Zillow Sued Over Redfin Deal as Fed Hikes Rates Again
A Zillow shareholder has filed a derivative lawsuit against CEO Jeremy Wacksman and other current and former company officers and directors over the Redfin rental deal and $81 million in stock sales.
The lawsuit claims that Zillow's executives engaged in self-dealing by selling their shares while the company was involved in the Redfin partnership, which led to significant losses for shareholders.
In other news, the Federal Reserve announced a quarter-point rate hike, citing inflation as the deciding factor. This move is expected to have a ripple effect on the real estate market, with some experts predicting that it could lead to higher mortgage rates and reduced consumer spending power.
Meanwhile, Compass has launched its new global division, Compass Global, which will serve as a referral hub and education platform for agents looking to build their cross-border businesses. This move is seen as an attempt by the company to expand its reach and stay competitive in the rapidly evolving real estate landscape.