patrick.net

https://www.opendoor.com/w/blog/a-message-from-our-ceo-and-co-founder-eric-wu

It’s with a heavy heart that I share this news today. For those who missed the Open House, we’ve made the difficult decision to reduce our team by ~550 people across all functions – approximately 18% of the company.

Severance pay:
Everyone leaving will receive ten weeks of pay, with an additional two weeks of pay for every full year beyond two years of tenure.

Health care coverage:
All current healthcare benefits will remain active for the rest of the month, then we will pay for three months of health insurance.

Job transition support:
We will also offer job transition support and launch an opt-in talent directory to help departing team members connect with new opportunities.

zzyzzx says

https://businessden.com/2022/10/27/nightmare-on-newton-opendoors-154k-flip-loss-illustrates-denver-woes/

Opendoor’s $154,000 flip loss illustrates Denver woes

these flippers never lose money on their deals on the TV:

Open Door is a weak company as far as debt level and profitability. And given the housing crisis now, it is going to $0 unless it can borrow money and turn its business around.
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ad says

Open Door is a weak company as far as debt level and profitability. And given the housing crisis now, it is going to $0 unless it can borrow money and turn its business around.
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It is going to get hammered a bit more on properties that don’t sell with increased taxes.

https://www.reddit.com/r/REBubble/comments/ymt2y3/open_debt_analysis_its_worse_than_expected/

Opendoor Technologies Inc. (OPEN)
$1.5050/sh -0.2300 (-13.2565%)
As of 10:11AM EST. Market open.

zzyzzx says

Sounds like a resounding success.

https://finance.yahoo.com/news/didnt-want-wait-too-long-130000623.html

'I didn't want to wait too long': Nearly 75% of pandemic homebuyers are now suffering remorse

Kingsman doesn’t believe she will ever be completely happy with her current home, mainly because she doesn’t have a designated parking spot and has to resort to parking on the street.

The previous homeowners were embroiled in a conflict with the HOA and one of the stipulations of the resulting lawsuit was that the future owner of the lot wouldn’t have access to designated parking either.

What a moron!

https://www.morningstar.com/news/marketwatch/20221107282/redfin-stock-falls-as-much-as-15-after-analyst-says-sell

Redfin stock falls as much as 15% after analyst says sell

He explained that Redfin's business model prevents the company from optimizing margins when housing markets decline, and prevents it from gaining market share when markets rebound.

Will be renamed Closed Door soon.

https://www.fool.com/investing/2023/03/05/the-real-estate-market-has-officially-closed-on-op/

it seems Opendoor is actually quite bad at home flipping. For example, in August of 2022 it is estimated that the company lost money on 42% of its transactions.

Opendoor, a real estate tech company headquartered in San Francisco, announced Thursday that it will lay off 300 workers.
CEO Carrie Wheeler announced the cuts, which total 17% of Opendoor’s staff, in a letter to shareholders attached to the company’s quarterly earnings report. They continue a brutal trend for Opendoor’s staff: The company slashed 550 jobs in November 2022, and 560 more in April 2023. But the layoffs haven’t reversed Opendoor’s fortunes. The firm lost $278 million from January through September.
https://www.sfgate.com/tech/article/opendoor-layoffs-300-workers-real-estate-19900852.php

zzyzzx says

At $1.84 now. Anyone doing a speculative buy?

HeadSet says

zzyzzx says

At $1.84 now. Anyone doing a speculative buy?

I wouldn't touch anything that low. Seems it will be going to penny stock land. $278M in 9 months is pretty massive for even a mid-range big company. You gotta pay the debt, the existing employees, so how could you expand and rebound?

Maybe a small bet I suppose if you have the cash. Stranger things have happened. I generally don't do individual stocks, so I'm not touching that. I wouldn't put more than $1k into if you have solid finances and income. If a miracle happens and it gets up to the peak, that's a good return obviously. But that's what everyone hopes for.

If you have a lot of cash, it could be a stock you can move, but that's 7 figures on one stock. I don't think anyone here is gonna do that.

WookieMan says

I wouldn't touch anything that low.

I buy such stocks as a game in one small Schwab IRA account. I will buy a fallen stock, wait for the price to double, then sell half and leave it be. In other cases, I buy 100 shares of a low price stock, wait for it to go up $1.00, then sell and pocket $100. In that fun account, I have turned the initial $6,500 into about $11,000 in about a decade of playing with it. Not great, but it is like playing pinball.

HeadSet says

WookieMan says

I wouldn't touch anything that low.

I buy such stocks as a game in one small Schwab IRA account. I will buy a fallen stock, wait for the price to double, then sell half and leave it be. In other cases, I buy 100 shares of a low price stock, wait for it to go up $1.00, then sell and pocket $100. In that fun account, I have turned the initial $6,500 into about $11,000 in about a decade of playing with it. Not great, but it is like playing pinball.

zzyzzx says

Opendoor Technologies Inc. (OPEN)
$1.5050/sh -0.2300 (-13.2565%)
As of 10:11AM EST. Market open.

It's better odds than playing scratch-off lottery. The old dudes at the gun club have been playing for decades and are always underwater.

stereotomy says

It's better odds than playing scratch-off lottery. The old dudes at the gun club have been playing for decades and are always underwater.

Do they scan the tickets? My FIL would buy daily. When he died we found I think $1,600 in unclaimed winnings. A loss overall for sure, scratch lotto guys miss a lot. If I ever buy them for myself, I just go to the scanner right away to see if I won. Too much work and if you screw up you potentially could throw away a winner.

Wife and I only do it for xmas cards and stocking stuffers. I only like to gamble on dice for a $1 a game. Although I've made $100 in a night. Roulette is the only game I can get out of hand with 1 time a year. I don't have a strategy, but am probably autistic and I just look at the table and never lose. Can't serve booze in IL for free at the table, but in Vegas I'm hammered after 16 hours of playing and I'll walk with $400. Crash and call it a morning.... lol.

I do hate gambling though. Rarely do it.

https://www.kron4.com/news/bay-area/sf-based-opendoor-to-cut-300-jobs/amp/

Opendoor to cut 300 jobs