Compass CEO Who Pivoted From Goldman to Tech Reaps IPO Gain
- Reffkin’s stake valued at $472 million after share sale
- Critics say real estate brokerage needs to justify valuation
Robert Reffkin
Photographer Cate Dingley/Bloomberg
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Compass Inc. Chief Executive Officer Robert Reffkin started his career working in the inner sanctums of American power, from McKinsey & Co. to the White House to Goldman Sachs Group Inc. But it was a real estate startup that vaulted him to the ranks of the ultrarich.
Compass, the tech-focused brokerage that Reffkin co-founded in 2012, raised $450 million in an initial public offering Wednesday. The sale was cut in half from the company’s prior target as tech shares sank this week, and it priced at the low end of a reduced range with investor enthusiasm waning for high-flying startups that got a boost from Covid-related demand.