Opendoor Stock Today (November 28, 2025): AI ‘Version 2.0’, Massive Layoffs and Warrant Dividend Keep OPEN in the Spotlight

Opendoor Technologies Inc. (NASDAQ: OPEN) is back at the center of market debate today, 28 November 2025, as fresh coverage of its radical AI‑driven “Version 2.0” reboot, aggressive headcount cuts and complex warrant dividend collides with another volatile trading session.

Below is a full rundown of today’s price action, the new November 28 news, and how it fits into Opendoor’s high‑risk turnaround story.

Quick snapshot of Opendoor stock today

Price: Various real‑time feeds on Friday show Opendoor trading around $7.8 per share, modestly above Wednesday’s close of $7.78. ^[1]
Intraday range (Nov 28): Opendoor has traded roughly between $7.72 and $8.26, with volume above 38 million shares, according to daily historical data. ^[2]
Recent trend: The stock has climbed for several sessions in a row but is still down roughly 17% over the last 10 trading days, reflecting big swings after its Q3 earnings and warrant announcement. ^[3]
12‑month performance: Despite the pullback, OPEN is still up well over 200% year‑on‑year, with a 52‑week range of about $0.51 to $10.87. ^[4]

Put simply: Opendoor is still a meme‑like, hyper‑volatile housing tech play — and today’s headlines only reinforce that.

What’s new on November 28, 2025?

Two pieces of fresh coverage are driving the Opendoor conversation today:

1. Benzinga: Eric Jackson calls this “Opendoor Version 2.0”

In a new Benzinga article published early Friday, investor Eric Jackson describes Opendoor as entering a “version 2.0” era under new CEO Kaz Nejatian (formerly COO at Shopify). ^[5]

Key points from that piece:

Opendoor recently had around 1,400 employees, but under Nejatian it is planning to replace 80–90% of its workforce with AI‑driven automation, according to Jackson’s comments. ^[6]
Tasks that previously required 11 people to process a single home sale are now being handled by one person, with AI doing most of the heavy lifting — a change Jackson says happened “in the last month.” ^[7]
The strategic goal is “three‑day closings”: letting sellers get an instant offer and financing in the app, then closing in days instead of weeks. ^[8]
Jackson sets an extremely aggressive long‑term target of $500 per share, while JPMorgan’s Dae K. Lee reinforces the bull case with an Overweight rating and an $8 price target (roughly in line with where the stock trades now). ^[9]

The message from today’s Benzinga piece: Opendoor is trying to reinvent itself as an ultra‑lean, AI‑first housing platform — and some high‑profile investors are betting big on that pivot.

2. Stock‑World (Germany): “Problem areas revealed?” – a more cautious take

Also today, German outlet Stock‑World published a detailed article titled “Opendoor Aktie: Problemfelder enthüllt?” (“Opendoor stock: problem areas revealed?”). ^[10]

Their key arguments:

They highlight the same transformation Jackson describes, noting that Opendoor is driving “comprehensive transformation” and AI automation that could replace up to 90% of staff, while shifting to a direct‑to‑consumer (D2C) model. ^[11]
Initial tests reportedly show D2C conversion rates about six times higher than other channels, which could improve unit economics if scaled. ^[12]
However, the article frames this as an “all‑or‑nothing” gamble:
- Massive job cuts mean there’s “no way back” if the AI execution fails.
- Opendoor is moving away from traditional capital‑intensive iBuying toward a platform‑style model, but the housing backdrop is still tough.
Stock‑World also flags last week’s distribution of tradable warrants (Series K, A, Z) as a move that both aligns management with shareholders and increases the leverage and complexity of Opendoor’s capital structure. ^[13]
Their bottom line: the stock remains a “high‑risk, high‑reward” bet, not a steady compounder. ^[14]

If Benzinga’s piece today captures the optimistic, AI‑future narrative, Stock‑World’s article reads like the European risk memo on why this story could still go wrong.

How OPEN traded today: volatility remains the norm

While today’s headlines focus on big strategic shifts, Opendoor’s trading pattern continues to look like a classic meme stock.

Price and volume

Historical data show that on November 28 Opendoor’s session so far has spanned roughly $7.72–$8.26, with a closing or near‑session price around $7.8 and volume north of 38 million shares. ^[15]
European quote feeds and finance portals that embed U.S. data show Nasdaq prints around $7.81–$7.82 late in the day, up about 0.3–0.5% from the prior close of $7.78. ^[16]
Pre‑market trackers earlier in the day showed OPEN changing hands near $7.85–$7.86, already above Wednesday’s close before the opening bell. ^[17]

Taken together, that suggests a choppy but slightly positive day for OPEN, with heavy turnover and intraday swings of around 7% still very much the norm.

Bigger picture: still up triple‑digits, still extremely volatile

Over the last year, Opendoor has delivered a gain of more than 200%, with a 52‑week low around $0.51 and a high near $10.87. ^[18]
Finimize estimates the stock’s annualized volatility near 119% and a beta of about 3.2, meaning its moves are more than three times as wild as the broader market. ^[19]
Short interest is also high, around 22% of the float, keeping conditions ripe for short squeezes and sharp air‑pocket drops in either direction. ^[20]

For traders, that’s a dream. For long‑term investors, it means position sizing and risk tolerance are critical.

Why everyone is talking about “Opendoor 2.0”

Today’s articles build on a narrative that really started with Q3 results on November 6 and the company’s “Open House” presentation on its AI pivot.

Q3 2025 by the numbers

Opendoor’s Q3 2025 results were a mixed bag:

Revenue: About $915 million, beating estimates of around $880–$890 million but still down roughly 33–34% year‑on‑year as the company deliberately ran with lower inventory. ^[21]
Profitability:
- Gross margin shrank to roughly 7.2%, down from around 11.5% a year ago. ^[22]
- Contribution margin landed near 2.2%, below the company’s own guidance range. ^[23]
- GAAP EPS came in around ‑$0.12, missing consensus expectations (~‑$0.07), with net loss around $90 million vs. ~$78 million a year earlier. ^[24]
Guidance: Management stopped issuing traditional quarterly EPS guidance, but told investors to expect:
- Q4 revenue down ~35% sequentially due to low starting inventory.
- Acquisitions up at least 35% Q/Q as new AI pricing tools ramp.
- Contribution margin dipping below Q3 levels before improving into 2026. ^[25]

The official goal now is breakeven adjusted net income on a 12‑month basis by the end of 2026, not 2025, underlining that this is a multi‑year turnaround, not an overnight fix. ^[26]

The AI‑first pivot under Kaz Nejatian

Across the Q3 presentation, Finimize’s deep dive, and today’s Benzinga piece, a consistent picture emerges of Nejatian’s strategy: ^[27]

Refound Opendoor as a software and AI company, not just an iBuyer sitting on a giant balance sheet of homes.
Automate everything that can be automated:
- Pricing algorithms that adjust offers daily.
- Underwriting and risk checks.
- Closing workflows, with a target of three‑day completions.
Slash fixed costs, including consultants and a large chunk of headcount, to match the more automated model.
Lean into D2C and capital‑light revenue:
- Drive more traffic directly into Opendoor’s own funnel instead of paying partners.
- Expand adjacent services like mortgages, title and warranties to fatten margins per transaction.

In short, “Opendoor 2.0” is about using AI to decouple growth from headcount and owned inventory, turning the company into a tech platform that happens to trade houses — not a house‑flipper that happens to use some software.

The warrant dividend: financial engineering or shareholder alignment?

Another big factor in today’s commentary is last week’s special dividend of tradable warrants, which Stock‑World and others see as a crucial part of the story. ^[28]

How the warrants work

On November 21, 2025, Opendoor completed a special dividend in the form of three series of NASDAQ‑listed warrants: OPENW (Series K), OPENL (Series A) and OPENZ (Series Z). ^[29]

Key terms from the official press release: ^[30]

Who got them:
- Shareholders of record as of November 18, 2025.
- Certain holders of Opendoor’s 7% convertible notes.
Distribution ratio: For every 30 shares of common stock held, investors received one warrant of each series (K, A and Z).
Exercise prices:
- Series K: $9.00
- Series A: $13.00
- Series Z: $17.00
Trigger prices for early expiry:
- $10.80, $15.60 and $20.40 respectively (120% of the exercise prices).
Expiry: Currently set for November 20, 2026, with the possibility of earlier expiration if the stock trades above those trigger levels long enough.

CEO Kaz Nejatian positioned the move as a “structural” way to align management and long‑term shareholders, giving loyal holders extra upside if the turnaround succeeds. ^[31]

Why the market sees it as a short‑squeeze weapon, too

Finimize and European commentators point out another angle: the warrants add a leveraged layer of call options on the equity, which can: ^[32]

Encourage retail traders (“Open Army”) to keep pressing the long side.
Put additional pressure on short sellers who now face more complex dynamics around hedging, borrow availability and potential early‑exercise events.
Increase effective float sensitivity: if the stock moves quickly toward the trigger levels, warrant‑driven buying could amplify any rally.

That’s why German outlets describe the warrant structure as part of a “burn the boats” strategy: Opendoor is making a big, visible bet that its plan will work — and inviting both longs and shorts to take equally big positions on the outcome. ^[33]

Macro, rates and index flows: the wind at Opendoor’s back

Beyond company‑specific moves, Opendoor sits at the intersection of rate expectations, housing cycles and index mechanics.

Rate‑cut speculation and housing sensitivity

Several recent analyses, including from Nasdaq and European outlets, stress that Opendoor is essentially a leveraged bet on U.S. housing and interest rates: ^[34]

Lower mortgage rates can boost buyer demand and transaction volumes, helping Opendoor sell homes faster and with fewer discounts.
If the expected 2026 housing recovery is weaker than hoped, margins could remain thin and inventory risk high.
Recent Fed cuts have not yet translated into sharply lower mortgage rates, and housing affordability remains strained — a key risk highlighted by bears.

Index inclusion and institutional flows

One European note this week highlighted that Opendoor has been added to the S&P Global BMI and S&P TMI indices, which forces some passive funds to accumulate the stock. ^[35]

Combined with:

High short interest,
Retail meme‑style activity, and
New listed warrants,

these index flows add a structural layer of buy‑side demand — another reason OPEN’s moves have been so dramatic in both directions this year.

Bull vs. bear case after today’s news

The bullish view (what the optimists see)

Bulls looking at today’s developments will point to:

Radical efficiency potential: If AI really can cut the workforce by 80–90% while maintaining or improving service quality, the long‑term margin uplift could be enormous. ^[36]
D2C conversion and add‑on services: Six‑times better conversion in direct channels plus mortgages, title and warranties could turn each transaction into a much more profitable bundle. ^[37]
Solid balance sheet runway: Q3 commentary highlighted nearly $1.45 billion in liquidity, giving Opendoor time to execute the pivot. ^[38]
Valuation vs. peers: Enterprise‑value‑to‑sales multiples around 1.3–1.6x are well below many software and housing‑tech peers, suggesting potential re‑rating if profitability arrives. ^[39]
Analyst and influencer support: JPMorgan’s Overweight and $8 target, Nejatian’s own share purchases, and vocal bulls like Eric Jackson create a powerful narrative tailwind. ^[40]

The bearish view (what the skeptics emphasize)

Bears, including many European commentators and cautious U.S. analysts, will stress that: ^[41]

The core business is still unprofitable, with negative EBITDA margin and widening GAAP losses in Q3.
Unit economics remain fragile, with contribution margins near 2% and a large share of inventory older than 120 days.
Housing remains a tough environment, with high mortgage rates and affordability constraints limiting how quickly volumes can recover.
Valuation already bakes in a lot of hope, after a 1,000%+ move off the 2025 lows.
Meme dynamics and warrant structures add risk, attracting traders more than long‑term investors and making the stock vulnerable to sharp reversals.

For skeptics, today’s AI‑and‑warrants‑heavy coverage doesn’t change the core question: can any scaled, capital‑intensive iBuying model sustainably earn its cost of capital?

What today means if you’re watching OPEN

For short‑term traders, today’s news reinforces that:

Opendoor remains a headline‑driven, high‑beta vehicle, capable of big intraday swings.
Real‑time price feeds show the stock hovering near the high‑$7 range, with rapid pushes toward the mid‑$8s on bursts of enthusiasm. ^[42]

For long‑term investors, the November 28 coverage sharpens the thesis:

If “Opendoor 2.0” works — AI cuts costs, D2C scales, housing stabilizes and warrants end up in the money — today’s price could look cheap in hindsight.
If the pivot stumbles, housing stays sluggish or capital markets tighten, the combination of high leverage, warrants and memetic volatility could magnify the downside.

Either way, OPEN is not a low‑drama stock. It’s a leveraged bet on AI execution + housing market + investor sentiment, and today’s articles underline just how stark that bet has become.

Important note

This article is for informational purposes only and is not investment advice or a recommendation to buy or sell any securities. Always do your own research or consult a licensed financial adviser before making investment decisions.

Opendoor’s AI Secret Could 10x Its Stock Price.