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
Related Coverage
- Zillow's collapse was no surprise to me. I sold my home to an iBuyer and watched it get clobbered San Francisco Chronicle
- Cathie Wood's Flagship ETF Buys More Zillow Shares Amid Steep Drop Wall Street Journal
- Zillow Torched $381 Million Overpaying for Houses. Spectacular. Slate
- How Phoenix predicted Zillow's spectacular crash Fast Company
Discussion
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@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/...
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@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…
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@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.…
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@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…
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@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.