With its stock nose-diving on Friday, Trulia CEO Pete Flint, defended the online real estate company's decision to ramp up spending on marketing during a CNBC appearance.
Investors appeared to take issue with the rapid rise in expenses at Trulia, sending shares into a 19 percent tailspin at one point Friday afternoon. During an interview on "Squawk on the Street," Flint said his $45 million strategic marketing campaign seeks to take a big chunk out of a $27 billion market in real estate advertising in the U.S.
"We think this is the right long-term opportunity for the business," Flint said. "We see a tremendous opportunity."