Opendoor Technologies Stock Plummets Amid Meme-Stock Volatility
Opendoor Technologies (OPEN) shares tumbled 14.1% in Tuesday trading after postponing a critical shareholder vote on a reverse stock split. The delay follows a recent valuation surge that temporarily lifted the stock above Nasdaq's $1 compliance threshold. Earlier this month, the stock achieved meme-status when EMJ Capital's Eric Jackson publicly endorsed it, triggering a retail trading frenzy.
The abrupt reversal highlights the fragility of meme-driven rallies. While avoiding a reverse split WOULD technically preserve Nasdaq listing requirements, investors now face uncertainty about potential dilution. The company's postponement until August 27 suggests underlying volatility in its attempt to transition from speculative trading to fundamental viability.
