There's an interesting article that came out today, which gives the back story on how Zillow blew up: http://archive.today/2021.11.18-223850/https://www.zerohedge.com/markets/code-red-heres-how-zillows-home-flipping-ai-triggered-judgement-day-real-estate-giant The short version: It appears that Zillow's algorithms were working as planned, then humans interfered in an attempt to increase profits and become the market leader in algorithmic house buying. "In the spring, Zillow execs and managers huddled for a tense meeting, according to a person who attended. While the company was making more money than anticipated on flips, they were on track to miss their annual target for the number of homes purchased - falling behind top competitor, Opendoor. "This is code red," said Joshua Swift, senior vice president of Zillow Offers, during the virtual meeting. Following the meeting, Zillow hatched "Project Ketchup," designed to speed up the volume of home purchases by purchasing more homes on an accelerated basis - and making offers which were well above what the company's own algorithm predicted as a fair market value, according to people familiar with what happened." #zillow #housing #realestate
Greed will destroy tech
Truth is politics always win over algorithm. This bullish!t managers and executive are blocking anything which is better but still they get paid more.
Calm down Mr. revolution
Ketchup as usual creating a mess that doesn't clean
And no sign of Joshua Swift being fired for the disaster that is his fault
lowly ICs will take the punishment his actions
And 25% of the staff gets fired because some stupid suit couldnāt help himself
Seems like they spilled the ketchup all over the place
Unfortunately we will hear of many such stories when this mega bubble bursts
I love when boneheaded MBAs do shit like this. You deserve it. I feel bad for all the people under them that are facing layoffs because of their obsessive greed.
He only has a bachelors.
The SEC will be coming for them. This is not what they told investors throughout, including when they shut it down. The board should remove the CEO and all involved.
Greed š¤”
Lol Google mentioning greed. If that isn't the leaf calling the grass green.
A merchant of death taking the moral stand š¤£ Iām not neither my words are representing Google. Just my employer, which is quite generous in my bookš¤·š»āāļø