Opendoor is disrupting the real estate market with its new model. I buy a home and sell it on the platform.
Open door
Open door Stock rose 60% on Thursday after retail favorite names Shopify Executive Kazu Nejantian as CEO and co-founder Keith Labois.
Meme stocks hit a 52-week high and have continued to run spectacularly this year, with over 400% so far.
Former CEO Carrie Wheeler resigned last month after a pressure campaign from investors, including critical comments from Labour and hedge fund manager Eric Jackson, which was a key part of the stock’s revival this year.
Jackson built a massive follow on X for his successful bet Carbanaand turned his attention to cheering on the turnaround in Opendoor.
Opendoor said Wednesday that he would “enter founder mode” by bringing the company’s first CEOs back to the board before resigning in 2023.
The company was made public in 2020 through a special purpose acquisition company. Opendoor’s business uses technology to buy and sell homes and pocket profits.
Nejatian said the company uses artificial intelligence to make the process of buying and selling a home “fundamentally simpler, faster and more reliable.”
Opendoor’s shares traded for less than a dollar earlier this year, putting the company in danger of being delisted by Nasdaq.
Opendoor Year to Tute stock price chart.
