Social Capital is a "blank check" company, or a SPAC, that has been on the hunt for a technology company to acquire since it began trading in April. The SPAC is led by billionaire investor Chamath Palihapitiya.
Opendoor operates a business akin to Zillow's relatively new homebuying program. The San Francisco-based firm directly buys homes from sellers, makes minor repairs to the homes, and then resells them for a profit.A major fund manager explains the rationale behind Berkshire Hathaway's $570 million investment in Snowflake's IPO — and outlines why it's a good sign for shareholders
In its latest funding round in 2019, Opendoor was valued at $3.8 billion. According to Bloomberg, Opendoor would be valued around $5 billion in a deal with Social Capital.
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You see lots of companies already doing what Opendoor does, but it seems most low-ball to the point where the seller would be much better off selling through a realtor. If Opendoor can make better offers using technology and scale, then they will dominate and grow the market.👍
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