I guess Softbank is shifting their strategy from growth at any cost to showing a path to potential profits. https://www.wsj.com/articles/softbank-backed-car-lessor-to-cut-40-of-workforce-11571973421
Isn’t opendoor backed by SoftBank??
Yes. Softbank put $400M into Opendoor which has a very similar business model to Fair. The model requires an insane amount of capital because they have to buy the house and car free and clear. Softbank has an appetite for these large cash burning plays.
LMAO and the con man got 1.7bn from them? Shit like this on a large scale is gonna trigger the next recession.
Seriously......didn’t son essentially lose all his wealth during the dot com bust when he was doing similar Big money vc deals (big money at the time)?!?
Is that a bad sign for opendoor?
No doubt. Son is most likely taking heat from his investors to reign in his 1999 unlimited funds style of investing. Takes a lot of funding to continue to buy houses. Now that property prices are dipping it’s harder for opendoor to flip at a profit
I almost took a procurement/finance role with them 5 months ago. I’m glad I didn’t take it.
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