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Zillow Didn’t Really Downsize – WSJ

In today’s real-estate market, nothing should surprise you, but here’s an interesting one: As it exits iBuying after steep losses, Zillow Group is now worth nearly twice as much as it was before going big into the once-hyped business.

The fact that the online real-estate giant’s shares have plunged 25% since the company on Nov. 2 said it would wind down its automated home-flipping business might be lulling shareholders into a false sense of security that its value reflects the retreat. Yet its appreciation since announcing a push into iBuying in February 2019 hasn’t merely tracked a hot stock market: Over that period, the S&P 500 is up just 69%.

Zillow Didn’t Really Downsize – WSJ Source link Zillow Didn’t Really Downsize – WSJ

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