最高超20倍！这只妖股，涨疯了！

Core Viewpoint - OpenDoor Technologies has experienced a dramatic stock price increase, rising over 2000% from $0.5 to a peak of $10.87 per share in recent months, making it one of the most notable stocks on Nasdaq [1] Company Overview - OpenDoor Technologies was co-founded by Eric Wu and Keith Rabois in 2014, pioneering the iBuyer business model aimed at transforming the traditional real estate transaction process into a more efficient online experience [3] - The company has expanded its operations to over 50 major markets in the U.S. and was a leader in the PropTech sector, acquiring up to 5,000 homes monthly during the post-pandemic real estate boom [3] - OpenDoor went public via SPAC in 2020, reaching a historical closing high of $35.88 per share in February 2021 due to low interest rates and soaring home prices [3] Financial Performance and Challenges - The company faced significant losses due to rising interest rates and a cooling housing market, with 42% of transactions resulting in losses by August 2022, leading to a decline in stock price to $0.5 by June 2025 [4] - The stock's turnaround began after a buy recommendation from hedge fund manager Eric Jackson, which sparked interest on platforms like Reddit, leading to a surge in retail investor support [4] Management Changes and Strategic Direction - In September, OpenDoor appointed Kaz Nejatian, former COO of Shopify, as the new CEO, aiming to leverage his experience in product and operational efficiency [4] - Founders Eric Wu and Keith Rabois returned to the board, with Rabois becoming chairman, indicating a shift back to the original strategic vision of the company [4] - The founders and related parties committed to injecting $40 million into the company, reflecting confidence in its future [4] Cost Structure and Workforce Adjustments - Keith Rabois indicated the need to reduce the workforce by up to 85%, suggesting that the company only requires around 200 employees from the current 1,400 [5] - The company reported a revenue of $1.57 billion in Q2 2025, a 35.9% year-over-year increase, and achieved positive adjusted EBITDA for the first time in three years, signaling effective business adjustments [5] Investor Sentiment and Future Outlook - On September 25, Jane Street Capital disclosed a 5.9% stake in OpenDoor, becoming the third-largest shareholder [6] - Investor opinions are divided, with some institutions viewing the company as still struggling with low profit margins despite recent stock performance improvements [6] - Rabois emphasized the necessity of strategic changes and a return to core principles of innovation and collaboration, while addressing the company's cash consumption issues [7]