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Benzinga
Benzinga
Business
Akanksha Bakshi

Retail Investors Drove Opendoor Up 500%, Now The Party's Over

OPEN Opendoor Carrie Wheeler Anthony Pompliano
Opendoor Technologies

Opendoor Technologies Inc. (NASDAQ:OPEN) shares sank on Wednesday, extending a sell-off that began after the company’s second-quarter results and the abrupt resignation of CEO Carrie Wheeler. The downturn comes after a two-month, retail-fueled rally that had lifted the stock more than 500%.

The leadership shake-up followed mounting pressure from activist investor Eric Jackson and crypto entrepreneur Anthony Pompliano, whose stake disclosure and social media campaign helped ignite Opendoor’s surge earlier this month. The rally quickly faded as weak guidance and analyst warnings highlighted deeper risks.

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