Zillow founder Rich Barton is a billionaire after strong results of a risky new home buying strategy sent shares up 17% Thursday. The result came almost a year to the day since he returned as CEO.
Zillow shares closed above $64 a piece for the first time since June 2018. Barton owns 15.8 million shares, including over 700,000 he bought in November 2018 when the stock was at a low point.
Barton started Zillow with four colleagues from his last company, Expedia, and owns the largest individual stake. Frustrated by his own home buying experience, he believed technology would revolutionize the process. With its home value estimates and easy to access listing, the site was a hit as soon as it launched in 2006, but Barton wanted to go further.
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