Good morning,

Today’s Stratechery Interview is with Eric Wu, the founder and CEO of Opendoor. Opendoor is very much in the middle of testing the thesis that homebuying can survive a market downturn. The company had huge losses in the third quarter as it sold inventory at steep discounts and discounted the value of what it still had in stock; the company also laid off 18% of its workforce.

At the same time, Opendoor is also seeking to leverage its first-party buying product into a new marketplace called Opendoor Exclusives; from the company’s blog post: