Compass stock plummets, halts trading
Compass stock plummets halts trading
Real estate brokerage Compass grew quickly thanks to venture capital money and an aggressive agent recruiting plan. But the decade-old company has always bled cash, and now, as the financial markets take a turn for the ugly, may face a reckoning.
On Tuesday, New York-based Compass announced a “workforce reduction plan” laying off 10% of the company’s current employees, or “approximately 450 positions,” according to a filing with the Securities and Exchange Commission.
Compass stock, which debuted at $20.15 per share in April 2021, was trading at $3.50 as of yesterday, and early in the week, it had to halt trading.
Source: Real Trends