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Chronicles

The story behind the story

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Zillow says it is shutting down its home buying business, laying off ~2,000 employees, and taking a write down of $500M+; stock drops 10%+

GeekWire Taylor Soper

Discussion

  • @adamnash Adam Nash on x
    The most amazing thing to me about today's $ZG news was this statement from the company that gave us the Zestimate. 😳 https://www.cnbc.com/... https://twitter.com/...
  • @jathansadowski Jathan Sadowski on x
    The whole debacle with Zillow is such a funny morality tale about tech if there ever was one. It used a pricing algorithm to buy homes, but then couldn't turn off the machine, bought way too many homes, racked up enormous losses and fired 25% of its staff https://www.bloomberg.co…
  • @oneunderscore__ Ben Collins on x
    I want to know what it does to young people's brains, growing up in a world where basic human needs like housing is just another object in a wildly fluctuating speculation market, and they're always slightly out of reach because a VC-backed bot was programmed to make it that way.…
  • @jeffnolan Jeff Nolan on x
    you have to wonder what effect this has on the leadership team within Zillow. Moral authority within a company culture is more important than ever before and this was a total shit the bed moment for them. Billions lost, 2k people out of a job. Its gonna leave a mark https://twitt…
  • @jowens510 Jeremy C. Owens on x
    No matter what you thought about what is happening at Zillow, its actually worse: Zillow is getting out of the business of buying and selling homes for good and laying off a full quarter of its workforce.