Join BI PrimeZeus Living, an Airbnb-backed startup that focuses on corporate housing, laid off almost two-thirds of its staff in three months.
Typically, Zeus signed leases with landlords that guarantee payment every month, regardless of occupancy. It would make money by charging clients a premium over the rent that they were paying for the homes. One landlord told us the changes pushed them to stop working with Zeus. The landlord had signed up with the startup — which they said paid less than a traditional tenant — because rent was always guaranteed.Silver Lake has been plowing money into bets like Airbnb, Twitter, and Waymo. Here's a look inside why it's being called the Warren Buffett of tech.
Since it was founded in 2015, Zeus exclusively used traditional leases to rent properties, in turn operating them and renting them back out to individual and corporate clients. "My business model of committing to leases across all these portfolios, they were just not going to fund it," Taggar said during the call. "They didn't want us to have these liabilities or this capital intensity.
He said he'd been thinking about revenue-share contracts for years, and Zeus began to offer them in the first quarter, initially aiming for a gradual transition.
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