Zillow to pay $212.5M to settle class action for real estate venture

46 pointsposted 9 hours ago
by WaitWaitWha
(reuters.com)

15 Comments

mlinhares

8 hours ago

Everyone is a genius in a bull market. I remember a friend saying they were going to buy teslas to then re-sell them at a higher price around the same time because "teslas aren't like normal cars, they're an appreciating asset".

Thankfully he ended up not having enough money to pull this off so didn't lose everything either.

ElProlactin

7 hours ago

If your friend is interested in not missing out on opportunities like this going forward, he should check out my company, NumberGoUp.ai.

arthurcolle

8 hours ago

could have worked with crypto or GPUs though, to be fair to your friend ^_^

paxy

2 hours ago

Can make it work with a lot of things if you have a crystal ball. And if you do somehow have this genius intellect why bother with buying/selling GPUs? Just trade the stock.

Imustaskforhelp

19 minutes ago

> Can make it work with a lot of things if you have a crystal ball. And if you do somehow have this genius intellect why bother with buying/selling GPUs? Just trade the stock.

Even with trading, you can't really know if the strategy that you have made which might work first time is because of luck (crystal ball) or analysis. You might believe its analysis because why not but repeating that strategy consistently over a long period of time is downright near impossible.

And then you realize that most of the traders lose money and there have been systematically proven to be basically very little alpha if any and you are better off just investing within the index funds and focusing much more on increasing the amount of money that you can save (increasing your salary, finding ways to save money etc.)

https://www.bogleheads.org/ for those of you interested.

baobabKoodaa

7 hours ago

There was a time period when it worked with used cars, too.

dylan604

6 hours ago

Used car prices are still higher than pre-COVID, but there's still a decent mark up for restoration projects if you want to go that route in used car

throw-qqqqq

3 hours ago

> Used car prices are still higher than pre-COVID

Also if you adjust for inflation? (Which exploded after COVID)

andy_ppp

6 hours ago

Looking at how a lot of modern cars are just made of glued together plastic (Mat Armstrong’s channel amongst others) I’m not at all surprised people are buying used models more regularly.

dylan604

6 hours ago

I heard people were buying property before this year's Wold Cup that were near the stadiums so they could rent them out and then sell them after. Now, sellers are having to lower the asking prices, and that's just a few months after the tourney. Honestly, I hope those asshats are taking it at a loss

Quarrel

2 hours ago

These cases are so weird.

The share price fell, so lawyers race to the courthouse to file a class action suit, because there is a first-to-file doctrine for these types of cases.

Then they don't necessarily try and prove harm, they just want to settle & get paid for their own inflated costs.

Meanwhile, the people that they are supposedly representing, ie shareholders at the time of the fall, are overwhelimingly still shareholders. So any payout they get is from their own proportion of money they already own in the company, minus legal fees.

It does however screw foreign holders and a few other classes of shareholders, to the benefit of the lawyers, and to lower the loss the shareholders take by getting their own money back.

mi_lk

an hour ago

Couldn't happen to a better company

gringofyx

3 hours ago

Seems like this whole thing burned capital to run a dealer desk writing underpriced puts

lifeisloving

6 hours ago

During the crazy low rates period, I built some CRM tools for some people where all they would do is make 50k offers a month on homes across the country on zillow at like ~85% market value, get some under contract and double close at 110% to opendoor, and they'd collect the 20% or so at closing. They just would put earnest money down. They made millions doing this before opendoor said something.

natas

8 hours ago

probably lower than their anthropic bill