ContextLogic (NASDAQ: WISH), the parent company of online marketplace Wish, went public in December 2020 at $24 per share. Its stock hit an all-time high of $31.19 last February but now trades at less than $1.

Wish struggled with a continually declining number of shoppers, plunging revenue, and ongoing losses. It was also banned in France last year for allegedly selling dangerous and counterfeit products. The post-pandemic slowdown in online sales exacerbated all that pain, and the embattled company's founder and CEO Piotr Szulczewski stepped down this February.

His successor, former Foot Locker executive Vijay Talwar, lasted a mere seven months before resigning in early September. Joe Yan, an operating partner at Wish's investor GGV Capital, is now serving as its interim CEO.

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Source Fool.com