Core Viewpoint - Opendoor Technologies is attempting to reinvent itself under new leadership, but its business model remains speculative and unproven in a challenging housing market [1][2]. Leadership Changes - In September 2025, Opendoor appointed Kaz Nejatian as CEO, aiming to transform the company by enhancing operational efficiency and cutting expenses [3][4]. - Co-founders Keith Rabois and Eric Wu returned to the board, and Christy Schwartz was appointed as interim CFO [4]. Business Model and Strategy - Nejatian has promised a new version of Opendoor focused on operational efficiency, with plans to achieve breakeven adjusted net income by the end of 2026 [5]. - The company will focus on three key pillars: scaling acquisitions, improving unit economics and resale velocity, and building operating leverage [6]. Market Challenges - The housing market is in need of disruption, but achieving this may take longer than anticipated, with current fundamentals not favorable for long-term investors [7]. - Opendoor's margins are thin, and the capital-intensive business model requires precision in pricing and renovation management, making it vulnerable to economic downturns [8]. Financial Performance - Revenue declined from $1.377 billion a year ago to $915 million in the third quarter, with significant drops in homes purchased, sold, and in inventory [9]. - The stock, which peaked at $10.87 this year, is considered overvalued given the current revenue decline [9]. Investment Considerations - Opendoor is viewed as a speculative investment with significant challenges ahead, making it less suitable for buy-and-hold investors [10]. - The stock exhibits high volatility, and traditional real estate investors may prefer stable, income-producing real estate investment trusts [11].