What Happened?
Shares of technology real estate company Opendoor (NASDAQ: OPEN) fell 2.5% in the afternoon session after the company's Chief Financial Officer departed and its chairman suggested the iBuyer was "bloated" and could dramatically slash its workforce.
The executive shuffle continued as Opendoor announced Christy Schwartz would take over as interim Chief Financial Officer, effective September 30, 2025. She replaced Selim Freiha, who departed the company on Friday. This move is the latest in a series of leadership changes aimed at steering the company back to profitability. The shakeup also recently saw Kaz Nejatian appointed as the new CEO and co-founders Keith Rabois and Eric Wu return to the board.
Adding to investor concerns, Rabois, the newly returned chairman, made blunt comments about the company's staffing. He stated he didn't know what most of the 1,400 employees did and that the company didn't need "more than 200 of them." These remarks signaled that significant and imminent headcount reductions could be on the horizon.
The shares closed the day at $9.56, down 3.6% from previous close.
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What Is The Market Telling Us
Opendoor’s shares are extremely volatile and have had 94 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The previous big move we wrote about was 2 days ago when the stock gained 10.2% on the news that the company announced plans to expand its product offerings to service the entire continental United States in the coming weeks.
This major strategic push, detailed in a filing with the U.S. Securities and Exchange Commission, signaled a significant growth initiative for the real estate technology firm. The expansion planned to cover a range of services, including direct cash offers, cash-plus options, and collaborations with partner agents, effectively broadening the company's market reach across the country. The announcement resonated with investors, sparking a rally in a stock that had already seen a dramatic surge in the previous month amid heavy social media buzz and high retail trading volume.
Opendoor is up 503% since the beginning of the year, and at $9.59 per share, it is trading close to its 52-week high of $10.52 from September 2025. Investors who bought $1,000 worth of Opendoor’s shares 5 years ago would now be looking at an investment worth $624.76.
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