The newsletter also covers the rise of house-flipping algorithms, with a focus on Zillow's recent losses. The company lost over $420 million in three months due to erratic house buying and unprofitable sales, leading to questions about the viability of the tech-driven model. The story raises concerns about whether the arrival of Silicon Valley tech in the housing market signals a better future or a disruptive fear for the industry.
Key takeaways:
- Two former Department of Energy staffers warn that the carbon removal industry is headed in the wrong direction, focusing too much on corporate emissions and not enough on reducing global warming.
- Yahoo's early 2000s controversy of sharing user information with the Chinese government is still having repercussions today, with ongoing revelations about the company's failure to protect cyber dissidents.
- The COP28 summit has agreed to transition away from fossil fuels, but not all countries are happy with the wording of the deal.
- House-flipping algorithms are emerging in the real estate market, but their viability is being questioned after Zillow lost over $420 million in three months due to erratic house buying and unprofitable sales.