noncontrolling Interest [Line Items]
Temporary equity stated value per share \| $ / shares	$ 1,000	$ 1,000
Mezzanine equity and initially recognized at fair value	$ 75,000,000	$ 75,000,000
Reduced cost of issuing value		3,000,000
Adjusted initial carrying value	72,000,000	72,000,000
Accreted redemption value		3,000,000
Redemption value of redeemable preferred stock	75,000,000	75,000,000
Class A Convertible Preferred Units \| Minimum
Redeemable Noncontrolling Interest [Line Items]
Aggregate enterprise value	$ 100,000,000	$ 100,000,000
Class A Convertible Preferred Units \| Investment Agreement \| Maximum
Redeemable Noncontrolling Interest [Line Items]
Preferred shares issuable \| shares	150,000	150,000
Aggregate purchase price receivable	$ 150,000,000	$ 150,000,000
Class A Convertible Preferred Units \| Investment Agreement \| Preferred Stock
Redeemable Noncontrolling Interest [Line Items]
Shares issued and sold \| shares	75,000
Aggregate purchase price	$ 75,000,000
Additional units issuable for future investment \| shares		75,000
Value of additional units issuable for future investment		$ 75,000,000

Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Accrued Liabilities, Current [Abstract]
Accrued services	$ 1	$ 1
Other	1	4
Total accrued liabilities	$ 2	$ 5

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2025	Apr. 30, 2025
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
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		26,612,092
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

Equity Award Activity and Stock-Based Compensation - Summary of Activity Under Equity Plans and Related Information (Details) - $ / shares shares in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
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	$ 18.00
Weighted-Average Exercise Price, Ending balance	$ 18.00	$ 18.00
Weighted-Average Remaining Contractual Term	1 year 1 month 6 days	1 year 3 months 18 days
Restricted Stock Units ("RSUs")
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning balance of number of units nonvested	481
Number of Restricted Stock Units, Granted	188
Number of Restricted Stock Units, Exercised or vested	(14)
Ending balance of number of units nonvested	655	481

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Segment Information - Additional Information (Details) - Segment	3 Months Ended	4 Months Ended
	Mar. 31, 2025	Apr. 18, 2024
Segment Reporting [Abstract]
Number of reportable segment		1
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The Company’s chief operating decision-maker is its Chief Executive Officer who makes operating decisions, assesses financial performance and allocates resources based on consolidated financial information.
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	Chief Executive Officer [Member]

Financial Instruments and Fair Value Measurement - Schedule of Financial Assets and Liabilities Subject to Fair Value Measurements on Recurring Basis (Details) - Recurring - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Financial assets:
Cash equivalents	$ 64	$ 66
Marketable securities	158	83
Total financial assets	222	149
Level 1
Financial assets:
Cash equivalents	3	2
Total financial assets	3	2
Level 2
Financial assets:
Cash equivalents	61	64
Marketable securities	158	83
Total financial assets	219	147
Money Market Funds
Financial assets:
Cash equivalents	3	2
Money Market Funds \| Level 1
Financial assets:
Cash equivalents	3	2
U.S. Treasury Bills
Financial assets:
Cash equivalents	61	64
Marketable securities	158	83
U.S. Treasury Bills \| Level 2
Financial assets:
Cash equivalents	61	64
Marketable securities	$ 158	$ 83

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

Redeemable Non-controlling Interest - Summary of Redeemable Non-controlling Interest (Details) $ in Millions	3 Months Ended
	Mar. 31, 2025 USD ($)
Temporary Equity [Line Items]
Accretion to adjust redemption value of subsidiary's Preferred Units	$ 3
Class A Convertible Preferred Units
Temporary Equity [Line Items]
Issuance of subsidiary's Preferred Units to redeemable non-controlling interest	72
Accretion to adjust redemption value of subsidiary's Preferred Units	3
Balance, end of period	$ 75

- Definition

Carrying amount, attributable to parent and noncontrolling interests, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

+ References + Details

Equity Award Activity and Stock Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 1	$ 9
Sales and Marketing
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation		1
Product Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation		5
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 1	$ 3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Financial Instruments and Fair Value Measurement - Schedule of Contractual Maturities of Marketable Securities (Details) - Recurring - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Amortized Cost
Due within one year	$ 158	$ 83
Total marketable securities	158	83
Estimated Fair Value
Due within one year	158	83
Total marketable securities	$ 158	$ 83

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2025	Dec. 31, 2024
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	26,314,000	26,299,000
Common stock, shares outstanding	26,314,000	26,299,000

Financial Instruments and Fair Value Measurement

3 Months Ended

Mar. 31, 2025

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, accounts payable, and accrued liabilities. Cash equivalents’ carrying value approximates fair value at the balance sheet dates, due to the short period of time to maturity. Marketable securities are recognized at fair value. Accounts payable and accrued liabilities 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 and marketable securities 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:


	March 31, 2025
	Total		Level 1		Level 2		Level 3
	(in millions)
Financial assets:
Cash equivalents:
Money market funds	$	3	$	3	$	—	$	—
U.S. Treasury bills		61		—		61		—
Total cash equivalents:	$	64	$	3	$	61	$	—
Marketable securities:
U.S. treasury bills	$	158	$	—	$	158	$	—
Total marketable securities	$	158	$	—	$	158	$	—
Total financial assets	$	222	$	3	$	219	$	—


	December 31, 2024
	Total		Level 1		Level 2		Level 3
	(in millions)
Financial assets:
Cash equivalents:
Money market funds	$	2	$	2	$	—	$	—
U.S. treasury bills		64		—		64		—
Total cash equivalents	$	66	$	2	$	64	$	—
Marketable securities:
U.S. treasury bills	$	83	$	—	$	83	$	—
Total marketable securities	$	83	$	—	$	83	$	—
Total financial assets	$	149	$	2	$	147	$	—

As of March 31, 2025, the Company’s “cash and cash equivalents” line item was comprised of cash deposited with banks, U.S. Treasury bills, and money market funds, 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 following table summarizes the contractual maturities of the Company’s marketable securities:


	March 31,				December 31,
	2025				2024
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
	(in millions)
Due within one year	$	158	$	158	$	83	$	83
Total marketable securities	$	158	$	158	$	83	$	83

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 March 31, 2025 and December 31, 2024 were insignificant. As of March 31, 2025 and December 31, 2024, 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.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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-Paragraph 107
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+ Details

Subsequent Events Additional Information (Details) shares in Thousands	Apr. 16, 2025 shares
Subsequent Event
Subsequent Event [Line Items]
Unvesteted restricted stocks unit outstanding	247

Balance Sheet Components (Tables)

3 Months Ended

Mar. 31, 2025

Balance Sheet Related Disclosures [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consist of the following:


	March 31,		December 31,
	2025		2024
	(in millions)
Accrued services(1)	$	1	$	1
Other (2)		1		4
Total accrued liabilities	$	2	$	5

(1)

Accrued services primarily consist of professional services and other services for both 2025 and 2024. The services in 2025 are primarily associated with the issuance of redeemable convertible Preferred Units.

(2)

Other accrued liabilities primarily consist 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 is lifted, this payable will be repaid.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Statement of Comprehensive Income [Abstract]
Net loss	$ (4)	$ (59)
Other comprehensive loss:
Unrealized holding losses on derivatives and marketable securities, net of tax		(1)
Foreign currency translation adjustment		(1)
Other comprehensive loss		(2)
Total comprehensive loss	(4)	(61)
Less: adjustments attributable to redeemable non-controlling interest	(3)
Comprehensive loss attributable to common stockholders	$ (7)	$ (61)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Equity Award Activity and Stock-Based Compensation - Summary of Valuation Assumptions (Details) - Class P Units	Mar. 06, 2025 USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected time to a liquidity event	5 years
Expected volatility	39.00%
Risk-free interest rate	3.98%
Equity value	$ 222

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Equity Award Activity and Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2025

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 Options		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (In Years)		Number of RSUs
	(in thousands)						(in thousands)
Balances as of December 31, 2024		366	$	18.00		1.3		481
Granted		—						188
Exercised or vested		—						(14	)
Forfeited or cancelled		—						—
Balances as of March 31, 2025		366	$	18.00	1.1			655

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
	March 31,
	2025		2024
	(in millions)
Sales and marketing	$	—	$	1
Product development		—		5
General and administrative		1		3
Total stock-based compensation	$	1	$	9

Summary of Changes in Non-vested

Changes in non-vested Class P Units as of March 31, 2025, were as follows (in thousands, except per share amounts):


	Time Vesting Grant				Performance Vesting Grant
	Number of Units		Weighted Average Grant Date Fair Value		Number of Units		Weighted Average Grant Date Fair Value
Nonvested at January 1, 2025		—	$	—		—	$	—
Granted		474		3.21		1,898		2.39
Vested		—		—		—		—
Forfeited		—		—		—		—
Nonvested at March 31, 2025		474	$	3.21		1,898	$	2.39

Summary of Valuation Assumptions

The valuation assumptions utilized for the Class P Units as of the March 6, 2025, grant date were as follows:


Expected time to a liquidity event (1)	5.00 years
Expected volatility (2)		39	%
Risk-free interest rate (3)		3.98	%
Equity value (4)	$	222
Discount for lack of marketability		20	%

(1) Represents the expected time to a liquidity event as of the measurement date.

(2) Because Holdings is a private company that was formed on the grant date, it is not possible to base Holding’s expected volatility assumption on the historical volatility of the Holding’s stock price. A selected specific peer group was used to develop a volatility indication for Holdings as of the Valuation Date using each peer company’s historical equity volatility over the period commensurate with the expected time to a liquidity event, adjusting for differences in financial leverage. The peer group was selected based on the types of companies that Holdings will likely acquire.

(3) The risk-free rate equals the continuously compounded yield on zero-coupon U.S. Treasury Separate Trading of Registered Interest and Principal of Securities as of the Valuation Date for a period equal to the time from the Valuation Date until the expected liquidity event, assuming linear interpolation between terms.

(4) The fair value of the Company’s equity was estimated based on the capital contributions for the Preferred Units and Class B common units given that capital was contributed on the measurement date.

Overview, Basis of Presentation and Significant Accounting Policies

3 Months Ended

Mar. 31, 2025

Accounting Policies [Abstract]

Overview, Basis of Presentation and Significant Accounting Policies

NOTE 1. OVERVIEW, BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

ContextLogic Inc. (the "Company", "ContextLogic", "we", “our” or "us") is a publicly traded company currently seeking to develop and grow a de novo business and finance potential future bolt-on acquisitions of assets or businesses that are complementary to its operations. The Company currently does not generate revenue.

The Company was incorporated in the state of Delaware in June 2010 and is headquartered in Oakland, California.

Asset Sale

On April 19, 2024, following the vote by a majority of the outstanding shares of the Company’s common stock and the satisfaction of other customary closing conditions the Company consummated the transaction pursuant to that certain 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”).

Prior to the Asset Sale, the Company owned and operated the Wish platform (“Wish”). The Wish platform generated revenue for the Company from the 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 condensed consolidated financial statements presented in this Quarterly Report on Form 10-Q reflect the Asset Sale as it was completed on April 19, 2024. Accordingly, the condensed consolidated 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, where applicable, the pre-Asset Sale operations, the results of the Asset Sale, and the post-Asset Sale activities.

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. On April 19, 2024, all outstanding unvested restricted awards for employees and directors were accelerated and fully vested. Following the Asset Sale, substantially all of the Company's employees became employees of the Buyer.

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 along with the ContextLogic Holdings, LLC entity for which the Company is the majority owner. All intercompany balances and transactions have been eliminated in consolidation. The interim condensed consolidated financial statements as of March 31, 2025 and for the three months ended March 31, 2025 and 2024 are 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, 2024 is derived from consolidated financial statements audited by BPM LLP, an independent registered public accounting firm, 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, 2024, which was filed with the SEC on March 12, 2025, as amended by Amendment No. 1 to Annual Report on Form 10-K/A, which was filed with the SEC on April 17, 2025 (as amended, the “2024 Form 10-K”). The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the year ending December 31, 2025 or for any future interim periods.

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, contingent liabilities, and uncertain tax positions.

Redeemable Non-Controlling Interest

Redeemable non-controlling interest represents the shares of the Class A convertible preferred units ("Preferred Units") issued by ContextLogic Holdings, LLC (“Holdings”), a Delaware limited liability company and subsidiary of the Company, to BCP Special Opportunities Fund III Originations LP, a Delaware limited partnership (the “Investor”) who has a 20.8% ownership of Holdings. The Preferred Units are redeemable upon (i) a liquidation, (ii) at the Investor's option upon Holdings failing to complete an acquisition on or prior to the second anniversary of the initial closing on March 6, 2025 ("Initial Closing") or (iii) at Holdings' option on or after the fifth anniversary of an acquisition event. If the interest of the minority investors were to be redeemed under this agreement, the Company would be required to redeem the interest based on a prescribed formula in the amended and restated investment agreement (the “A&R Investment Agreement”). Holdings is required to seek written consent from the Investor prior to the consummation of an acquisition. As such, the redemption of the Preferred Units is outside the control of Holdings and the Company has classified the Preferred Units as mezzanine equity.

The balance of the redeemable non-controlling interest is reported at the greater of the initial carrying value amount adjusted for the redeemable non-controlling interest's share of earnings or losses or its estimated redemption value. The resulting changes in the estimated redemption amount are recorded with corresponding adjustments against retained earnings or, in the absence of retained earnings, additional paid-in-capital. These interests are presented on the condensed consolidated balance sheet outside of stockholders' equity under the caption "Redeemable non-controlling interest." Refer to Note 6 - Redeemable Non-Controlling Interest for additional information.

Summary of Significant Accounting Policies

Besides the above mentioned policy on the redeemable non-controlling interest, there have been no changes to the Company’s significant accounting policies described in its 2024 Form 10-K 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 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure of specified information about certain costs and expenses including the amounts of purchase of inventory, employee compensation, depreciation, intangible asset amortization, and depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities, and the total amount of selling expenses and an entity's definition of selling expenses. The amendments in this ASU are effective to all public business entities for fiscal years beginning after December 15, 2026. Early adoption is permitted. The Company is evaluating the impact this amended guidance may have on the footnotes to the consolidated financial statements.

In November 2024, the FASB issued ASU No. 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments, which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. The amendments in this ASU are effective to entities that settle convertible debt instruments for fiscal years beginning after December 15, 2025. Early adoption is permitted for all entities that have adopted the amendments in ASU No. 2020-06. This amended guidance is not expected to have an impact on the footnotes of the consolidated financial statements.

In January 2025, the FASB issued ASU No. 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, which clarified the effective date of ASU No. 2024-03 to be annual reporting periods beginning after December 15, 2026 and interim periods within the annual reporting periods beginning after December 15, 2027. The amendments in this ASU are effective to all public business entities. Early adoption is permitted. This amended guidance is not expected to have an impact on the footnotes of the consolidated financial statements.

In March 2025, the FASB issued ASU No. 2025-02, Liabilities (Topic 405)—Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 122, which deleted an SEC paragraph originally titled "Accounting for Obligations to Safeguard Crypto Assets an Entity Holds for Its Platform User." This amended guidance is not applicable to the Company.

Disaggregation of Revenue - Summary of Disaggregated Revenue (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Disaggregation Of Revenue [Line Items]
Revenue	$ 36
Core Marketplace Revenue
Disaggregation Of Revenue [Line Items]
Revenue	11
ProductBoost Revenue
Disaggregation Of Revenue [Line Items]
Revenue	3
Marketplace Revenue
Disaggregation Of Revenue [Line Items]
Revenue	14
Logistics Revenue
Disaggregation Of Revenue [Line Items]
Revenue	$ 22

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2025

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
	March 31,
	2025			2024
	($ in millions, shares in thousands, except per share data)
Numerator:
Net loss attributable to common stockholders	$	(7	)	$	(59	)
Denominator:
Weighted-average shares used in computing net loss per share, basic and diluted		26,306			24,315
Net loss per share, basic and diluted	$	(0.27	)	$	(2.43	)

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 March 31,
	2025		2024
	(in thousands)
Common stock options outstanding		366		366
Unvested restricted stock units outstanding		655		1,838
Employee stock purchase plan		—		57
Total		1,021		2,261

Commitments and Contingencies

3 Months Ended

Mar. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 5. 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 reference rate 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 three months ended March 31, 2025 and 2024.

At the closing of the Asset Sale on April 19, 2024, the Company 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.

During the three months ended March 31, 2025, the Letter of Credit was reduced to $1 million.

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. In August 2024, the Court granted the motion to dismiss without leave to amend and with prejudice. In September 2024, plaintiffs filed a motion to alter judgment noticed for hearing in January 2025. In February 2025, the court denied the plaintiffs' motion to alter judgement. In March 2025, plaintiffs filed a notice of appeal to the Ninth Circuit. 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 March 31, 2025, 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 Based Compensation - Summary of Changes in Non-vested (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2025 $ / shares shares
Time-Based Class P Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of units, granted \| shares	474
Ending balance of number of units nonvested \| shares	474
Weighted average grant date fair value, granted \| $ / shares	$ 3.21
Ending balance of weighted average grant date fair value \| $ / shares	$ 3.21
Performance-Based Class P Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of units, granted \| shares	1,898
Ending balance of number of units nonvested \| shares	1,898
Weighted average grant date fair value, granted \| $ / shares	$ 2.39
Ending balance of weighted average grant date fair value \| $ / shares	$ 2.39

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

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, 2023	$ 217		$ 3,470	$ (7)	$ (3,246)
Beginning balance, Shares at Dec. 31, 2023		24,229
Issuance of common stock upon settlement of restricted stock units, Shares		288
Shares withheld related to net share settlement	(1)		(1)
Shares withheld related to net share settlement, Shares		(119)
Stock-based compensation	9		9
Other comprehensive loss, net	(2)			(2)
Net loss	(59)				(59)
Ending balance at Mar. 31, 2024	164		3,478	$ (9)	(3,305)
Ending balance, Shares at Mar. 31, 2024		24,398
Beginning balance at Dec. 31, 2024	$ 151		3,481		(3,330)
Beginning balance, Shares at Dec. 31, 2024	26,299	26,299
Issuance of common stock upon settlement of restricted stock units, Shares		15
Stock-based compensation	$ 1		1
Net loss	(4)				(4)
Accretion to adjust redemption value of subsidiary's Preferred Units	(3)		(3)
Ending balance at Mar. 31, 2025	$ 145		$ 3,479		$ (3,334)
Ending balance, Shares at Mar. 31, 2025	26,314	26,314

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Subsequent Events

3 Months Ended

Mar. 31, 2025

Subsequent Events [Abstract]

Subsequent Events

NOTE 11. SUBSEQUENT EVENTS

On April 16, 2025, Richard Parisi and Elizabeth LaPuma delivered notice to the board of directors (the "Board") of the Company of their resignation as directors, effective immediately, to pursue other opportunities. The Board elected to fully accelerate the vesting of all outstanding RSU awards held by Richard Parisi and Elizabeth LaPuma, consequently, the aggregate unvested 247 thousand RSUs became fully vested on April 16, 2025.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 64	$ 66
Marketable securities	158	83
Prepaid expenses and other current assets	1	7
Total current assets	223	156
Total assets	223	156
Current liabilities:
Accounts payable	1
Accrued liabilities	2	5
Total current liabilities	3	5
Total liabilities	3	5
Commitments and contingencies (Note 5)
Redeemable non-controlling interest (Note 6)	75
Stockholders’ equity:
Preferred stock, $0.0001 par value: 100,000 shares authorized as of March 31, 2025 and December 31, 2024; No shares issued and outstanding as of March 31, 2025 and December 31, 2024
Common stock, $0.0001 par value: 3,000,000 shares authorized as of March 31, 2025 and December 31, 2024; 26,314 and 26,299 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively
Additional paid-in capital	3,479	3,481
Accumulated deficit	(3,334)	(3,330)
Total stockholders’ equity	145	151
Total liabilities, redeemable non-controlling interest, and stockholders' equity	$ 223	$ 156

Operating Leases - Supplemental Cash Flow Information for Operating Leases (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities:
Net loss attributable to common stockholders	$ (7)	$ (59)
Net loss and adjustment attributable to redeemable non-controlling interest	3
Net loss	(4)	(59)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		1
Noncash lease expense		1
Stock-based compensation	1	9
Net accretion of discounts and premiums on marketable securities	(1)
Other		(1)
Changes in operating assets and liabilities:
Funds receivable		(1)
Prepaid expenses, other current and noncurrent assets		3
Accounts payable	1	(13)
Merchants payable		(9)
Accrued and refund liabilities	(2)	(10)
Lease liabilities		(2)
Other current and noncurrent liabilities		6
Net cash used in operating activities	(5)	(75)
Cash flows from investing activities:
Purchases of marketable securities	(158)
Maturities of marketable securities	83	90
Net cash (used in) provided by investing activities	(75)	90
Cash flows from financing activities:
Proceeds from issuance of redeemable convertible Preferred Units, net	72
Payment of taxes related to RSU settlement		(1)
Net cash provided by (used in) financing activities	72	(1)
Foreign currency effects on cash, cash equivalents and restricted cash		(2)
Net (decrease) increase in cash, cash equivalents and restricted cash	(8)	12
Cash, cash equivalents and restricted cash at beginning of period	73	238
Cash, cash equivalents and restricted cash at end of period	65	250
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	64	250
Restricted cash included in prepaid and other current assets in the condensed consolidated balance sheets	1
Cash, cash equivalents and restricted cash at end of period	$ 65	250
Supplemental cash flow disclosures:
Cash paid for operating leases		2
Cash paid for income taxes, net of refunds		$ 1

Equity Award Activity and Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions		3 Months Ended
	Mar. 06, 2025	Mar. 31, 2025	May 09, 2025	Dec. 31, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for grant		4,024
Restricted Stock Units ("RSUs")
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant date fair value, granted		$ 6.78
Unrecognized compensation expenses		$ 3
Unrecognized compensation expenses, recognition period		1 year
Number of non-vested units		655		481
Class P Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expenses		$ 6
Unrecognized compensation expenses, recognition period		4 years
Vest upon the performance		474
Number of non-vested units		2,372
Weighted-average grant date fair value		$ 2.55
Class P Units \| Subsequent Event \| Vesting Upon Later of Two Year Anniversary
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vest upon the performance			712
Class P Units \| Subsequent Event \| Vesting Upon Later of Three Year Anniversary
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vest upon the performance			712
Class P Units \| Subsequent Event \| Vesting Upon Four Year Anniversary
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vest upon the performance			474
Class P Units \| Employment Agreement
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares awarded as compensation	2,372
Time-Based Class P Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant date fair value, granted		$ 3.21
Percentage of vesting of award	25.00%
Vest upon the performance		712
Cumulative fair value of grant		$ 1
Number of non-vested units		474
Weighted-average grant date fair value		$ 3.21
Time-Based Class P Units \| Employment Agreement
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares awarded as compensation	474
Performance-Based Class P Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant date fair value, granted		$ 2.39
Shares awarded as compensation	1,423
Vest upon the performance		712
Cumulative fair value of grant		$ 5
Number of non-vested units		1,898
Weighted-average grant date fair value		$ 2.39
Performance-Based Class P Units \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares awarded as compensation	1,898

Disaggregation Of Revenue - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024 USD ($)
Disaggregation of Revenue [Line Items]
Revenue	$ 36,000,000
E-Commerce Operations
Disaggregation of Revenue [Line Items]
Revenue	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Segment Information

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Information

NOTE 10. SEGMENT INFORMATION

The Company has determined that from January 1, 2024 through the date of the Asset Sale in April 2024, it operated in one reportable segment, and from the date of the Asset Sale, it does not have a reportable segment. The Company’s chief operating decision-maker is its Chief Executive Officer who makes operating decisions, assesses financial performance and allocates resources based on consolidated financial information.

The measure of segment assets is reported on the Company’s condensed consolidated balance sheets.

The Company’s only significant measures of profit and loss are general and administrative expenses and interest and other income, net which are each separately presented on the Company’s condensed consolidated statements of operations.

Prior to the Asset Sale, China accounted for substantially all of marketplace and logistics revenue during the three months ended March 31, 2024 based on the location of the merchants’ operations. Marketplace and logistics revenue from merchants based in the United States was immaterial.

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.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Net Loss Per Share

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Net Loss Per Share

NOTE 9. Net loss per share

The following table sets forth the computation of basic and diluted net loss per share:


	Three Months Ended
	March 31,
	2025			2024
	($ in millions, shares in thousands, except per share data)
Numerator:
Net loss attributable to common stockholders	$	(7	)	$	(59	)
Denominator:
Weighted-average shares used in computing net loss per share, basic and diluted		26,306			24,315
Net loss per share, basic and diluted	$	(0.27	)	$	(2.43	)

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 March 31,
	2025		2024
	(in thousands)
Common stock options outstanding		366		366
Unvested restricted stock units outstanding		655		1,838
Employee stock purchase plan		—		57
Total		1,021		2,261

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Income Statement [Abstract]
Revenue		$ 36
Cost of revenue		30
Gross profit		6
Operating expenses:
Sales and marketing		15
Product development		22
General and administrative	$ 6	22
Total operating expenses	6	59
Loss from operations	(6)	(53)
Other income, net:
Interest and other income, net	2
Loss before provision for income taxes	(4)	(53)
Provision for income taxes	0	6
Net loss	(4)	(59)
Adjustments attributable to redeemable non-controlling interest (Note 6)	(3)
Net loss attributable to common stockholders	$ (7)	$ (59)
Net loss per share, basic	$ (0.27)	$ (2.43)
Net loss per share, diluted	$ (0.27)	$ (2.43)
Weighted-average shares used in computing net loss per share, basic	26,306	24,315
Weighted-average shares used in computing net loss per share, diluted	26,306	24,315

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (4)	$ (59)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Redeemable Non-controlling Interest (Tables)

3 Months Ended

Mar. 31, 2025

Temporary Equity Disclosure [Abstract]

Summary of Redeemable Non-controlling Interest

The following table summarizes the activity in the redeemable non-controlling interest for the period indicated below:


	Three months ended
	March 31, 2025
	(in millions)
Balance, beginning of period	$	—
Issuance of subsidiary's Preferred Units to redeemable non-controlling interest		72
Accretion to adjust redemption value of subsidiary's Preferred Units		3
Dividends accrued to holders of subsidiary's Preferred Units		—
Balance, end of period	$	75

Equity Award Activity and Stock-Based Compensation

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Equity Award Activity and Stock-Based Compensation

NOTE 7. 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 Options		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (In Years)		Number of RSUs
	(in thousands)						(in thousands)
Balances as of December 31, 2024		366	$	18.00		1.3		481
Granted		—						188
Exercised or vested		—						(14	)
Forfeited or cancelled		—						—
Balances as of March 31, 2025		366	$	18.00	1.1			655

The weighted-average grant date fair value of restricted stock was $6.78 for the three months ended March 31, 2025. As of March 31, 2025, 4,024 thousand shares remained available for grant under the Company’s equity incentive plans.

Stock-Based Compensation Expense

Total stock-based compensation expense included in the condensed consolidated statements of operations was as follows:


	Three Months Ended
	March 31,
	2025		2024
	(in millions)
Sales and marketing	$	—	$	1
Product development		—		5
General and administrative		1		3
Total stock-based compensation	$	1	$	9

The Company will recognize the remaining $3 million of unrecognized stock-based compensation expense related to restricted stock units ("RSUs") granted following the Asset Sale over a weighted-average period of approximately 1 year and the remaining $6 million of unrecognized stock-based compensation related to Class P Units over a weighted-average period of approximately 4 years.

Class P Units

On March 6, 2025, the Board approved, and the Company entered into, an employment agreement for Mr. Rishi Bajaj to serve as the Chief Executive Officer ("CEO"), including a revised compensation package (the “Employment Agreement”), effective March 6, 2025 (the “Effective Date” or "Valuation Date"). On the Effective Date, Mr. Bajaj was awarded 2,372 thousand Class P units (the “Class P Units”) in Holdings, consisting of (i) an award of 474 thousand time-based Class P Units (the “Time Vesting Grant”) which will vest over time, in four (4) equal installments, subject to Mr. Bajaj’s continuous service, with 25% of the Time Vesting Grant vesting on the first anniversary of the Effective Date and an additional 25% on each anniversary thereafter; and (ii) an award targeted at 1,423 thousand performance-based Class P Units (the “Performance Vesting Grant”) which will be earned and will vest based on the achievement of specified performance criteria, up to a maximum of 1,898 thousand performance-based Class P Units, subject to Mr. Bajaj’s continuous service through the four (4) year anniversary of the Effective Date.

If Mr. Bajaj’s employment is terminated due his death or Disability (as defined in the Employment Agreement), then (a) the Time Vesting Grant will immediately vest upon termination; and (b) the Performance Vesting Grant will remain outstanding through the four (4) year anniversary of the Effective Date and will vest as follows: (A) 712 thousand of the Class P Units will vest upon the date the performance metrics applicable to such Class P Units are achieved; (B) 712

thousand of the Class P Units will vest upon the date the performance metrics applicable to such Class P Units are achieved; and (C) 474 thousand of the Class P Units will vest upon the date the performance metrics applicable to such Class P Units are achieved.

If Mr. Bajaj’s employment is terminated by the Company without Cause (other than by reason of Disability) or by Mr. Bajaj for Good Reason (as such terms are defined in the Employment Agreement), then (a) the Time Vesting Grant will immediately vest upon termination; and (b) the Performance Vesting Grant will remain outstanding through the four (4) year anniversary of the Effective Date and will vest as follows: (A) 712 thousand of the Class P Units will vest upon the later of (x) the two (2) year anniversary of the Effective Date or (y) the date the performance metrics applicable to such Class P Units are achieved; (B) 712 thousand of the Class P Units will vest upon the later of (x) the three (3) year anniversary of the Effective Date or (y) the date the performance metrics applicable to such Class P Units are achieved; and (C) 474 thousand of the Class P Units will vest upon the four (4) year anniversary of the Effective Date provided the performance metrics applicable to such Class P Units are achieved.

Changes in non-vested Class P Units as of March 31, 2025, were as follows (in thousands, except per share amounts):


	Time Vesting Grant				Performance Vesting Grant
	Number of Units		Weighted Average Grant Date Fair Value		Number of Units		Weighted Average Grant Date Fair Value
Nonvested at January 1, 2025		—	$	—		—	$	—
Granted		474		3.21		1,898		2.39
Vested		—		—		—		—
Forfeited		—		—		—		—
Nonvested at March 31, 2025		474	$	3.21		1,898	$	2.39

A Monte Carlo simulation model under the option pricing method was used to estimate the fair value of the Class P Units. The fair value included a discount for lack of marketability, as these units are non-marketable, minority interests in Holdings, without an active market and are subject to restrictions on transfer. The total cumulative fair value of the Time Vesting Grant and Performance Vesting Grant was $1 million and $5 million, respectively.

The valuation assumptions utilized for the Class P Units as of the March 6, 2025, grant date were as follows:


Expected time to a liquidity event (1)	5.00 years
Expected volatility (2)		39	%
Risk-free interest rate (3)		3.98	%
Equity value (4)	$	222
Discount for lack of marketability		20	%

(1) Represents the expected time to a liquidity event as of the measurement date.

Compensation costs related to Class P Units are recognized based on the grant date fair value on a straight-line basis over the period starting on the grant date and ending on the fourth anniversary of the grant date. The Time Vesting grant vests based on satisfying a service-based condition. The Performance Vesting Grant vests based on satisfying a service-based vesting condition and a market condition. Compensation costs related to the Class P Units were insignificant for the quarter ended March 31, 2025. As of March 31, 2025, the number of non-vested units was 2,372 thousand with a weighted-average grant date fair value of $2.55.

Compensation cost previously recognized for an award forfeited due to a failure to satisfy a service condition will be reversed by the Company in the period of the forfeiture.

Financial Instruments and Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2025

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:


	March 31, 2025
	Total		Level 1		Level 2		Level 3
	(in millions)
Financial assets:
Cash equivalents:
Money market funds	$	3	$	3	$	—	$	—
U.S. Treasury bills		61		—		61		—
Total cash equivalents:	$	64	$	3	$	61	$	—
Marketable securities:
U.S. treasury bills	$	158	$	—	$	158	$	—
Total marketable securities	$	158	$	—	$	158	$	—
Total financial assets	$	222	$	3	$	219	$	—


	December 31, 2024
	Total		Level 1		Level 2		Level 3
	(in millions)
Financial assets:
Cash equivalents:
Money market funds	$	2	$	2	$	—	$	—
U.S. treasury bills		64		—		64		—
Total cash equivalents	$	66	$	2	$	64	$	—
Marketable securities:
U.S. treasury bills	$	83	$	—	$	83	$	—
Total marketable securities	$	83	$	—	$	83	$	—
Total financial assets	$	149	$	2	$	147	$	—