Why Opendoor Technologies Stock Was Sliding Again Today

Core Viewpoint - Opendoor Technologies is experiencing a decline in stock price following a shift in investor interest towards Better Home & Finance, prompted by hedge fund manager Eric Jackson's endorsement of the latter as a potential high-return investment [1][7]. Group 1: Stock Performance - Opendoor's shares have dropped 10.9% as of 10:22 a.m. ET after a significant rally of over 2,000% in the past three months [1]. - In contrast, Better Home & Finance saw a rise of 27.5% during the same period [1]. Group 2: Market Sentiment and Leadership - Eric Jackson has been a key figure in the Opendoor meme stock surge, comparing it to Carvana, which has seen substantial growth since avoiding bankruptcy [3]. - The recent leadership change at Opendoor, with Kaz Nejatian as the new CEO, has led to increased promotional efforts on social media and a broader product expansion to all 50 states [5][6]. Group 3: Business Fundamentals - Despite the stock surge, the fundamentals of Opendoor's business remain unchanged, and the impact of falling mortgage rates alone may not lead to profitability [4]. - Investors are looking for signs of disruption and improvement under the new CEO, but skepticism about the business model persists [6].