Readit NewsDeleted Comment
Errr - what?
I think you'll find that market manipulation is prohibited in the US under Section 9(a)(2) of the Securities Exchange Act of 1934, and in the EU under article 12 of the Market Abuse Regulation (etc.)
The US Securities Exchange Act defines market manipulation as "transactions which create an artificial price or maintain an artificial price for a tradable security".
Deleted Comment
You could take a copy of the original e-mail and a copy of the notice and send them, with a cover letter, to your state securities regulator [1]. If you want to turn up the heat, submit a complaint to FINRA [2]. If you want to be peskier, and live in California, submit a CCPA complaint [3].
[1] https://www.nasaa.org/contact-your-regulator/
[2] https://www.finra.org/investors/need-help/file-a-complaint
[3] https://oag.ca.gov/contact/consumer-complaint-against-busine...
That's quite a statement. The head of a company with a privileged view of the US residential real estate sector says that the market is "unpredictable." Not the good kind of unpredictable where you can't figure out how heavy the money bags that get dropped at your door will be. No, it's the bad kind of unpredictability where you can... lose money.
Reading between the lines, I conclude that Zillow sees a major shakeout in real estate on the horizon. They've already been hit with losses and see a lot more where that came from. In an effort to get ahead of whatever is approaching, the company is making an abrupt exit from the home flipping business.
Zillow was founded in 2006, as the last US housing market bubble was furiously inflating. It has seen a complete cycle of boom/bust. If anybody knows the US residential real estate sector, it is Zillow.
So they lost 1% of the total funds due to a bug.
And their solution was to threaten to dox the users.