Published 10/15/2025
This stock has made a name for itself these past few months and through retail activism this might become one of the most incredible stories in investing history.
Opendoor was founded in 2014 to help homeowners sell for cash offers easily. This is called iBuying and historically, it has not done so well. Zillow exited the space in late 2021 after losing over 300 million dollars in one quarter. Now, there are two lift Offerpad and Opendoor. Offerpad doesn’t have the same scale or balance sheet as Opendoor causing them to dilute shareholders.
Opendoor when public during the SPAC boom in 2020 and peaked at a market cap of almost 20 billion dollars. It has been in freefall since then bottoming around 400 mil a few months ago. Eric Wu led the CEO until he was fired in 2022 due to heavy losses (although revenue growth was extremely strong). Carrie Wheeler took his place (she was the CFO) and got to work. Although she got criticism from Keith Rabois (founder and board member) and retail investors she did her job well and was able to lead Opendoor to positive EBITDA last quarter in a terrible housing market.
The only reason Opendoor is in the position to comeback is because of Eric Jackson, a Toronto based hedge fund manager. He has had his struggles including losing his biggest client and over 90% of his AUM after the covid bull market pulled back. He has worked with a chip on his shoulder ever since, calling Carvana’s comeback (it went from $4 to $350+), and finding potential stocks he thinks will go 100x.
Then in July he found his target, Opendoor, and has relentlessly pushed for changes in the company (with the help of retail) including removing Carrie Wheeler from the CEO position. Ever since he bought (0.82) the stock has been on a tear, peaking at $10.50 in September, and numerous changes have occurred.
Yes, Opendoor does iBuying but they offer different ways to do so.