Opendoor (OPEN) Soars 14% as Firm Sets Sights on Crypto

Core Insights - Opendoor Technologies Inc. (NASDAQ:OPEN) experienced a significant stock price increase of 14.43% to $9.28 following indications of accepting cryptocurrency payments for home sales, marking a strategic move into digital assets [1][3]. Group 1: Cryptocurrency Adoption - The CEO of Opendoor, Kaz Nejatian, confirmed the company's intention to prioritize the acceptance of cryptocurrencies for real estate transactions, although no specific timeline or types of cryptocurrencies were mentioned [2][3]. - This potential shift towards cryptocurrency is part of a broader strategy aimed at revitalizing the company [3]. Group 2: Workforce Reduction - The Chairman of Opendoor, Keith Rabois, announced plans to reduce the workforce by 85%, which could impact approximately 1,190 employees out of a total of 1,400 [4]. - Rabois expressed uncertainty about the roles of most employees, suggesting that the company only requires around 200 staff members to operate effectively [4].