Opendoor’s 1600% Meme-Stock Rally Meets Reality – New CEO, Crypto Hype & Housing Woes Collide
Opendoor shares surged from under $1 to over $10 in 2025, driven by retail hype, before settling near $7 in late October. The company named Kaz Nejatian as CEO and signaled plans for up to 85% layoffs. Q2 revenue rose 5% to $1.6 billion, but Q3 sales are forecast to fall by half. Most analysts rate the stock a “Sell,” with price targets far below current levels.