Zillow, an online real estate marketplace, saw its value rise by $250 million after it announced President Obama would answer questions about the housing market in an online discussion moderated by the company’s CEO.
Following Monday’s announcement, Zillow’s stock price shot up from its previous closing price of $86.71 to as high as $94 – a more than 8-percentage-point rise.
That put the company’s market capitalization – the number of outstanding shares of stock multiplied by the trading value of the stock – up by more than $250 million, according to a MarketWatch calculation.
The stock has since receded to trading around $89.50 – about a 3-percentage-point gain – at 2 p.m. EST.
The online question and answer session will take place on Wednesday, and interested participants will be able to submit questions for the president over Twitter and Facebook, or by creating short videos on Vine.