“We’ve made many investments towards Zillow 2.0, one of the biggest being Zillow Offers as a way to provide a compelling product offering for home sellers. When we decided to take a big swing on Zillow Offers three and a half years ago, our aim was to become a market maker, not a market risk-taker, and this was underpinned by the need to forecast the price of homes accurately, 3 to 6 months into the future.” - says Zillow in their press release.
Consequently, the failure of Zillow iBuyer has caused Opendoor shares to soar initially, but as of today, Opendoor is losing value.