Sep 27, 2018

Opendoor raises $400 million from SoftBank Vision fund

Opendoor, a startup that buys and sells homes, said Thursday that it raised $400 million from SoftBank's Vision Fund, plus an additional $2 billion in debt financing from undisclosed banks. A source tells Axios that the equity valuation was north of $2 billion.

Why it matters: Opendoor is one of Silicon Valley's most daring bets, due to the risk it would face from a real estate market downturn.

  • Opendoor says it currently holds onto a house for an average of 90 days.

In addition to investing into its own home buying and selling services to customers, Opendoor is working on tools for buyers of non-Opendoor homes, says co-founder and CEO Eric Wu. He declined to share more details about how the company will do this, other than point to its recent acquisition of Los Angeles-based Open Listings.

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Orion Rummler
41 mins ago - Politics & Policy

Ousted former U.S. attorney for SDNY to testify before House Judiciary Committee

Berman in October 2019 in New York City. Photo: Johannes Eisele/AFP via Getty Images

Geoffrey Berman, the former U.S. attorney for the Southern District of New York, is scheduled to testify to the House Judiciary Committee next week on the circumstances of his forced resignation, Politico reports, citing a congressional aide.

Why it matters: As the top federal prosecutor in Manhattan, Berman oversaw high-profile cases that worried and angered President Trump and his inner circle, including an investigation into his personal lawyer Rudy Giuliani. His removal has added to allegations by Democrats that Attorney General Bill Barr has politicized the Justice Department under President Trump.

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Axios
2 hours ago - Economy & Business

Stimulus outlook takes a hit even as coronavirus cases skyrocket

Data: Bureau of Labor Statistics; Chart: Axios Visuals

The pandemic is getting worse, and the question is whether the economic recovery will go with it.

Why it matters: America adding 7.5 million jobs over the last two months pales in comparison to 20+ million lost over the two months prior.

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Axios
3 hours ago - Health

Texas governor mandates face masks in public spaces

Photo: Mario Tama/Getty Images

Texas Gov. Greg Abbott (R) issued an executive order Thursday requiring all Texans to wear a face covering in public in counties with 20 or more positive coronavirus cases.

Why it matters: It's a dramatic reversal by the Republican governor that underscores the severity of the outbreak in Texas, which set a single-day record on Wednesday with more than 8,000 confirmed new cases. On June 3, Abbott issued an executive order banning local governments from imposing fines on people who don't wear masks in public.

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