Opendoor shares lost steam in recent weeks and quarterly results didn’t impress either.
Opendoor Technologies (OPEN), which drew strong interest from retail traders on Stocktwits, rallied again after crypto investor and prominent podcaster Anthony Pompliano disclosed that he had taken a stake in the online real estate firm.
“I have personally purchased shares in $OPEN today,” Pompliano said on X on Tuesday. He called retail interest a “powerful force” that can help companies grow and improve over time, and said he would partake in conversations around Opendoor and its business.
Pompliano is the CEO of ProCap Acquisition Corp., a blank-check company formed in 2025, and a former employee of Meta Platforms (META). He hosts podcasts on business and investing, writes a daily newsletter to 260,000 readers, and has 1.7 million followers on X.
Opendoor shares climbed as much as 16% on Tuesday before ending the session 7% higher. That follows an 18.5% surge on Monday.
On Stocktwits, retail sentiment has steadily weakened over the last two weeks as shares retreated, up till the latest ‘bearish’ reading. However, the message volume for the stock rose by over 2,300% in 24 hours, suggesting that it remains on the radar of retail investors.
Users responded positively to Pompliano’s comments and voiced enthusiasm about technological advancements driving the real estate market, with Opendoor at the forefront.
“Really haven’t seen anything like this building up since GameStop and Tesla,” a user posted.
Opendoor saw considerable engagement after its stock surged over 200% in four days last month, sparking a broader rally in other highly speculative names across the market. The rally kicked off after hedge fund EMJ Capital founder Eric Jackson made a series of posts on social media encouraging investors to buy Opendoor shares.
Shares had already given up most of those gains ahead of Opendoor’s weak quarterly report early last week, after which they have traded in a back-and-forth pattern. Although losses narrowed, it reported a 4% decline in revenue in the second quarter and forecast a 36% decline in the current quarter.
Opendoor was founded in 2014 and went public through a special purpose acquisition company (SPAC) during the COVID-era boom of late 2020. However, when interest rates began to climb in 2022, higher borrowing costs reduced demand for homes.
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