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Opendoor is cutting 35% of its employees
- tjomk 7y agoI'm surprised this got to the front page with a few upvotes. These days it's either the news about the Corona virus or that one of the companies that SoftBank has invested in is announcing a layoff. These days every other company is announcing layoffs or salary cuts.
- heyflyguy 7y agoI feel like the amount of subliminal shitposting within an article is increasing as this goes on. What did that sentence about Florida have to do with anything? They are on a statewide lockdown.
- Hendrikto 7y ago> They are on a statewide lockdown. Apparently not. But I agree this remark is out of place.
- stronglikedan 7y agoWhat makes you think they aren't? The statewide lockdown was announced a while ago, and as far as I know, has not been lifted.
- dfxm12 7y agoThe fact that they deemed live pro wrestling an "essential business" is one thing that shows they might not be taking their statewide "lockdown" seriously.
- throwaway55554 7y agoWe get a lot of grief down here in Florida, but what people don't get is that we are the way we are because the worst people from every other state retire here.
- throwawaylalala 7y agoIt's also because we have open laws (sunshine laws) that require things to be published publicly.
- pcurve 7y agoThere was no need to mention Florida in the article. It is 100% shitpost.
- gpickett00 7y agoTechCrunch is likely seeing declining ad revenues, meaning they need to post more trolly/blight/clickbait-y content to compensate to get more page views.
- syspec 7y agoTech crunch snarkiness at it's worst.
- jacknews 7y agoI keep seeing "SoftBank-backed ..." in TC headlines, but rarely other funds. Is it just fashionable to bash SoftBank?
- Icathian 7y agoYes it is. They backed a couple hilariously bad bets in a big, public way, and people like feeling smarter than rich strangers. I would be curious, though, if there are other funds with similar scope and track records to Vision 1 that have just managed to skate under public scrutiny thus far.
- swyx 7y agoTechCrunch is just reflects the zeitgeist. Softbank was a whale, mentioning them connects this story to the ongoing theme for readers.
- rchaud 7y ago> They backed a couple hilariously bad bets in a big, public way, and people like feeling smarter than rich strangers. The two things are related. The public visions for these companies went beyond the standard startup platitudes about 'making the world a better place'. Regular people can see through that, because they don't live in an SV bubble where playing along with this sort of hubris is encouraged. I don't think anyone thinks they're smarter than Softbank or Adam Neumann. They may just be enjoying the schadenfreude of this hubris come crashing back to earth once reality entered the picture.
- dntrkv 7y ago> I don't think anyone thinks they're smarter than Softbank or Adam Neumann. With all the armchair investing going on, you would think otherwise.
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- agustif 7y agoEverybody hates SoftBank nowadays, it's not even cool anymore, lol
- anticsapp 7y agoCan I ask a stupid question?' I kind of did a Rip Van Winkle and stopped reading Techcrunch for eight years. Back in the day I would email Alexia and she would take the story tip and write a cool article. Is TC 100% pay to play nowadays? I know so many people who submit press releases to them and they get auto-deleted. What gives?
- 1cvmask 7y agoI don’t know much about their readership numbers but I stopped reading them as well roughly 8 or so years ago. Maybe their readership broadened and even increased?
- anticsapp 7y agoIt's still good but it seems more like focusing on publicly traded companies. I'm not bashing them, I just don't see the "weird Internet" or "weird startup" content anymore. But then Quibi ships and you see nothing but Quibi for a few days. It's just not how I remembered TC.
- anticsapp 7y agoMore like.. Closeddoor. (•_•) / ( •_•)>⌐■-■ / (⌐■_■)
- adrr 7y agoAll the ibuyer companies won't make it. Nationwide downturn in house prices and all the inventory these companies are holding are underwater. Zillow and Redfin are more than likely done. Zillow maybe holding 60,000 homes. We never learn our lesson. GE was taken out by their financial division and high risk bets.
- ashtonkem 7y agoWait, Zillow owns homes?
- mackey 7y agohttps://www.zillow.com/marketing/zillow-owned-homes/ https://www.zillow.com/marketing/zillow-owned-homes/
- ashtonkem 7y agoThat’s a crazy bad idea. Someone who makes money on transactions shouldn’t be taking long or short positions.
- Guest42 7y agoYes, but only to flip, a more recent strategy
- woeirua 7y agoCompanies with marginal business models are going to get slaughtered in the next year. Carvana, Opendoor are probably the most well known of these companies. Opendoor's business model was super questionable from the get-go: who's going to sell you their home for less than market value? How can you then do something to turn that around and profit without basically turning the company into a giant high-risk flipping enterprise?
- sremani 7y agohttps://stratechery.com/2016/opendoor-a-startup-worth-emulating/ https://stratechery.com/2016/opendoor-a-startup-worth-emulat... This is an amazing read, and I still think it is a worthy model, during stable times.
- dlp211 7y ago> As interest rates rise or housing prices fall Well that aged like milk.
- natas 7y agoAnother Softbank great idea.
- HugoDias 7y agoDamn, this list keeps growing and growing ... https://layoffs.fyi/tracker/ https://layoffs.fyi/tracker/
- daxorid 7y agoYes, but stocks are ripping higher on much worse jobless claims, housing starts, and Philly Fed numbers than expected, 113 unexplained cases of reinfection in South Korea, and the PPP fund being completely tapped out with three weeks to go in Congress' recess. The market is fully convinced that everything is fixed.
- throwing838383 7y agoalot of people are saying it's just a dead cat bounce. REalVision presented that in most of the past drops of this magnitude, you typically see this type of rebound before it goes lower back to retest the recent lows.
- mardifoufs 7y agoThat's not what the "market thinks" at all. The stock market is much more complicated than you assume it is. But if you want a really simple explication: 4t$ more in circulation chasing the same amount assets, interest rates make it non viable to hold bonds, and you don't want to buy bonds anyways if you expect a more inflationary economy. If there's expectations of inflation, you go for stocks and if there's inflation AND 0 interest rate, you RUN for stocks. You can also think of it this way, retail investors can afford staying in cash indefinitely but make up a tiny portion of the capital. Big money NEEDS to either buy bonds or park their capital in any yielding asset. Right now treasuries offer safety but negative real yields for probably a long time. But a pension fund still needs to generate returns to pay it's beneficiaries. So what's the best and cheapest option right now, by far? Stocks. You have to keep in mind that prices are relative so if stocks are relatively cheaper than bonds you buy stocks. Now add 4t$ to that and you get a stock market that stays strong even if everyone in the market knows the huge economic risks we are facing right now. Never assume that a whole entire sector that has so much incentives to price in all the available data would just ignore something because they feel like it. I don't get how people really believe that.
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