Wish

Wish (ContextLogic Holdings Inc.) is an American e-commerce platform founded in 2010 by Peter Szulczewski and Danny Zhang, headquartered in San Francisco, California. Under CEO leadership, Wish trades on OTCQB (LOGC) after selling its e-commerce assets in 2024 and is transforming into a business ownership platform. The company recently announced acquisition of US Salt for $907.5 million, marking its first step in building a differentiated business ownership platform focused on niche, competitively-advantaged, long-duration businesses.

Wish was founded in 2010 by Peter Szulczewski and Danny Zhang as a mobile shopping application designed to offer discounted products from sellers worldwide. The platform was built on the premise of leveraging data analytics to personalize shopping experiences and connect consumers directly with manufacturers and sellers, eliminating traditional retail markups and providing access to affordable products.

The company experienced rapid growth in its early years, capitalizing on the mobile commerce boom and consumer demand for budget-friendly shopping options. Wish's mobile-first approach resonated with price-conscious consumers, particularly in emerging markets, and the platform quickly amassed millions of users seeking deals and discounted products across various categories including electronics, fashion, home goods, and more.

In December 2020, Wish went public on the NASDAQ under the ticker symbol WISH, raising capital for expansion and marking a significant milestone in the company's development. The IPO valued the company at approximately $14 billion, reflecting investor optimism about the future of mobile commerce and the platform's potential to disrupt traditional e-commerce models.

However, following its public debut, Wish faced significant challenges including increased competition from other e-commerce platforms, regulatory scrutiny over product quality and seller practices, and difficulties in maintaining user engagement and growth. The company's stock performance suffered as it struggled to meet investor expectations and navigate the competitive landscape dominated by giants like Amazon and Alibaba.

In 2024, Wish made the strategic decision to sell its e-commerce assets to Qube Network for approximately $170 million, representing a dramatic shift from its $14 billion IPO valuation just four years earlier. This sale marked the end of Wish's journey as an e-commerce marketplace and set the stage for the company's transformation into a new business model.

Following the sale of its e-commerce operations, Wish (operating as ContextLogic Holdings Inc.) began trading on the OTCQB market under the ticker symbol LOGC, reflecting its new status as a holding company with significant embedded value, including approximately $2.9 billion of net operating losses and other tax attributes that could be utilized for future business acquisitions and operations.

In October 2025, a fund advised by BC Partners Credit made a strategic investment and commitment of $150 million in ContextLogic Holdings, LLC, recognizing the substantial embedded value within the company and providing capital for the next phase of its transformation. This investment signaled confidence in the company's new direction and provided the financial resources needed to pursue its business ownership platform strategy.

In December 2025, ContextLogic announced a landmark agreement to acquire US Salt Parent Holdings, LLC and its subsidiaries from private equity funds managed by Emerald Lake Capital Management in a transaction valuing US Salt at an enterprise value of $907.5 million. This acquisition marked the foundational step in ContextLogic's transformation into a business ownership platform designed around a true ownership mindset—run for owners, by owners.

The acquisition of US Salt, a 132-year-old business producing high-purity evaporated salt products for recession-resilient end markets, represents ContextLogic's new strategy of owning niche, competitively-advantaged, long-duration businesses led by world-class management teams. The company serves essential markets such as grocery retail, food processing, pharmaceuticals, and water treatment, with high barriers to entry and industry-wide supply virtually unchanged for 25 years.

As part of the US Salt acquisition, investment funds advised by Abrams Capital rolled over substantially all of their equity investment in US Salt and collectively became the largest shareholder of ContextLogic, aligning the interests of experienced business operators with the company's long-term success. Ted Goldthorpe, Head of BC Partners Credit and current Chair of ContextLogic's Board of Directors, emphasized that US Salt's outstanding management team, resilient business model, consistent track record of growth, and runway for future expansion distinguished it as an exceptional company for the platform's first acquisition.

ContextLogic's transformation from a struggling e-commerce platform to a business ownership platform represents one of the most dramatic corporate pivots in recent years, leveraging the company's public market status, significant tax attributes, and strategic partnerships to build a new business model focused on acquiring and operating niche businesses with durable competitive advantages and strong cash flow generation.