ContextLogic announces $50M stock repurchase program

ContextLogic announced that its Board of Directors has approved a share repurchase program with authorization to repurchase up to $50M in shares of its Class A common stock. "We believe that the current macroeconomic environment and the strength of our balance sheet presents an attractive buying opportunity for our stock. This share repurchase program demonstrates the Board’s and management’s confidence in the future of our business and our commitment to creating long-term, sustainable value for our shareholders," said Vivian Liu, Chief Financial Officer and Chief Operating Officer of Wish. "We believe the current market does not reflect the long-term value of our shares of common stock and we believe this share repurchase program will support our efforts to unlock the long-term value and opportunity we see ahead."