Zillow Shares Plunge as Investors Digest Home-Flipping Halt
- Company announced Tuesday it was abandoning iBuying unit
- Real estate giant has been buying thousands of U.S. homes
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Zillow Group Inc. shares plunged on Wednesday as investors digested the news that the company was pulling the plug on its tech-powered home-flipping operation.
The stock dropped as much as 15.7% to $72.06, the biggest intraday slide since March 2020.