Australian billionaire James Packer has boosted his ownership stake in Zillow to 9.3 percent, making him the company’s second-largest shareholder after Caledonia Private Investements, a funds management firm based in Australia, Business Day reports. Shares in Zillow soared through the $100 mark to new all-time highs in trading this morning.

Opining on Yahoo Finance, TheStreet.com’s Jim Cramer said that while Zillow is “absolutely despised by many short-sellers, and there’s high-quality research out there that’s been saying it is very overpriced … Maybe someone should tell that to (Packer).”

It’s a mistake to be jaded about tech IPOs like Zillow, LinkedIn and Yelp, Cramer says: “All three of these stocks have been gigantic winners, and I think they’ll continue to be so, given how well they dovetail into the trinity of social, mobile and cloud.” Source: businessday.com.au.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
New January Connect speakers added: M. Ryan Gorman, Josh Team, Glenn Kelman and more.SEE THE SPEAKERS×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription