INVESTMENTS AND FAIR VALUE MEASUREMENT (Tables)

12 Months Ended

Dec. 31, 2021

Investments on the consolidated balance sheet consisted of the following:


	December 31, 2021
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Debt securities:
Asset-backed securities	$	5,082	$	—	$	(4)	$	5,078
Commercial paper	13,717		—		—		13,717
Corporate bonds	7,392		—		(8)		7,384
Government bonds	1,012		—		(2)		1,010
Total investments	$	27,203	$	—	$	(14)	$	27,189

Schedule Of Financial Assets and Liabilities Measured At Fair Value On A Recurring Basis

Financial assets and liabilities measured at fair value on a recurring basis as of the date indicated below were presented on our consolidated balance sheets as follows:


	December 31, 2020
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Money market funds	$	1,026,034	$	—	$	—	$	1,026,034
Cash and securities segregated under federal and other regulations:
U.S. Treasury securities	134,994		—		—		134,994
User-held fractional shares	802,483		—		—		802,483
Other current assets:
Equity securities - securities owned	3,222		—		—		3,222
Total financial assets	$	1,966,733	$	—	$	—	$	1,966,733

Liabilities
Accounts payable and accrued expenses:
Equity securities - referral program liability	$	695	$	—	$	—	$	695
Fractional share repurchase obligations	802,483		—		—		802,483
Total financial liabilities	$	803,178	$	—	$	—	$	803,178


	December 31, 2021
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Money market funds	$	4,003,552	$	—	$	—	$	4,003,552


Investments:
Asset-backed securities	—		5,078		—		5,078
Commercial paper	—		13,717		—		13,717
Corporate bonds	—		7,384		—		7,384
Government bonds	1,010		—		—		1,010
User-held fractional shares	1,834,479		—		—		1,834,479
Other current assets:
Equity securities - securities owned	13,611		—		—		13,611
Total financial assets	$	5,852,652	$	26,179	$	—	$	5,878,831

Liabilities
Accounts payable and accrued expenses:
Equity securities - referral program liability	$	97	$	—	$	—	$	97
Fractional shares repurchase obligations	1,834,479		—		—		1,834,479
Total financial liabilities	$	1,834,576	$	—	$	—	$	1,834,576

Schedule Of Changes In Estimated Fair Value Of Convertible Notes And Warrant Liability

The following table sets forth a summary of the changes in the estimated fair value of our convertible notes and warrant liability:


(in thousands)	Convertible notes		Warrant liability
Beginning of period, January 1, 2021	$	—	$	—
Issued during the period	3,299,031		252,944
Change in fair value	1,918,565		127,092
Reclassifications to equity	(5,217,596)		(380,036)
End of period, December 31, 2021	$	—	$	—