The Opendoor Craze
As someone who has spent nearly two decades following equity markets, we are seeing a new kind of craziness with little historical precedent. Individual investors on social media are seemingly replacing activist shareholders in overtaking public boards to push for change. With some time having passed since the YOLO meme craze came on the scene, the tactics involved are evolving. Opendoor takes things to another level.
Back in the 2010s, Opendoor positioned itself as tech meets the old world of real estate. People would be able to buy and sell homes via an app on their smartphone, skipping the long list of headaches found with house showings, bids, offers, inspections, and even financing. Instead of becoming merely a marketplace for real estate transactions, Opendoor got into the business of buying and selling homes themselves, becoming the largest “iBuyer” in the U.S.
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