Redfin CEO: 'The housing market could get worse'

After announcing a 13% workforce cut — its second layoff this year — Seattle real estate giant Redfin reported third quarter earnings.

• "The housing market could get worse,” Redfin CEO Glenn Kelman (above) said on the earnings call. In a memo to employees, Kelman said the market in 2023 “is likely to be 30% smaller than it was in 2021.”

Other real estate tech companies are also slashing staff in an effort to cut costs.

• Flyhomes laid off workers for the second time this year. Founded in 2016, the Seattle startup helps people buy homes using a cash offer program which presents customers as the equivalent of cash buyers.

In other news: Paul Allen’s art collection is a record-breaker at auction.

• The late Microsoft co-founder’s impressive lot of paintings and other artwork fetched more than $1.5 billion on the first day of a sale at Christie’s New York.

Tech Moves:

• Seattle biotech giant Seagen hired David Epstein, a former exec at Novartis, as its new CEO, replacing Seagen co-founder and longtime CEO Clay Siegall, who resigned earlier this year following allegations of domestic abuse.

Maybe that orbital starship factory isn’t that far off after all.

• Just three years after it was founded, a Tukwila, Wash.-based startup called Starfish Space is putting the pieces in place to demonstrate how a low-cost satellite can hook up with other spacecraft in orbit.

Are you a parent and worried about what your child is looking at online?

• Seattle startup BrightCanary, founded by two entrepreneurs who sold their last company to T-Mobile, offers an app that alerts parents when inappropriate content is being watched. It just raised a $4 million seed round. 

An outdoor sleeping gear maker is not resting on its success.

• Seattle-based Hest is raising more cash to fuel continued growth for its high-tech camping mattresses and pillows. 

TikTok has become a major force in L.A.'s culinary world.

• dot.LA's Kristin Snyder looks at how three Los Angeles businesses turned viral posts on the platform into a thriving cooking business. To learn more about L.A.'s tech and startup scene, subscribe to dot.LA's daily newsletter.