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Investing.com -- Opendoor Technologies Inc (NASDAQ:OPEN) stock jumped 12% after entrepreneur and investor Anthony Pompliano announced he had purchased shares in the company, adding momentum to the retail investor movement that has propelled the stock in recent weeks.
Pompliano revealed his investment on social media platform X, stating that he believes "retail investors are a powerful force in financial markets" who can contribute capital, attention, and insights to improve businesses over the long term. He also extended a public invitation to Opendoor CEO Carrie Wheeler for a recorded conversation about the company’s current state and future plans.
The announcement comes amid a surge in retail enthusiasm for Opendoor, largely sparked by EMJ Capital’s Eric Jackson, who previously suggested an "$82 value for a 50 cent stock." This retail momentum has driven Opendoor shares up more than 240% over the past month.
Jackson has been particularly critical of Opendoor’s management, particularly CEO Wheeler, suggesting she should be replaced if she doesn’t become more interactive with investors. While Wheeler recently posted on social media for the first time in four years, Jackson and other investors have indicated they want more engagement.
Pompliano acknowledged Jackson’s efforts, noting that "the company would look very different without his effort" and that there is "a lot of attention and intellectual firepower that wants to see her and the team succeed."
Despite the enthusiasm, Pompliano cautioned that Opendoor "is going to be volatile" and "may not work out for investors," advising followers to conduct their own research.
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