Ex-Zillow CEO Aids Acquisition of Offerpad
The former CEO of the Zillow Group was Spencer Rascoff. In a big breaking news from John Cook, it was revealed that Spencer Rascoff is coming back to the real estate market. Spencer Rascoff was associated with Zillow until February 2019. He later joined a group of SPAC investors, and it has been reported that Spencer Rascoff has expressed his interest in buying Offerpad. For those unaware, Offerpad is a real estate start-up company that offers a solution to people trying to buy or sell homes. This puts Offerpad in direct competition with Zillow.
What is real offerpad zillow 3b 650mcookgeekwire ?
This deal between Spencer Rascoff and Offerpad will put the former CEO in direct competition with his former employer. Under Spencer Rascoff, the SPAC operates as Supernova Partners Acquisition Company. In the news, it was also revealed that Spencer Rascoff had offered $3b to purchase Offerpad. In addition, the group of investors will also infuse $650m in Offerbad. The funds will help the start-up in improving its infrastructure.
Offerpad has recently gained a lot of popularity as it has enabled people to quickly buy or sell real estate. The new deal pushes the value of Offerpad. Moreover, it is known that Offerpad is in the process of going public, and it will be traded under the symbol OPAD. In an exclusive interview with GeekWire, Spencer Rascoff also revealed that he is still a shareholder of Zillow. He claims that he is not acquiring Offerpad to compete with Zillow, but he is acquiring the company to capture the market where people are still selling their houses in the traditional way.
It was also revealed that Spencer Rascoff doesn’t have any non-compete agreement with Zillow; hence, he is free to enter the same business domain. Spencer Rascoff will bring a lot of experience to Offerpad, and it will be interesting to see how they capture the market share in the real estate business. So real offerpad zillow 3b 650mcookgeekwire means Spencer Rascoff leads SPAC deal to acquire Offerpad .
