Stock Track | Opendoor Technologies Plummets 5.31% Amid Reverse Split Concerns and Market Skepticism

Stock Track

Jul 29

Shares of Opendoor Technologies Inc. (NASDAQ: OPEN) plunged 5.31% in Monday's trading session, as investors reacted to the company's announcement regarding a potential reverse stock split and growing skepticism about its recent rally.

The e-commerce platform for residential real estate transactions revealed that it would adjourn its Special Meeting of Stockholders, initially scheduled for July 28, to August 27, 2025. The meeting aims to discuss proposals related to a discretionary reverse stock split, which could help the company regain compliance with Nasdaq listing requirements. Opendoor must ensure its stock price stays above $1.00 per share for at least 10 consecutive business days by November 24, 2025, to meet Nasdaq standards.

Adding to the downward pressure, Steve Eisman, known for predicting the 2008 financial crisis, criticized the recent surge in Opendoor's stock price. Eisman called the rally a "social media short squeeze" and warned retail investors about the dangers of chasing "meme" stocks. The stock's decline also comes amid a broader market reassessment of speculative stocks that have seen significant gains in recent weeks, with short sellers facing substantial losses on risky US stocks, including Opendoor.

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