Redfin to Layoff Over 800+ Employees and Shuts Down Home-Flipping Business RedfinNow
Redfin to Layoff Over 800+ Employees and Shuts Down Home-Flipping Business RedfinNow Redfin has announced as of Wednesday that they will be laying off 800+ (13%) of their workforce to cut expenses in response to the real estate market slowing down. In response to the announcement, Redfin's stock went down nearly 10% and shares have decreased by 90% since April 2022. Redfin and many other real estate companies have invested heavily in buying. They aimed to streamline the real estate sale process for buyers and sellers, but this has become a challenging business model to sustain long-term. Earlier this year, Zillow Group shut down its iBuyer program Zillow Offers resulting in nearly 2000+ employees (25%) being laid off and losing over $880 million after taking a loss on discounted remaining inventory. Opendoor laid off 500+ employees (18%) earlier this month reporting a $1 billion loss in the third quarter. Redfin CEO Announcement Dear Redfin, We’re laying off 862 brilli...
.jpg)