
	March 31, 2024
	Gross Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Short-term investments:
Corporate debt securities	$	1,276	$	—	$	(6)	$	1,270
Government and agency securities	481		—		(8)		473
	$	1,757	$	—	$	(14)	$	1,743
Long-term investments:
Corporate debt securities	$	582	$	—	$	(7)	$	575
Government and agency securities	462		—		(16)		446
	$	1,044	$	—	$	(23)	$	1,021


	December 31, 2023
	Gross Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Short-term investments:
Corporate debt securities	$	2,170	$	—	$	(8)	$	2,162
Government and agency securities	382		—		(11)		371
	$	2,552	$	—	$	(19)	$	2,533
Long-term investments:
Corporate debt securities	$	338	$	—	$	(10)	$	328
Government and agency securities	287		—		(16)		271
	$	625	$	—	$	(26)	$	599

Our fixed-income investments consist of predominantly investment grade corporate debt securities and government and agency securities. The corporate debt and government and agency securities that we invest in are generally deemed to be low risk based on their credit ratings from major rating agencies.

The longer the duration of these securities, the more susceptible they are to changes in market interest rates and bond yields. As interest rates increase, securities purchased at a lower yield show a mark-to-market unrealized loss. The unrealized losses are primarily due to changes in credit spreads and interest rates. We regularly review investment securities for other-than-temporary impairment using both qualitative and quantitative criteria. Investments classified as available-for-sale debt securities are carried at fair value with changes reflected in other comprehensive income. Where there is an intention or a requirement to sell an impaired available-for-sale debt security, the entire impairment is recognized in earnings with a corresponding adjustment to the amortized cost basis of the security. From time to time, we sell available-for-sale debt securities in an unrealized loss position and recognize an immaterial loss.

We regularly review investment securities for credit impairment using both qualitative and quantitative criteria. In making this assessment, we consider the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, any adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses will be recorded through interest income and other, net for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. We did not recognize any credit-related impairment through an allowance for credit losses as of March 31, 2024.

Investment securities in a continuous loss position for less than 12 months had an estimated fair value of $1.7 billion and unrealized losses of $1 million as of March 31, 2024 compared to an estimated fair value of $1.5 billion and unrealized losses of $2 million as of December 31, 2023. Investment securities in a continuous loss position for greater than 12 months had an estimated fair value of $1.0 billion and unrealized losses of $36 million as of March 31, 2024 compared to an estimated fair value of $1.1 billion and unrealized losses of $43 million as of December 31, 2023. Refer to “Note 14 — Accumulated Other Comprehensive Income” for amounts reclassified to earnings from unrealized gains and losses.


	Balance Sheet Location	March 31, 2024		December 31, 2023

Equity investment in Adevinta	Equity investment in Adevinta	$	4,240	$	4,474
Equity investments under the fair value option	Long-term investments	376		382
Equity investments under the equity method of accounting	Long-term investments	56		55
Equity investments without readily determinable fair values	Long-term investments	93		93
Total equity investments		$	4,765	$	5,004

Upon completion of the transfer of our Classifieds business to Adevinta in 2021, we received an equity investment of 44% in Adevinta valued at $10.8 billion at the close of the transfer. In the fourth quarter of 2021, we completed the sale of approximately 135 million of our voting shares in Adevinta to Permira, inclusive of the option exercised by Permira to purchase additional voting shares, for total cash consideration of approximately $2.3 billion which reduced our ownership in Adevinta to 33%.

At the initial recognition of this equity investment, we elected the fair value option where subsequent changes in fair value are recognized in gain (loss) on equity investments and warrant, net in the condensed consolidated statement of income. The investment is reported within the short-term assets section in our condensed consolidated balance sheet and is classified within Level 1 in the fair value hierarchy as the valuation can be obtained from real time quotes in active markets based on Adevinta’s closing stock price and prevailing foreign exchange rate at each balance sheet date. We believe the fair value option election creates more transparency of the current value in the equity investment in Adevinta. Refer to “Note 7 — Fair Value Measurement of Assets and Liabilities” for more information.

We recorded $234 million of unrealized losses within gain (loss) on equity investments and warrant, net during the three months ended March 31, 2024 compared to $174 million of unrealized gains during the same period in 2023.

On November 21, 2023, we announced our support for the voluntary tender offer led by Permira and Blackstone to acquire all the publicly traded shares of Adevinta (the “Adevinta Transaction”). As part of the Adevinta Transaction, eBay agreed to sell 50% of its shares for an estimated $2.2 billion and to exchange the remaining shares for an equity stake of approximately 20% in the newly privatized company. On April 24, 2024, it was announced that all required regulatory approvals have been obtained and that the completion of the Adevinta Transaction is expected to occur on May 29, 2024, subject to the satisfaction or waiver of customary closing conditions.

In 2021, we completed the sale of 80.01% of the outstanding equity interests of eBay Korea to Emart. Upon completion of the sale, we retained 19.99% of the outstanding equity interest of the new entity, Gmarket, over whom we are able to exercise significant influence based on the terms of the securities purchase agreement, including through our board representation. Our equity investment in Gmarket was valued at $728 million as of the transaction close date.

At the initial recognition of this equity investment, we elected the fair value option where subsequent changes in fair value are recognized in gain (loss) on equity investments and warrant, net in the condensed consolidated statement of income. The investment is reported within the long-term assets section in our condensed consolidated balance sheet and is classified within Level 3 in the fair value hierarchy as the valuation reflects management’s estimate of assumptions that market participants would use in pricing the equity investment. We believe the fair value option election creates more transparency of the current value in the equity investment in Gmarket. Refer to “Note 7 — Fair Value Measurement of Assets and Liabilities” for more information.

Certain other individually immaterial equity investments aggregating to $47 million as of both March 31, 2024 and December 31, 2023 are measured at fair value using the net asset value per share (or its equivalent) practical expedient, and have not been classified in the fair value hierarchy. Refer to “Note 7 — Fair Value Measurement of Assets and Liabilities” for more information.

We account for certain other individually immaterial equity investments through which we exercise significant influence but do not have control over the investee under the equity method. Our consolidated results of operations include, as a component of interest income and other, net, our share of the net income or loss of the equity investments. Equity method investments are presented within long-term investments in our condensed consolidated balance sheet. Our share of the net income or loss of equity method investments for each of the three-month periods ended March 31, 2024 and 2023 was immaterial both individually and in the aggregate.

Equity investments without readily determinable fair values are non-marketable equity securities, which are investments in privately-held companies for which we do not exercise significant influence and are accounted for under the measurement alternative. Under the measurement alternative, the carrying value is measured at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Changes in value and impairments of equity investments without readily determinable fair values are recognized in gain (loss) on equity investments and warrant, net in our condensed consolidated statement of income. Equity investments without readily determinable fair values are presented within long-term investments in our condensed consolidated balance sheet. The change in value of our equity method investments without readily determinable fair values for each of the three-month periods ended March 31, 2024 and 2023 was immaterial both individually and in the aggregate.

The following table summarizes unrealized gains and losses on equity investments held as of March 31, 2024 and presented within gain (loss) on equity investments and warrant, net for the periods indicated (in millions):


	Three Months Ended March 31,
	2024		2023
Net gains (losses) recognized during the period on equity investments	$	(246)	$	160
Less: Net gains (losses) recognized during the period on equity investments sold during the period	—		—
Total unrealized gains (losses) on equity investments held, end of period	$	(246)	$	160