Opendoor Stock Surges as Influential Investor Anthony Pompliano Backs Digital Real Estate Firm
SAN FRANCISCO – Shares of Opendoor Technologies Inc. are continuing their remarkable rally, surging again on Tuesday after prominent cryptocurrency investor and podcaster Anthony Pompliano announced he has invested in the digital real estate company. The endorsement adds to a wave of positive momentum that is fueling a dramatic turnaround for the firm.
The stock closed 7.6% higher on Tuesday, after jumping as much as 16% during intraday trading. The catalyst was a post on the social media platform X from Pompliano, a former Facebook employee with 1.7 million followers who hosts popular business podcasts and writes a daily newsletter for 260,000 subscribers. His backing signals growing confidence in Opendoor’s future among influential voices in the investment community.
Tuesday’s advance is the latest chapter in a dramatic turnaround for the San Francisco-based company, which saw its stock soar by a record 245% last month. That initial frenzy was sparked by social media posts from hedge fund founder Eric Jackson, transforming Opendoor into a favorite among retail traders.
This wave of investor enthusiasm marks a stark reversal of fortune. The company, known for its software-driven iBuying model of flipping homes, had been hit hard by rising interest rates and was recently facing a potential delisting from the Nasdaq.
Instead of a delisting, Opendoor’s leadership is seizing the moment to build a stronger foundation for the future. Chief Executive Officer Carrie Wheeler has indicated a strategic shift to reposition the company beyond just flipping houses to one that offers homeowners a variety of selling options.
Acknowledging the unexpected nature of the stock’s revival, Wheeler stated earlier this month, “We want to make sure we harvest this moment.” This proactive approach suggests the company is leveraging its newfound market attention to accelerate its business evolution and long-term growth strategy.
