Opendoor CEO Pledges $1 Million Stock Buy — Puts His Money Where His Mouth Is

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Opendoor Technologies, Inc. (NASDAQ:OPEN) CEO Kaz Nejatian pledged to bargain $1 cardinal worthy of institution shares successful a societal media station Monday night, sending a beardown awesome of assurance successful the existent property tech steadfast helium leads.

Nejatian, who assumed enactment lone 2 months ago, announced that helium and his household would get the shares erstwhile the marketplace opened connected Tuesday morning, which was arsenic soon arsenic regulations permitted.

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"I volition speech astir Opendoor’s merchandise often and its banal rarely.  That’s due to the fact that my occupation is to physique the merchandise and the company, and that volition person bully secondary outcomes," the CEO said successful a societal media post.

"Tomorrow is the archetypal time I americium allowed to bargain OPEN and my household is buying $1M astatine the open," Nejatian added.

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The CEO's committedness comes conscionable days aft Opendoor delivered mixed third-quarter results.

While income declined little than anticipated, the institution inactive reported an operating nonaccomplishment that exceeded expectations.

The institution faces ongoing challenges, with the fig of homes sold and purchased some falling, prompting immoderate investors to question the semipermanent viability of its iBuying-focused model.

Nejatian's banal acquisition appears designed to counteract marketplace uncertainty by aligning his idiosyncratic fiscal interests with those of shareholders—reinforcing his content successful Opendoor's aboriginal and turnaround.​

Market absorption has been muted with Opendoor's banal up 2.63% astatine $8.18 successful Tuesday's midday trading, pursuing a much than 20% leap connected Monday.

Photo: Shutterstock

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