The internet is buzzing with Opendoor.
After years of skepticism following the collapse of iBuying, Opendoor has unexpectedly become one of the most talked about real estate companies on social platform X.
Not because the turnaround is complete, but because it looks credible for the first time in a long time.
During the day a livestream earnings call on Thursday, the controversial company reported Fourth-quarter revenue was $736 million, down 47 percent year-over-year, while net losses skyrocketed to nearly $1.1 billion. For the full year, revenue fell 17.9 percent to $4.37 billion, and net losses increased from $392 million in 2024 to $1.3 billion in 2025.
But after a turbulent 2025 marked by a C-suite overhaul and delisting from the Nasdaq stock exchange, Opendoor says it is on the road to recovery even as it posted a ten-figure loss in the fourth quarter.
So why the renewed enthusiasm and internet buzz?
It is not defined by a single metric or profit figure. It’s driven by a clever combination of story, tone and timing that works particularly well on social media.
The company has a credible comeback story, a blunt CEO willing to speak publicly, and a handful of concrete evidence points that supporters can point to as evidence that the model is finally stabilizing.
A clean comeback story after the iBuying crash
Opendoor was subsequently written off on a large scale the iBuying boom went bankrupt. Losses soared, supplies piled up, and critics argued that the model itself was fundamentally flawed. For much of the industry, Opendoor became shorthand for what went wrong when tech optimism collided with housing market volatility.
Now, CEO Kaz Nejatian, who was appointed last yearoffers investors a simple repayment arc. The company nearly went bankrupt, recognized what wasn’t working, rebuilt its business internally, and now points to early results from new acquisition cohorts as evidence that the reset is taking hold.
That kind of “near-death to comeback” narrative resonates deeply with X, especially when a company was previously a consensus short or an industry punchline.
A CEO who speaks with an unfiltered voice
Nejatian’s communication style is also an important attention grabber. In earnings presentations and on social media, he has adopted a tone that is unusually candid for a CEO of a publicly traded company.
On X, he regularly shares internal leadership messages and strategic decisions in plain language, often posting messages that resemble company-wide emails rather than polished investor communications.
Nejatian treats social media as an open Slack channel, and not as an investor relations phase. He is direct, straightforward and focused on running the company, not the shares.
He also invites direct engagement, encourages users to DM him and publishes internal metrics via public dashboards. That style plays especially well with fintech and tech-focused investors who are tired of polished, tightly crafted earnings calls and are drawn to what feels like “founder-mode” transparency.
The strategy seems borrowed from Elon Musk’s playbook: a charismatic, nerd-friendly tone, optimized for virality rather than traditional investor decorum.
So @MollySOSheashadows me today. There are cameras. pic.twitter.com/UDD8c88c5e
— Kaz Nejatian (@nejatian) February 19, 2026
Revenue as content, not just compliance
The format of Opendoor’s most recent earnings call was also atypical and refreshing for many retail investors.
Instead of a standard conference call, the company live-streamed the presentation, continuing the approach it introduced last quarter. The event was publicly broadcast and continues to exist available to watch on YouTube.
Livestreaming earnings calls aren’t entirely new, but they are still uncommon.
Most publicly traded companies stick to traditional audio webcasts or private conference calls aimed at analysts. A small group of companies – including Tesla, Apple, Amazon and Alphabet – have live-streamed earnings events on platforms like YouTube and on proprietary portals, often to broaden access for retail investors.
What makes Opendoor stand out is not the livestreaming itself, but the way it uses the format.
By billing its earnings event as a “Financial Open House,” streaming it across consumer platforms and leaning on a candid, narrative presentation, Opendoor treated the earnings more like a product launch than a legal obligation. It’s a move that remains unusual and helps explain the online buzz.
One point of evidence X can cling to that
Instead of abstract promises, Opendoor’s leadership also keeps returning to a single, repeatable claim: That its October 2025 acquisition cohortIt is on track to be the most profitable October cohort in the company’s history.
That kind of specificity is tailor-made for social media. It’s easy to quote, easy to take screenshots and frame as evidence rather than forward-looking guidance. Even skeptics can debate it, which only encourages engagement.
Whether the cohort ultimately proves sustainable is still an open question, but for
$OPEN rose ~15% today on strong earnings with the new CEO saying the October 2025 cohort is on track to be Opendoor’s most profitable October since inception.
Opendoor 2.0 is built to move homes with a path to adjusted net income profitability by year end. pic.twitter.com/oIPsksPsNc
— The Retail Kings ETF $RKNG🤴 (@RetailKingsETF) February 20, 2026
Transparency as a strategy
Opendoor has leaned hard on transparency as part of its turnaround story. The company now publishes and maintains weekly acquisition data a dashboard for public accountability, and discusses the price, speed and margin trade-offs in detail.
The transparency is curated, but creates the feeling that outsiders are invited ‘into the room’. On X, that sense of access may be more important than perfection. Users don’t expect flawless execution; they want to feel informed.
Livestream for Q4 Financial Open House starts in ~20 minutes. Register early, 15 minutes earlier if you can.
We’re going to have a little fun. Fun is good for business.
Come visit us https://t.co/l2r2AuyTix
— Kaz Nejatian (@nejatian) February 19, 2026
Cheap shares, high emotion
That helps too Opendoor stock remains deeply depressed and highly volatile. A beaten stock paired with a plausible turnaround story tends to provoke outsized emotional reactions, especially on social media.
Many of the loudest voices are not just buying the company, but also buying options, a story and the chance to get in early if the turnaround continues.
Opendoor’s pitch implicitly challenges parts of the traditional real estate ecosystem that many X users already dislike. The story suggests that agents are slow, that outdated processes are broken, and that people shouldn’t still have to do paperwork that software can automate.
That works against brokerage, MLS bureaucracy and long-standing industry norms. And few things give X more energy than puncturing deeply entrenched systems.
The underdog appeal
Even among supporters, there is widespread recognition that the story is far from resolved. Margins remain thin, old inventories continue to weigh on results and a sharper housing market recession would test the model.
What has changed is not certainty, but credibility.
Opendoor’s resurgence on X reflects a shift in perception rather than a completed turnaround. The company now has a cohesive story, visible execution milestones, and a CEO willing to take public responsibility for both risk and progress.
That doesn’t mean the strategy will work. But on X, a credible “this could work” is often enough to spark enthusiasm.
And everyone loves a good underdog story.
Email Nick Pipitone
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