In a procedural move, Zillow Group today announced that shareholders as of Aug. 17 have received two class C shares for each class A or class B share owned.
The company announced plans to create the class C share structure last month, with the Seattle online real estate company saying that it would allow it to focus on long-term growth and innovation.
“Our Board approved this stock split to ensure we can continue to make the best decisions for the company’s long-term growth,” said Zillow CEO Spencer Rascoff said at the time. “Our Board, management, and the shareholders who have chosen to invest in Zillow, view the company in terms of decades, not quarters or years. And we are in the very early days of a massive opportunity in front of us.”
As part of today’s changes, the class C shares will trade under the symbol Z. That stock opened at $25.19. The class A common stock is now trading under the ticker ZG, with shares opening at $22.83.
The class B shares — held by founders Rich Barton and Lloyd Frink — carry 10 votes each.
The new structure comes after Zillow purchased its largest rival, Trulia, for $2.5 billion in February.
