Brief news summary

Fears that artificial intelligence will disrupt the business model of classifieds businesses have significantly reduced the value of some of the sector’s largest companies, wiping billions off their market worth. This has also sparked renewed speculation that UK property portal Rightmove could once again become a target for acquisition by Australian digital real estate giant REA Group. Advanced AI engines like OpenAI’s ChatGPT, Google’s Gemini, and Perplexity have the potential to revolutionize how users search for homes, jobs, and cars by delivering results directly, eliminating the need to visit dedicated classifieds websites. As a result, investors in online classifieds are increasingly cautious, concerned about the long-term impact of AI-powered tools that could bypass traditional platforms, fundamentally challenging the existing classifieds business model and its profitability.