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via LinkedIn

Gautam Gupta, Uber's outgoing finance chief, is headed to home-buying startup Opendoor as its chief operating officer, the company tells Axios. Gupta has spent four years at Uber, becoming its highest ranking finance executive after CFO Brent Callinicos left in 2015. He will formally leave the ride-hail giant next month.

From cars to real estate: Gupta's jump to Opendoor is the byproduct of his longtime friendship with CEO Eric Wu and great timing, according to Wu. Gupta will be Opendoor's first COO as the startup plans its next phase of growth, which will include building out an expansion playbook. By the end of the year, it hopes to be in eight to 10 markets, up from the three it currently operates in.

Along with Gupta, Opendoor is also bringing on two longtime Amazon executives: Jason Child who will be the startup's CFO, and Bali Raghavan as VP of engineering. Both spent 12 years at the online retail giant.

Background: Opendoor was founded in 2014 to streamline residential real estate transactions. Thanks to credit lines from undisclosed financial institutions, it purchases homes directly and then sells them ― making money via fees, just like traditional real estate brokers. It has raised $320 million from firms like Khosla Ventures (where Opendoor co-founder Keith Rabois is a partner), Norwest Venture Partners, NEA and GGV Capital.

Go deeper

Felix Salmon, author of Capital
2 hours ago - Economy & Business

Maybe we can ignore inflation expectations

Illustration: Sarah Grillo/Axios

Just because we expect inflation to show up, doesn't mean it will. That's the message from an important new paper throwing cold water on a central tenet of monetary economics.

Why it matters: The Fed hikes interest rates when — and only when — it thinks inflation is otherwise going to be too high. That means it needs a formula to determine where it thinks inflation is going to be. But now a senior Fed economist is saying that the key ingredient in that formula "rests on extremely shaky foundations."

3 hours ago - Technology

Facebook: Metaverse won't "move fast and break things"

Illustration: Aïda Amer/Axios

Facebook on Monday said it will invest $50 million over two years in global research and program partners to ensure its metaverse products "are developed responsibly."

Why it matters: "It's almost the opposite of that now long-abandoned slogan of 'move fast and break things,'" Facebook's VP of global affairs Nick Clegg told Axios in an interview at The Atlantic Festival Monday.

Ina Fried, author of Login
3 hours ago - Technology

Behind the Instagram Kids pause

Illustration: Annelise Capossela/Axios

Facebook's announcement Monday that it was "pausing development" on Instagram Kids did little to slow a wave of criticism of the project ahead of a Senate hearing Thursday.

Yes, but: There's an argument to be made for building kids' versions of popular apps, even if their adult versions are causing real-world harms.