Opendoor Stock Plummets 20% Amid AI Pivot and Earnings Miss
Opendoor Technologies Inc. (OPEN) shares cratered 23% to $5.02 in premarket trading Friday, capping a weeklong decline exceeding 20%. The selloff followed disappointing Q3 results and controversial AI ambitions from new CEO Kaz Nejatian. While the homebuying platform's $915 million revenue surpassed expectations, its $0.12 adjusted loss per share and widening EBITDA losses rattled investors.
Nejatian's declaration to transform Opendoor into "a software and AI company" triggered market skepticism. The executive vowed to develop housing transaction robots while abandoning reliance on macroeconomic tailwinds. His three-year roadmap emphasizes transaction volume growth, algorithmic pricing, and aggressive cost-cutting—a combination that failed to reassure shareholders during the earnings call.
