ZG - With Offerpad SPAC deal Zillow co-founder steps up against old company

Offerpad's (OPAD) plan to go public via special-purpose acquisition company Supernova Partners (SPNV -1.4%) isn't just marking a $3B valuation for the "iBuying" pioneer - it also marks the co-founder of Zillow ([[Z]] -0.2%, [[ZG]] -0.1%) going to bat against his old company. Rascoff, Zillow's former CEO, is one of the leaders of the Supernova Partners Acquisition Co. - and along with Zillow and rival Opendoor (OPEN +2.4%), they're betting on iBuying: the high-tech home-flipping mechanism relying on algorithms to make purchase offers to homeowners over the Internet, with plans for quick renovation and resale. (Opendoor went public last year through a merger with Chamath Palihapitiya's blank-check operations.) Rascoff says that Offerpad is "incredibly well-positioned to grab a huge piece" of online real estate during a time of rapid growth - but in reaction to the deal, says he doesn't really think he's competing so much against his old company

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With Offerpad SPAC deal, Zillow co-founder steps up against old company