TagsibuyerIPOopendoorSPAC Message* Founded in 2014, Opendoor uses an algorithm to buy and sell homes. Its early mission was to enable homeowners to sell their homes in just a few clicks.Keith Rabois, a venture capitalist and partner at Founders Fund, picked Opendoor’s early team, including Wu, Ian Wong and JD Ross, who said on Twitter two weeks ago that Rabois bet on the young team’s future growth rate versus work experience. (Ross was 23 in 2014.) Other early employees and investors made their own walks down memory lane after the stock began trading.Kyle Tibbitts, Opendoor’s former head of brand marketing, recalled the company hitting an inflection point in 2017. “Growth was slowing in Phoenix so we created a War Room where our team worked every day for weeks,” he wrote. “We shipped a ton and growth came roaring back.”By 2019, Opendoor had raised $1.3 billion from investors. It sold almost 19,000 homes that year, generating $4.7 billion in revenue. But it also lost $339 million. When the pandemic hit, it suspended home-buying and laid off 35 percent of staff before the housing market came bounding back.Its early backers stand to profit handsomely from their bets on Opendoor.Vinod Khosla’s Khosla Ventures led Opendoor’s Series A in 2014 and invested $40 million over the next few years, according to regulatory filings. Back-of-the-napkin math indicates the firm’s investment grew by 36x through the first day of post-merger trading.GGV, which invested in the Series B round in 2015, invested a total of $57.5 million over several rounds, filings show. Their value grew 15-fold.And Access Industries’ investment, totaling $137 million over several rounds, grew to be worth nearly eight times as much before giving back some of that gain since the Dec. 21 peak.By comparison, SoftBank — which tends to place huge bets later in the game — invested $450 million. On paper, its investment grew by a factor of 5.Homebuilder Lennar, which partnered with Opendoor in 2018 and invested $54 million, has seen a similar return, filings show.Norwest Venture Partners, which invested $77 million, now holds shares worth about six times more. Andreessen Horowitz’s $65 million investment, in 2018 and 2019, has roughly doubled. And General Atlantic, which invested $125 million in 2018 and 2019, has done a bit better than that.Anton Levy, General Atlantic’s global head of technology investing, called the IPO a “milestone moment” that speaks to the appeal of Opendoor’s digital platform. “Eric and the Opendoor team have sought to meet a market need by reinventing and simplifying the way consumers buy and sell homes,” he said in a statement.Filings show Fifth Wall Ventures’ investment grew by a multiple of seven through the peak.The proptech fund, headed by Brendan Wallace and Brad Greiwe, invested $82.4 million over several years. It participated in the Series D and Series E rounds.On paper, Fifth Wall’s total shares were worth more than $607 million at the close of Day One, or 7.4 times its investment. The VC fund also has “penny” warrants to purchase 300,000 shares of stock for $3,000. Based on Monday’s closing price, those shares are worth $7.2 million.Glenn Solomon, a managing partner at GGV Capital, told The Information he was skeptical of the SPAC deal at first, but came around when he realized it was a “means to an end,” he said.“The end is being public, which has value,” Solomon said.Opendoor has projected $10 billion in revenue by 2023. In an investor presentation in September, it said if it captures 4 percent of the U.S. housing market, it can become a $50 billion company.Wall Street analysts agree Opendoor has plenty of room to grow.Jason Helfstein, an analyst at Oppenheimer & Co., gave Opendoor a $34 price target. Opendoor is the leading iBuyer in a nascent sector, “leaving plenty of opportunity for expansion,” he wrote in a Dec. 21 research note. He projected iBuying, which accounted for 0.38 percent of U.S. home sales in 2019, could capture 3.52 percent of the market by 2030.Contact E.B. Solomont Clockwise from left: Softbank CEO Masayoshi Son, Social Capital CEO Chamath Palihapitiya, Opendoor CEO Eric Wu, Founders Fund partner Keith Rabois and Access Industries chairman Len Blavatnik (Getty; Opendoor; Founders Fund) Opendoor’s IPO last month crowned CEO Eric Wu a billionaire. It quintupled the value of SoftBank’s stake to $2.3 billion. And it reaped early investor Khosla Ventures a 36x return — on paper.After merging with a blank-check company last month, the iBuyer’s stock closed at $31.25 per share on its next day of trading, Dec. 21, giving it a market capitalization of close to $19 billion. Although it has sunk 23 percent since to close Monday at $24.01, the firm is still worth about three times its enterprise value of $5 billion in September, when it struck a deal to go public with a SPAC led by tech investor Chamath Palihapitiya.Opendoor’s largest shareholder is SoftBank’s Vision Fund with a 13.5 percent stake, followed by Khosla Ventures with a 8.5 percent stake now worth $1.4 billion. Len Blavatnik’s Access Industries holds a 6.4 percent stake, now worth more than $900 million; Wu’s stake is 6 percent and GGV Capital’s is 5 percent.Read moreOpendoor’s value soares to $18B ahead of IPO Opendoor’s going public. Is its balance sheet ready? Eric Wu wants to make your home a commodity Email Address* Full Name* Share via Shortlink Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink
Sydney Morning Herald 10 August 2017Family First Comment: Australia are going to be voting on the redefining of marriage – so some interesting commentary is coming out. Especially this one…(PS: Senator Wong (referred to) is a key supporter of same-sex marriage)“On the issue of marriage I think the reality is there is a cultural, religious, historical view around that which we have to respect. The party’s position is very clear that this is an institution that is between a man and a woman.” ….It seems right now no one can make any statement in favour of marriage without being condemned for being a “hater” or “bigot”. However, the statement doesn’t come from Mr Bernardi, but from that other strong-minded senator from South Australia, Penny Wong. Senator Wong articulated the traditional view of marriage in an interview on the Sunday program on network TEN in 2010. It’s a bold statement, sure. But it’s also a fair and reasonable summary of how many Australians feel about marriage. And given that Senator Wong is a woman in a committed lesbian partnership, no one could say the statement was homophobic.”“On the issue of marriage I think the reality is there is a cultural, religious, historical view around that which we have to respect. The party’s position is very clear that this is an institution that is between a man and a woman.”If I told you that was a quote from Cory Bernardi, Lyle Shelton or worse, that oft condemned unreconstructed traditionalist Tony Abbott, would you consider it just more evidence of their homophobia? Many commentators would. It seems right now no one can make any statement in favour of marriage without being condemned for being a “hater” or “bigot”.However, the statement doesn’t come from Mr Bernardi, but from that other strong-minded senator from South Australia, Penny Wong. Senator Wong articulated the traditional view of marriage in an interview on the Sunday program on network TEN in 2010. She spoke it in that calm, emphatic metre which has made her so formidable in our parliament.It’s a bold statement, sure. But it’s also a fair and reasonable summary of how many Australians feel about marriage. And given that Senator Wong is a woman in a committed lesbian partnership, no one could say the statement was homophobic. I accept of course that she was speaking in support of her party’s position while working hard to change it. But do not miss her deeper point – the traditional position deserved respect. She acknowledged that many Australians have traditional views on marriage formed by culture, religion, and history. That is still true.Senator Wong wasn’t homophobic then, and she’s certainly not homophobic now. However she has changed her view on whether the traditional view is one worthy of respect and can be spoken. I won’t take issue with her argument for redefining marriage here. We disagree, no doubt, but I would strongly defend her right to express her beliefs. However, everyone who is passionate about our democracy should take issue with her argument against a plebiscite.READ MORE: http://www.smh.com.au/comment/why-marriage-should-be-between-a-man-and-a-woman-20170810-gxt87w.htmlKeep up with family issues in NZ. Receive our weekly emails direct to your Inbox.
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After scoring just one goal in her past four games, Megan Carney knew that she needed to pick up her play. The freshman attack already had a five-game, multi-goal streak earlier this season, and knew she was capable of more. “I woke up and I was like, ‘I need to play well today, I need to get my head out of my ass,’” Carney said. “I guess that’s what happened.” Carney broke out of her recent slump on Wednesday, notching career-highs with four goals and five assists to help push No. 3 Syracuse (13-2, 5-1 Atlantic Coast) past Virginia Tech (8-6, 1-3), 14-13. Her nine points are two more than any other SU player has tallied in a game this season, while her five assists also mark a season-high for an Orange player. Both totals are more than Carney had in her last six games combined, and every point was important in Syracuse’s fourth one-goal victory of the season. It took little time for her to earn her first point of the game, as she found Mary Rahal just 58 seconds into the game. Her first goal came two minutes later, after Nicole Levy rebounded a shot that went awry and set up her fellow attack to put Syracuse up 2-0. When her second goal, off a feed from Meaghan Tyrrell, found the back of the net with just under 22 minutes left in the first half, the SU bench exploded with cheers. “Yee-haw!” They yelled. “Yeah country Meg!”AdvertisementThis is placeholder textCarney, a McKinney, Texas native, was hit in the head and pushed down on the play, but it didn’t affect her. To end the first half, Levy pump faked a pass before dishing it to Carney, who dropped in her third goal of the game. SU head coach Gary Gait attributed her success in part to the defensive formation the Hokies used throughout. They employed four players to defend Syracuse’s three midfielders, allowing one of the Orange attack to be left unguarded at all times. More often than not that attack ended up being Carney, who stationed herself behind the goal in order to facilitate the offense. “The way the defense played, she got to play quarterback,” Gait said. “She was aggressive early and things were going for her. We need players to step up in situations like this where they were giving us the advantage coming from behind the goal, and she took advantage of it.”When Virginia Tech cut Syracuse’s lead to three late in the first half, Carney used her “quarterback” position to give the Orange some breathing room heading into halftime. First, she found Tyrrell rolling to the front of the net to push SU’s lead back up to four. Then she followed up Levy’s pair of assists with one of her own, finding the senior for a slick goal with 17 seconds left in the half. Her five assists has her up to 16 on the season, second on the team behind Levy, while her 21 goals rank fifth on the Orange. Her versatility has impressed Tyrrell, who noted that Carney can both shoot off the run and pass off a feed. Tyrrell is one half of Syracuse’s high-scoring, freshman duo, but the team’s offense is undoubtedly led by Emily Hawryschuk, whose 51 goals are more than anyone else on the team has points. Even Hawryschuk was in awe of Carney’s play on Wednesday, though.“I don’t think I ever had nine points (as a freshman), so she already has me beat there,” Hawryschuk said. “She’s an awesome player, she’s very smart, she executes every game, so it’s awesome to see her excel.”The freshman starred at the start of the second half, when Carney scored on an empty-net, free-position shot and then assisted on a Hawryschuk goal. She finished her performance the same way she started it, with an assist on Syracuse’s last goal of the game. “She has that potential, that’s why she plays,” Gait said. “She’s got unbelievable talent, she’s got great potential, and today she delivered on it.” Comments Published on April 3, 2019 at 8:06 pm Contact Eric: [email protected] | @esblack34 Facebook Twitter Google+