
	December 31, 2024
	Gross Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Short-term investments:
Corporate debt securities	$	3,095	$	1	$	(2)	$	3,094
Government and agency securities	367		—		(4)		363


	$	3,462	$	1	$	(6)	$	3,457
Long-term investments:
Corporate debt securities	$	1,117	$	4	$	(2)	$	1,119
Government and agency securities	194		—		(4)		190
	$	1,311	$	4	$	(6)	$	1,309


	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 the 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, those securities purchased at a lower yield show a mark-to-market unrealized loss. The unrealized losses are due primarily 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 recognized 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 recognized 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 December 31, 2024.


		December 31,
	Balance Sheet Location	2024		2023
Equity investment in Adevinta	Equity investment in Adevinta	$	—	$	4,474
Equity investments without readily determinable fair values	Long-term investments	1,011		93
Equity investments under the equity method of accounting	Long-term investments	65		55
Other equity investments under the fair value option	Long-term investments	54		382
Total equity investments		$	1,130	$	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 $2.3 billion which reduced our ownership in Adevinta to 33%.

At the initial recognition of this equity investment in Adevinta, we elected the fair value option where subsequent changes in fair value were recognized in “Gain (loss) on equity investments and warrant, net” in our consolidated statement of income. The investment was reported within the “Current assets” section in our consolidated balance sheet as of December 31, 2023 and was classified within Level 1 in the fair value hierarchy as the fair value could be obtained from real time quotes in active markets based on Adevinta’s closing stock price and prevailing foreign exchange rate.

On May 29, 2024, we completed the previously announced sale of (1) 227 million Adevinta shares in exchange for $2.4 billion in cash and (2) the exchange of 177 million Adevinta shares for 177 million shares of the new entity, Aurelia (collectively, the “Transactions”), valued at $1.9 billion and representing approximately 18.3% ownership of the outstanding equity of Aurelia. The equity investment in Aurelia is accounted for under the measurement alternative as we are not able to exercise significant influence based on the governance structure defined in the terms of the Transaction Completion Agreement and the Aurelia Shareholder Agreement. Refer to "Equity investments without readily determinable fair values” below for additional information. Cash proceeds, net of transaction costs, related to the sale of Adevinta shares were classified as an investing activity in our consolidated statement of cash flows.

In connection with the Transactions, we recognized an unrealized loss of $234 million and a realized gain of $78 million in “Gain (loss) on equity investments and warrant, net” in our consolidated statement of income. We concurrently reduced “Deferred tax liabilities” by $456 million and increased “Income taxes payable” by $458 million in our consolidated balance sheet related to the taxable gain on disposition of Adevinta shares.

In 2023, we recognized an unrealized gain of $1,782 million in “Gain (loss) on equity investments and warrant, net” in our consolidated statement of income related to the change in fair value of the investment in Adevinta. The fair value of the investment was $4,474 million as of December 31, 2023.

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 consolidated statement of income. Equity investments without readily determinable fair values are presented within “Long-term investments” in our consolidated balance sheet.

As discussed in the “Equity Investment in Adevinta” section above, our equity investment in Aurelia is accounted for under the measurement alternative as we are not able to exercise significant influence over Aurelia.

Concurrently with the Transactions discussed above, we granted Aurelia UK Feederco Limited, the buyer, a six-month option to purchase Aurelia shares (the “Aurelia Option”). In November 2024, the Aurelia Option was exercised, upon which we sold 97 million shares in Aurelia in exchange for $1.0 billion in cash, and recognized an $11 million loss in “Gain (loss) on equity investments and warrant, net” in our consolidated statement of income. We concurrently reduced “Deferred tax liabilities” by $202 million and increased “Income taxes payable” by $198 million in our consolidated balance sheet related to the taxable gain on our disposition of Aurelia shares. Cash proceeds, net of transaction costs, related to the sale of Aurelia shares were classified as an investing activity in our consolidated statement of cash flows. The fair value of the investment was $867 million as of December 31, 2024, representing approximately 8.3% of the outstanding equity of Aurelia.

In 2024, we recognized $51 million of additions compared to $33 million of additions during 2023 and $11 million of additions in 2022. The change in value of our other equity investments without readily determinable fair values in 2024, 2023 and 2022 was immaterial both individually and in the aggregate.

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 consolidated balance sheet. Our share of the net income or loss of equity method investments in 2024, 2023 and 2022 was immaterial both individually and in the aggregate.

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 which 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 were recognized in “Gain (loss) on equity investments and warrant, net” in the consolidated statement of income. The investment was reported within “Long-term investments” in our consolidated balance sheet and was classified within Level 3 in the fair value hierarchy as the valuation reflected management’s estimate of assumptions that market participants would use in pricing the equity investment. Refer to “Note 8 — Fair Value Measurement of Assets and Liabilities” for more information.

In December 2024, we sold our remaining stake in Gmarket valued at $323 million in exchange for $322 million in cash, net of transaction costs, and recognized a realized loss of $1 million and an unrealized loss of $12 million related to the change in fair value of the investment in “Gain (loss) on equity investments and warrant, net” in our consolidated statement of income. We concurrently reduced “Income taxes payable” by $119 million in our consolidated balance sheet related to the taxable loss on our disposition of Gmarket. Cash proceeds, net of transaction costs, related to the sale of Gmarket shares were classified as an investing activity in our consolidated statement of cash flows.

In 2023, an unrealized loss of $96 million was recognized in “Gain (loss) on equity investments and warrant, net” in our consolidated statement of income related to the change in fair value of the investment. The fair value of the investment was $335 million as of December 31, 2023.

Certain other individually immaterial equity investments aggregating to $54 million and $47 million as of December 31, 2024 and December 31, 2023, respectively, 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 8 — Fair Value Measurement of Assets and Liabilities” for more information.

We entered into a warrant agreement in conjunction with a commercial agreement with Adyen that, subject to meeting certain conditions, entitled us to acquire a fixed number of shares up to 5% of Adyen’s fully diluted issued and outstanding share capital at a specific date. The warrant had a term of seven years and vested in a series of four tranches at a specified price per share (fixed for the first two tranches) upon meeting processing volume milestone targets on a calendar year basis. When a relevant milestone was reached, the warrant became exercisable with respect to the corresponding tranche of warrant shares. The warrant expired on January 31, 2025. Refer to “Note 7 — Derivative Instruments” for more information about the warrant.

In 2021, we met the processing volume milestone target to vest the first tranche of the warrant and exercised the option to purchase shares of Adyen. During 2022, we sold our shares in Adyen stemming from the exercise of the first tranche of the warrant for $800 million and recognized realized losses of $143 million on the change in fair value of shares sold and unrealized losses of $118 million in “Gain (loss) on equity investments and warrant, net” in our consolidated statement of income. Cash proceeds, net of transaction costs, related to the sale of Adyen shares were classified as an investing activity in our consolidated statement of cash flows.

In the fourth quarter of 2024, we met the processing volume milestone required to vest in the second tranche of the Adyen warrant. Upon vesting, we exercised the option to purchase shares of Adyen valued at $630 million in exchange for $108 million in cash. We subsequently sold the remainder of our shares in Adyen for $573 million and recognized a realized loss of $57 million in “Gain (loss) on equity investments and warrant, net” in our consolidated statement of income. We concurrently reduced “Deferred tax liabilities” by $114 million and increased “Income taxes payable” by $105 million in our consolidated balance sheet related to the taxable gain on disposition of Adyen shares. Cash paid related to the exercise of the second tranche of the warrant and cash proceeds, net of transaction costs, related to the sale of Adyen shares was classified as an investing activity in our consolidated statement of cash flows.

The following table summarizes unrealized gains and losses related to equity investments held as of December 31, 2024, 2023 and 2022 and presented within “Gain (loss) on equity investments and warrant, net” for the periods indicated (in millions):


	Year Ended December 31,
	2024		2023		2022
Net gains (losses) recognized during the period on equity investments	$	(234)	$	1,670	$	(4,152)
Less: Net gains (losses) recognized on equity investments sold during the period	9		13		(812)
Total unrealized gains (losses) on equity investments held, end of period	$	(243)	$	1,657	$	(3,340)

Adevinta’s financial information was prepared on the basis of International Financial Reporting Standards (“IFRS”). We have made certain adjustments to Adevinta’s summarized financial information to address differences between IFRS and GAAP that materially impact the summarized financial information presented below. Any other differences between IFRS and GAAP did not have a material impact on Adevinta’s summarized financial information.

On May 29, 2024, we completed the sale of Adevinta. As a result, the 2024 summarized income statement information includes the stub period of October 1, 2023 to May 29, 2024. The following tables present Adevinta’s summarized financial information on a one-quarter lag (in millions):


	Eight months ended May 29, 2024		Twelve months ended September 30, 2023		Twelve months ended September 30, 2022
Revenue	$	1,398	$	1,912	$	1,742
Gross profit	$	494	$	683	$	571
Income (loss) from continuing operations	$	(318)	$	(1,731)	$	65
Net income (loss)	$	(327)	$	(1,780)	$	56
Net income (loss) attributable to Adevinta	$	(333)	$	93	$	49

The following tables present summarized financial information of our equity investments accounted for under the equity method and the fair value option in the aggregate on a one-quarter lag. The tables below exclude the summarized financial information of our equity investment in Adevinta which is separately disclosed above.

Financial information of certain of these equity investments is prepared on the basis of local generally accepted accounting principles or IFRS. We have made certain adjustments as applicable to address differences between local generally accepted accounting principles or IFRS and GAAP that materially impact the summarized financial information. Any other differences between GAAP and local generally accepted accounting principles or IFRS did not have a material impact on the summarized financial information of the equity investments presented below in the aggregate. During the period in which we recognize an equity investment, the summarized financial information reflects activity from the date of recognition.