Zillow shuts down home-flipping business after racking up big losses
https://www.siliconvalley.com/2021/11/03/zillow-shuts-down-home-flipping-business-after-racking-up-losses/
Zillow Group is pulling the plug on its tech-powered home-flipping operation after deciding that its pricing algorithms weren’t accurate enough to build a stable business.
The company plans to take writedowns of as much as $569 million and reduce its workforce by 25% as it winds down the business in the coming months, according to a statement Tuesday.
Zillow shuts down home-flipping business after racking up big losses
Nov 3, 2021, 12:45pm UTC
https://www.siliconvalley.com/2021/11/03/zillow-shuts-down-home-flipping-business-after-racking-up-losses/
> Zillow Group is pulling the plug on its tech-powered home-flipping operation after deciding that its pricing algorithms weren’t accurate enough to build a stable business.
> The company plans to take writedowns of as much as $569 million and reduce its workforce by 25% as it winds down the business in the coming months, according to a statement Tuesday.