The stock of Opendoor Technologies (OPEN) slithered downward for the second consecutive day, as if the market itself had donned a jester’s cap and declared, “Now we dance with the devil.” Hedge fund oracle Eric Jackson, with a mere tweet, herded the flock toward Better Home & Finance, his latest “100-bagger” obsession. One might imagine the devil himself clapping in the corner, a ledger in hand, tallying the souls of the short-sighted.
Opendoor, once a phoenix rising from the ashes of meme stock fervor-soaring 2,000% in three months-now tumbles like Icarus, its wings of hype melting at 10:22 a.m. ET. Meanwhile, Better Home & Finance ascends with the gait of a self-assured peacock, up 27.5%. The theater of it all! A farce where numbers masquerade as wisdom.
Is the Opendoor rally fading?
Eric Jackson, that self-appointed Don Quixote of finance, had once declared Opendoor the modern Carvana-a phoenix reborn from bankruptcy’s pyre. Carvana, after all, multiplied its value a hundredfold by selling cars online. A charming fable, if one ignores the scent of sulfur beneath the prose.
Opendoor’s three-month rally, a gilded carriage pulled by social media unicorns, has not altered the fundamental truth: it remains a business selling homes, not magic. Falling mortgage rates may sprinkle fairy dust on its balance sheet, but fairy dust does not feed the shareholders. At some point, the music must stop, and the emperor’s new clothes will be scrutinized.
What’s next for Opendoor?
Kaz Nejatian, the company’s new CEO, has taken to social media like a tightrope walker in a hurricane, touting product expansions and cryptic “exciting announcements.” He now operates in all 50 states, a feat that sounds grand until one recalls that Rome was once all 50 markets, too. And yet, the crowd cheers, for hope is a potent drug.
Nejatian’s promises are the magician’s assistant’s veil-distracting, perhaps, but offering no glimpse of the rabbit. Opendoor’s business model remains a riddle wrapped in a paradox, yet investors, like pilgrims at a carnival, demand miracles. Whether this is faith or folly, only the market’s oracle can say-and he, it seems, is currently busy selling tickets to the next act.
The stage is set, the curtain drawn. Whether Opendoor becomes a tragic ode or a farcical dirge depends on whether its architects can conjure substance from the smoke of speculation. Until then, the devil’s ledger grows fat, and the carousel of madness spins on. 🪞
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2025-09-23 18:33