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  "docSlug": "de028a1085e6",
  "documentTitle": "Zillow Group, Inc. (Z)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-03-05 00:00:00",
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  "notes": "Uses a table to present historical management quotes alongside a critique of their credibility.",
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      "kind": "callout",
      "text": "We believe management loses credibility when tossing out outlandish numbers such as $20 billion of revenue per year while falling wildly short of its target.",
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      "kind": "paragraph",
      "text": "Not only do we find Zillow’s core business to be declining, but we also believe its management team has proven itself unable to expand into other growth areas. Most famously, it recently wound down its Zillow Offers business.",
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      "kind": "quote",
      "text": "We said this Zillow Offers business, the Homes segment, we'd anticipate could be $20 billion in revenue a year, okay. And that $20 billion in revenue would represent 5,000 homes sold a month, which would represent only about 1% of the overall transactions in the market. — RBC Conference 11/20/2019",
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      "text": "Management Commentary On Its Expectations For Zillow Offers",
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      "kind": "title",
      "text": "Zillow Offers Was Positioned As Way To Expand The Company TAM",
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