SoftBank is making a big bet on real estate tech. The Japanese telecom giant invested $450 million in Compass, a $2.2 billion real estate company shaking up the industry. Rob Lehman, Chief Revenue Officer at Compass, was with us to discuss what the deal means for the company.
With investments ranging from Uber to WeWork, SoftBank is one of the most influential investors in the tech community. Lehman explains that his company appealed to SoftBank because they recognized a technology gap in the real estate market that Compass was filling. He also points out Compass was an attractive investment because real estate is the largest asset globally.
With the new funding, Lehman says the company will focus on growth and continued investments in technology. When it comes to emerging technologies, Compass doesn't have plans for virtual reality. Instead, the company is more focused on artificial intelligence, says Lehman. In addition to technology, the new funding will go to breaking into tier one cities such as Atlanta and Phoenix, he adds.
Kellogg announced last year that it was splitting into two companies, one focused on snacks and the other on cereal. Now it's revealed what those new companies will be called. The cereal business will retain the name Kellogg's, while the snack business will be called Kellanova.
Credit Suisse’s shares have soared 30% after it announced it will move to shore up its finances by borrowing up to nearly $54 billion from the Swiss central bank.
Melissa Armo, founder and owner of The Stock Swoosh, joined Cheddar News to discuss Wednesday's session as stocks closed down amid concerns over a banking crisis and ahead of next week's Fed meeting.
