Chamath Just SPAC'd the Amazon of Housing
Another excellent post - thanks for your work in putting this together!
Dude, put down the pipe. Barely double digit gross margins before carrying costs and corp overhead (which they don’t fully allocate to their homes, very fraudulent unit economics). There’s also a million competitors and no brand loyalty in ibuying. They keep talking about Phoenix, everyone is doing great there. What about Dallas??? Complete disaster for them. Opendoor is desperate for cash. The company is actually crumbling.
Fantastic read as usual. I should probably get myself an IPOB as well. Can't wait for the public offering!
How can the company be only valued at 1x its 2019 revenues?