Company Executives: Shares and Zillow

company executives: Zillow, which has seen its stock gradually lose nearly half its value since it launched the service in the second quarter of 2018, also announced a shuffling of jobs among its three co-founders, with CEO Spencer Rascoff stepping down and joining the board, replaced by co-founder Rich Barton, according to Market Watch. Shares of Zillow initially tumbled in after-hours trading on the news, but after company executives predicted that Zillow Offers could add 20 billion in annual revenue over the next three to five years on a conference call with investors, its shares bounced back and jumped about 6%. Shares continued that trajectory Friday morning, opening more than 8% higher and then spiking to gains of more than 20% in morning trading as short-seller Citron Research tweeted positively on the stock. On Thursday, Zillow ZG, 24.67% said as part of its fourth-quarter results that it would be making more investments in its Zillow Offers service, which lets consumers easily sell their homes to the Seattle-based company. If those gains hold, it would be the best trading day in Zillow's history The previous top single-day percentage gain was a 15.3% advance on July 24, 2014. Another comparison that could be made is that real estate, like content, can be very expensive in some markets. Zillow likened its big shift in strategy to Netflix's embrace of streaming video, when years ago it predicted streaming would eventually surpass its DVD rental business in revenue. (news.financializer.com). As reported in the news.