IPOB will merge with Opendoor and go public, says Chamath Palihapitiya. He details his long-term goals to democratize online real-estate. The deal values Opendoor at $4.8 billion.
Here's how Opendoor often works: Homeowners get a quote, through an algorithm, and can sell their houses directly to the company. Opendoor may make some fixes and then put the house on the market to sell. The spread between what the home is bought for and sold is a part of how Opendoor generates revenue. Opendoor, which operates in 21 markets, says it sold more than 18,000 homes last year.
The move is a bet on two secular tailwinds — greater homeownership in America and the digitization of commerce. But earlier this year, the pandemic and shutdown of the economy took its toll on the housing market. The company in April600 employees or roughly a third of its staff as the uncertainty caused many Americans to pause housing-related transactions.
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