Episode Details

In this episode of pplpod, we explore the turbulent trajectory of Opendoor, the San Francisco-based real estate giant founded in 2014 by Keith Rabois and Eric Wu. As the leading "iBuyer" in the U.S., Opendoor built a business model around making instant cash offers on homes, repairing them, and re-listing them for sale online.

We discuss the company's massive ascent, including its 2020 public debut via a SPAC merger led by Chamath Palihapitiya which valued the enterprise at $4.8 billion. However, the journey hasn't been smooth; we cover the company's struggles during the shifting housing market, including a $62 million settlement with the FTC in 2022 regarding misleading marketing claims and a difficult period in late 2022 where the company sold thousands of homes at an average loss of $28,000 per unit.

Finally, we examine Opendoor’s status in 2025. despite posting $5.15 billion in revenue, the company reported a net income loss of $392 million. We analyze the major recent leadership changes, including the appointment of Kaz Nejatian as CEO and the return of Keith Rabois as chairman—a move that recently triggered a 30% boost in the company's stock.