Reuters
Cathie Wood scoops up Zillow as shares plunge on exiting home-flipping business
Cathie Wood’s Ark Invest on Wednesday capitalized on a sharp drop in Zillow Group Inc’s stock price to scoop up shares of the online real-estate firm, as analysts expressed shock over its move to exit the business of buying and selling homes due to unpredictable prices. Zillow’s announcement on Tuesday that it was withdrawing from flipping homes came three years after introducing the Zillow Offers business, which buys homes from owners, performs light repairs on them and sells them later. Its Class A shares fell as much as 20% to a 14-month low of $68.65 in morning trade.
