Mentioned:
Retail investors are going all in on a publicly traded real estate technology company. But, why?
What’s happening:
- OpenDoor (NASDAQ: OPEN) has experienced a surge in excitement from retail investors lately, fuelled largely by fund manager Eric Jackson and entrepreneur Anthony Pompliano recently publicly disclosing they have taken an equity position in the company
Why it matters:
- OpenDoor has experienced an enormous spike in trading volumes recently and has also become one of the most traded stocks in the United States for options contracts
Going deeper:
- OpenDoor initially went public in a SPAC deal led by venture capitalist Chamath Palihapitiya prior to experiencing a 98% implosion in their share price which was fuelled by lower than expected revenue and high interest rates
- Legendary venture capitalist Keith Rabois and co-founder of OpenDoor has also been publicly critical of OpenDoor’s leadership team and has bene outspoken about changes to be made to OpenDoor’s business model and technology integrations
The intrigue:
- Eric Jackson has also been publicly outspoken about his desire to join the board of OpenDoor imminently and for existing investors to support major changes to the OpenDoor leadership team
