Opendoor to Pay $62 Million to Settle Claims of Deceptive Marketing

Opendoor Labs, an online home buying platform, agreed on Monday to pay $62 million to the Federal Trade Commission to settle claims that it used misleading marketing practices to persuade people to sell their homes on the site.

The company, which claims it allows homeowners to sell their homes more quickly than through a broker, deceived customers into offering their properties to Opendoor for less than they would have made on the market, the FTC said Monday in a news release. The agency said Opendoor had presented home sellers with charts that showed they would make thousands of dollars more by selling their properties on the platform compared with in the traditional marketplace.

Opendoor said in a statement on Monday that it disagreed with the FTC’s allegations, which the company said were tied to its business activities from 2017 to 2019.

“While we strongly disagree with the FTC’s allegations,

The Hottest Marketing Tech Companies of 2022

  • Marketing tech is crucial to help companies deal with the loss of cookies and the growth of e-commerce.
  • Insider identified 13 companies leading the charge.
  • The companies deliver new ways to do mobile messaging, attract online buyers, and use consumer data.

The competition to standing out in marketing tech is intensifying.

The growth of e-commerce and eventual death of third-party cookies has placed a brighter spotlight on marketing tech, and CMOs have more opportunities to invest, as their budgets will grow by 9.5% this yearaccording to research firm Gartner.

Cloud giants like Adobe have long pitched advertisers on tools that help marketers do everything from sending personalized email campaigns to storing data. But a crop of startups and newly public companies are vying for a piece of the billions that CMOs spend each year.

For the fourth year in a row, Insider is recognizing the marketing tech companies shaking