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Opendoor's stock soared over 500% in 2024 after leadership changes and a shift from flipping homes to software services, despite major losses and a reduced workforce.
Opendoor Technologies (OPEN) surged over 500% in 2024, climbing above $10 per share after a dramatic recovery from sub-$1 lows, fueled by leadership changes, investor enthusiasm, and a strategic pivot.
The company replaced its CEO with Kaz Nejatian, former Shopify COO, and brought back co-founders Keith Rabois and Eric Wu to the board, signaling a shift from its capital-heavy home-flipping model toward software-driven services like the Key Agent app and Cash Plus financing.
Despite a $305 million net loss and gross margins around 8.2%, cost-cutting measures—including reducing staff from 1,400 to 200—are underway.
While the stock rally reflects optimism, analysts warn the valuation is high, and long-term success hinges on transitioning to sustainable, scalable services in a challenging housing market.
Las acciones de Opendoor se dispararon más del 500% en 2024 después de cambios de liderazgo y un cambio de casas a servicios de software, a pesar de grandes pérdidas y una fuerza laboral reducida.