The company obtained a $1 billion valuation — good enough for unicorn status — a mere five months after its launch.
“Like any business in this environment, Pacaso must make proactive changes to ensure that our expenses align with revenue,” Allison said during the call, according to the Real Deal.
Among the concerns Allison expressed during the call were declining home values, especially for vacation homes and other second properties. In a press release published last Friday, Oct. 7, Allisonfor “luxury second homes” — Pacaso’s core product — as “unprecedented, unsustainable,” but said that he remains “bullish” on second homes.
The Real Deal notes that laid-off workers will receive severance and medical benefits, but details were unclear. A spokesperson for Pacaso did not immediately respond to a request for comment from SFGATE.
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