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Investing.com -- Opendoor Technologies Inc (NASDAQ:OPEN) CEO Carrie Wheeler broke a multi-day silence on Friday following a tumultuous earnings week that saw intensified calls from retail shareholders and activists for clearer leadership and a more ambitious strategy. Her social media post, the first on X in four years, came amid growing frustration over a lack of engagement, particularly after a widely criticized Tuesday earnings call and a sharp post-earnings share decline.
The company has seen considerable volatility in recent months, largely pushed by retail enthusiasm catalyzed by EMJ Capital head Eric Jackson. Once trading below $0.60, Opendoor surged nearly 900% at its peak during what some have called a “meme stock” rally, in large part driven by Jackson’s bullish commentary and renewed investor interest, before leveling off, up 166.5% in the past month but down 7.1% this week following the weak third-quarter guidance and call.
Wheeler acknowledged this unprecedented momentum and pressure in her post, writing, “There’s been a lot of new attention on Opendoor from investors recently. It’s an incredible gift. I’m deeply thankful for every new shareholder who believes in what we’re building.” She embraced the “meme moment” framing from critics and added, “If that means thousands of people choosing to own part of Opendoor because they believe in the long-term value and transformation we’re driving - I’m all in.”
The post underscored operational updates like the platform’s expansion to agents and the launch of Opendoor’s Cash Plus product, but it stopped short of addressing the chief concern voiced by retail shareholders: a clear roadmap for transforming the company into an AI-first real estate platform. For a coalition of retail investors and activist funds, the message felt more grounded in legacy execution than future-forward ambition.
“I think it’s great she’s activated her 4-year dormant X account and decided to engage with the vast and animated OPEN community of shareholders,” Jackson told Investing.com. However, he believes the message today should be the first step in a longer dialogue, "We want a comprehensive plan articulated on how she plans to take the 51 cent company she’s presided over for 2.5 years to the heights of $200/share in 3 years. We have a plan for that. Does she agree? Is she the one to take us there?”
Jackson’s challenge reflects a broader demand for concrete leadership around AI strategy and Opendoor’s competitive advantage in data. “We would like a follow-up tweet sooner than 3 days from now,” he added. “Until then, we all have to go back to harvesting our crops here on the farm.”
Fellow activist Randian Capital also weighed in, calling the update “a step in the right direction.” Yet, the investor called for deeper engagement: “What we need now at the very minimum is an updated investor presentation and ideally an AI Investor Day focused on the AI opportunity ahead.”
Regardless of Wheelers response, if any, the story of Opendoor has been one of much intrigue, as the company has amassed a huge base of not only investors, but activists: "Opendoor is the first retail-led activist campaign," said Randian Capital, adding, "Retail investors see an opportunity the institutions don’t and are pushing the company to seize it."
Additional response to the investor base occurred late Friday when Adam Bain, a member of Opendoor’s Board, responded to posts from Randian Capital calling for an investor presentation and investor day. Bain said, "Yes - team is working on it," hinting at further investor accommodation. Regarding AI, Bain characterized it as a "big opportunity."
With retail interest still elevated, the next phase for Wheeler may be less about financial guidance and more about vision. Whether this marks the beginning of stronger shareholder dialogue or a temporary appeasement remains to be seen.