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OpenDoor Just Cut 18% of Its Staff: Is the Company in Trouble?

OpenDoor Just Cut 18% of Its Staff: Is the Company in Trouble?

Weakening real estate demand and decelerating home prices have put OpenDoor (NASDAQ: OPEN), the world's largest iBuyer, in a tough position. The company reported discouraging third-quarter financial results, which pushed its stock price down another 20%, putting shares at a total loss of 88% over the past 12 months. In the years since the coronavirus pandemic erupted, short supply, low interest rates, and high real estate demand have sent home prices soaring.