In February 2024, the Company authorized the repurchase of Class A common stock, in an aggregate amount of up to $1.1 billion. During the three months ended March 31, 2024, the Company did not repurchase any shares of its Class A common stock under the share repurchase program.

The Company had granted restricted stock to certain continuing employees in connection with the acquisition of Wolt Enterprises Oy ("Wolt") on May 31, 2022. Vesting of this stock is dependent on the respective employee’s continued employment at the Company during the requisite service period, which is generally up to four years from the issuance date. The fair value of the restricted stock issued to employees that is subject to post-acquisition employment is recorded as compensation expense on a straight-line basis over the requisite service period.

The activities for the restricted stock issued to employees was as follows (in thousands, except per share data):


	Number of Shares	Weighted- Average Grant Date Fair Value Per Share

Unvested restricted stock as of December 31, 2023	285
Granted	—	$	—
Vested	(47)	$	76.91
Forfeited	—	$	—
Unvested restricted stock as of March 31, 2024	238

A summary of stock option activity under the 2014 Equity Incentive Plan, 2020 Equity Incentive Plan, and 2022 Inducement Equity Incentive Plan was as follows (in millions, except share amounts which are reflected in thousands, and per share data):


	Options Outstanding
	Shares subject to Options Outstanding	Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value

Balance as of December 31, 2023	9,022	$	4.38	3.41	$	853

Granted	—	$	—
Exercised	(1,574)	$	0.89		$	180
Cancelled and forfeited	—	$	—
Balance as of March 31, 2024	7,448	$	5.12	3.60	$	988
Exercisable as of March 31, 2024	7,181	$	5.15	3.63	$	952
Vested and expected to vest as of March 31, 2024	7,448	$	5.12	3.60	$	988

The aggregate intrinsic value disclosed in the above table is based on the difference between the exercise price of the stock option and the closing stock price of the Company's Class A common stock on the NASDAQ Global Select Market as of the respective period-end dates. The aggregate intrinsic value of stock options exercised during the three months ended March 31, 2023, and 2024 was $98 million and $180 million, respectively. There were no stock options granted during the three months ended March 31, 2023 and 2024.

The summary of RSU activity was as follows (in millions, except share amounts which are reflected in thousands, and per share data):


	Number of Shares	Weighted- Average Grant Date Fair Value Per Share		Aggregate Intrinsic Value

Unvested RSUs as of December 31, 2023	37,792			$	3,645

Granted	1,108	$	119.95
Vested	(5)	$	74.04
Vested and settled	(3,705)	$	77.91
Forfeited	(782)	$	77.47
Unvested RSUs as of March 31, 2024	34,408			$	4,757

The aggregate intrinsic value disclosed in the above table is based on the closing stock price of the Company's Class A common stock on the NASDAQ Global Select Market as of the respective period-end dates. The weighted-average fair value per share of RSUs granted during the three months ended March 31, 2023 and 2024 was $58.28 and $119.95, respectively.

The Company recorded stock-based compensation expense in the condensed consolidated statements of operations as follows (in millions):


	Three Months Ended March 31,
		2023		2024

Cost of revenue, exclusive of depreciation and amortization		$	24	$	32
Sales and marketing		24		25
Research and development		98		113
General and administrative		84		82

Total stock-based compensation expense		$	230	$	252

As of March 31, 2024, there was $6 million of unrecognized stock-based compensation expense related to unvested stock options, which is expected to be recognized over a weighted-average period of 1.7 years.

In November 2020, the Company’s board of directors approved the grant of 10,379,000 RSUs to the Company's Chief Executive Officer (the “CEO Performance Award”). The CEO Performance Award vests upon the satisfaction of a service condition and achievement of certain stock price goals. As of March 31, 2024, unrecognized stock-based compensation expense related to the CEO Performance Award was $52 million, which is expected to be recognized over a period of 1.07 years.