OPEN TL;DR
Opendoor Technologies
Brief History
Opendoor was founded in 2014 to simplify home selling through instant cash offers (iBuying). It went public via SPAC in 2020 and scaled rapidly, buying tens of thousands of homes. When interest rates spiked in 2022, Opendoor was stuck with overpriced inventory and posted massive losses. The company has since drastically cut costs and slowed purchasing, trying to right-size the business.
Investment Thesis
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