Brew Markets Why StubHub Risks A Chill in a Hot IPO Market & Opendoor’s New Team
Sep 15, 2025
Discover the latest updates at Opendoor, including the impact of a new CEO and board changes. Dive into StubHub's IPO preparations and the challenges it faces in a competitive ticketing market. The discussion also sheds light on the implications of dual class shares for corporate governance. Finally, explore market fluctuations and the evolving landscape for major players. It's a blend of investment insights and corporate dynamics!
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Opendoor Leadership Shift Sparks Uncertainty
- Opendoor saw rapid leadership change with a product-focused CEO and founders returning to the board.
- The market hasn't yet digested whether these moves will materially fix fundamentals or reduce cash burn.
StubHub IPO: Big Volume, Big Costs
- StubHub targets an ~$8.6B valuation while cutting from a $17B private valuation and plans to raise $800M to pay debt.
- The business is high-volume marketplace revenue but carries heavy marketing spend, declining profits, and significant leverage.
Founder Origin Story Explains Product Focus
- Speaker 1 recounts Eric Baker's origin story of founding StubHub after struggling to buy The Lion King tickets at Stanford.
- Baker later sold StubHub to eBay, founded Viagogo, and reacquired StubHub in 2019.