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pendoor announced in a recent SEC filing that it will broaden its reach to cover the entire continental United States within the next few weeks. The brief 8‑K indicates the company plans to roll out its core offerings—direct cash offers to homeowners, the “Cash Plus” buy‑before‑you‑sell option, and the partner‑agent program known as Key Agent—across the nation.
Since early summer, Opendoor has been in a rapid growth phase. Nick Boniakowski, head of agent partnerships, told Real Estate News in June that the firm is eager to forge more agent relationships to serve its expanding customer base. He noted a significant opportunity to convert additional buyers through these partnerships.
The company’s stock trajectory has also been notable. After Nasdaq warned that a continued decline could trigger delisting, Opendoor’s shares rebounded sharply by late July, thanks in part to enthusiastic support from EMJ Capital founder Eric Jackson. The “meme stock” rally pushed the price above $10 by mid‑September, and shares have surged 765% over the past six months.
Leadership changes followed closely on the heels of the expansion announcement. Carrie Wheeler stepped down as CEO on August 15, and on September 10, former Shopify COO Kaz Nejatian was named the new chief executive. Co‑founders Keith Rabois and Eric Wu also rejoined the board, signaling a strategic shift.
Rabois hinted at possible workforce reductions in a CNBC interview on September 12. He remarked that Opendoor’s 1,400 employees might be more than necessary, suggesting a leaner team of around 200 could suffice. While he did not disclose a timeline or confirm cuts, he emphasized that a thorough financial review was pending and that the current strategy could be refined.
In summary, Opendoor is set to expand nationwide, bolstered by a surge in investor interest and a new leadership team. The company’s growth strategy hinges on agent partnerships and a streamlined workforce, while its stock performance reflects both market enthusiasm and regulatory compliance.
