Opendoor’s Meteoric Comeback: How Meme Hype and Housing Hopes Fueled a 1600% Stock Surge
Opendoor Technologies shares surged over 1,600% from under $1 to above $10 by mid-September, then settled near $7–$8, valuing the company above $6 billion. CEO Carrie Wheeler resigned in August; Kaz Nejatian was named CEO, with Keith Rabois returning as chairman and planning major layoffs. Q2 showed positive adjusted EBITDA and narrowed losses, but Q3 guidance warns of renewed losses. Retail traders have driven extreme volatility and high trading volumes.