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Saturday, October 18, 2008

Bringing Down the House - Zillow Layoffs

Turns out Zillow isn't just reporting a lower value for my house (each time I check, damn it!).  Almost 40 of Zillow's 150 employees are being laid off. 

This is another Seattle based real-estate startup going through some economy-related pains.   As usual, CEO Rich Barton's layoff memo talks about how business is great... but layoffs are needed.

As I keep saying, I think this is good for Zillow.  Bad for the employees, but good for Zillow, and of course those same employees' stock options, in the long term.  (one hopes, anyway - none of the startups I worked at during the dot com bust managed to give me a single dollar back on my stock options).

zillow homepage

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