Real Estate “Tech” Stocks Compass, Redfin, Zillow Come Unglued. SoftBank Miracle Unicorn “Better” to Go Public via SPAC as SPACs Dive

by Wolf Richter
Wolf Street

How can a SoftBank-backed real-estate broker in a red-hot housing market lose $212 million in Q1? Compass Shows how.

Shares of Softbank-backed Compass, a real estate broker that calls itself “a tech company reinventing the space,” meaning the real estate broker space, dropped 5.5% today and closed at $13.66, having fallen 38% in 30 trading days from its intraday high on April 1, the day it started trading. It has now dropped 24% below its IPO price of $18. Despite the drop, its market cap is still $5.3 billion (data via YCharts):

Continue Reading at…