Opendoor’s Meme-Fueled Momentum Hits A Wall In Q4 — Can CEO Kaz Nejatian’s Big Bets Restart Rally Next Year?

OPEN’s stock is down about 40% from its mid-September peak.

• Opendoor on Tuesday acquired mortgage services platform HomeBuyer.com and appointed its founder as director for its mortgage business. 
• After a massive 1,400% rally in Q3, OPEN has dropped about 21% so far in the year’s final quarter and 40% from its mid-September peak.
• CEO Kaz Nejatian teased a big product launch on Friday.

Emboldened by new leadership and a meme-stock pump, Opendoor Technologies, Inc. continued to implement significant initiatives and shake things up in recent months. However, the stock’s appeal is waning as the year draws to a close.

From under $1 in July, OPEN peaked at over $10 in September, surprising investors and claiming the crown as the top meme stock of 2025. The company then appointed senior Shopify leader Kaz Nejatian as its CEO. It reappointed its cofounders, Keith Rabois and Eric Wu, to the board, promising a significant turnaround at the online real estate platform. 

Meanwhile, hedge fund manager Eric Jackson and crypto investor Anthony Pompliano – both influential Opendoor investors – have continued to pump the company on social media. OPEN gained nearly 1,400% in the quarter ended September, its best three-month performance ever.

OPEN Rally Fizzles

More recently, performance hasn’t been all that great, and retail investors are losing patience. The stock has declined by over 21% so far in Q4; on Stocktwits, message volume for the OPEN ticker has dropped by a whopping 96% over the past three months, with sentiment largely hovering in the ‘extremely bearish’ and ‘bearish’ zones.

Growth Initiatives Ongoing 

It isn’t that Opendoor management is sleeping at the wheel. The company recently appointed Lucas Matheson, the former CEO of Coinbase Canada, as president and, on Tuesday, announced the acquisition of the mortgage services platform HomeBuyer.com. HomeBuyer’s founder, Dan Green, is joining Opendoor as Director of Mortgage Growth. Meanwhile, Nejatian posted on X that the company would “have one more big launch this week,” likely on Friday. 

In November, Opendoor announced a substantial push into artificial intelligence (AI), with plans to roll out over a dozen AI-driven products. However, dull Q3 results at the time, which showed a still-weak underlying business, dampened any gains that might have come from the AI pivot.

Nejatian has tried to maintain investor interest in other ways: He recently confirmed that Opendoor is considering “tokenization,” which, according to speculation, could involve tradable digital tokens tied to fractional ownership of real estate or to stablecoin- or crypto-based payments on the Opendoor platform.

Warrants Weren’t A Hit

Amid the stock slide, one major initiative failed to drum up the desired interest. Last month, Opendoor issued special “KAZ” warrants that allow holders to buy Opendoor stock at a predetermined price next year. Some investors have said the warrants have caused confusion in valuing Opendoor stock, and early trends have shown only modest gains in the instruments themselves.

As of the last close, OPEN is down 40% from its peak on September 11. For the year, it’s up 292%.

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