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  "documentTitle": "Zillow Group, Inc. (Z)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-03-05 00:00:00",
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  "notes": "The slide uses a combination of narrative critique, a news clipping, and financial data to frame management as incompetent.",
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      "text": "The Company lost nearly $900 million over the course of 2020 and 2021 while operating Zillow Offers.",
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      "text": "Zillow to exit its home buying business, cut 25% of staff",
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      "text": "Adjusted EBITDA: $900 million",
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      "text": "Ultimately, Zillow announced it was exiting the Zillow Offers business in November 2021, and fully wound down its operations by September 2022. The Company lost nearly $900 million over the course of 2020 and 2021 while operating Zillow Offers. In addition to the financial loss incurred due to the Zillow Offers disaster, nearly $8 billion of shareholder value was destroyed as the stock fell ~37% in the days immediately after Zillow's management announced they were shutting down Zillow Offers.",
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      "text": "Zillow to exit its home buying business, cut 25% of staff — Anna Bahney, CNN Business",
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      "text": "Source: Z FY21 10-K, CNN article",
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      "text": "Adjusted EBITDA table showing Net loss, Homes segment, IMT segment, Mortgages segment, and Total Adjusted EBITDA for 2021 and 2020.",
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      "kind": "title",
      "text": "The Zillow Offers Failure Highlights Management's Inability To Expand Beyond Its Core Business",
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