Zillow to exit its home buying business, cut 25% of staff
CNN
Zillow is getting out of the iBuying business and will shut down its Zillow Offers division, resulting in a 25% reduction in its staff.
In its quarterly earnings report on Tuesday, the company said it will see a total write-down of more than $540 million as a result of its exit from the business, which buys homes and resells them.
As a result of shutting down Zillow Offers, the company said it will be cutting some 2,000 jobs.
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