The internet is buzzing about Opendoor.
After years of skepticism following the iBuying collapse, Opendoor has unexpectedly become one of the most talked about real estate companies on social platform X.
Not because the change in direction was complete, but because for the first time in a long time, it was believable.
On Thursday’s livestreamed earnings call, the struggling company reported fourth-quarter revenue of $736 million, down 47% from a year earlier, while its net loss ballooned to nearly $1.1 billion. For the full year, sales fell 17.9% to $4.37 billion, and the net loss widened from $392 million in 2024 to $1.3 billion in 2025.
But after a tumultuous 2025 that included a leadership overhaul and delisting from the Nasdaq, Opendoor said it is on the road to recovery despite posting a 10-digit loss in the fourth quarter.
So why the new craze and internet buzz?
It’s not determined by a single metric or revenue number. It’s driven by a deft combination of narrative, tone, and timing that works particularly well on social media.
The company has a credible comeback story, an outspoken CEO willing to speak publicly, and some concrete evidence that supporters can point to as evidence that the model may finally be stabilizing.
iBuying Clean comeback story after the crash
After the iBuying boom collapsed, Opendoor was widely discontinued. Losses ballooned, inventories piled up, and critics argued that the model itself was fundamentally flawed. For many in the industry, Open Door became shorthand for what happened when technology optimism collided with housing market volatility.
CEO Kaz Nejatian, who took over last year, is now offering investors an easy redemption mechanism. The company nearly failed, admitted it didn’t work, restructured its operations internally, and now cites early results from a new acquisition cohort as evidence that the reset is here to stay.
This type of “dying to come back” story resonates deeply with Company X, especially if the company was previously a consensus short or industry punchline.
CEO speaks in an unfiltered voice
Nejatian’s communication style is also a big factor in attracting attention. He has been unusually candid for a CEO of a publicly traded company during earnings calls and on social media.
At X, we regularly share internal leadership messages and strategic decisions in plain language, often posting things that look like company-wide emails rather than sophisticated investor communications.
Nejatian treats social media more like an open Slack channel than an investor relations stage. He’s frank and raw, focused on running the business rather than talking stocks.
We also encourage direct engagement by sending users DMs and publishing internal metrics through public dashboards. This style works particularly well with fintech and technology-focused investors who are tired of polished, tightly scripted earnings calls and are drawn to something like the transparency of “founder mode.”
This strategy feels like something borrowed from Elon Musk’s strategy. It has a charismatic, geek-friendly tone, and is optimized for virality rather than traditional investor etiquette.
So @MollySOSheaIt’s following me today. There is a camera. pic.twitter.com/UDD8c88c5e
— Kaz Nejatian (@nejatian) February 19, 2026
Revenue as content, not just compliance
The format of Opendoor’s latest financial results announcement was also unusual and new to many retail investors.
Rather than a standard conference call, the company livestreamed the presentation, continuing the approach it introduced last quarter. The event is open to the public and can still be viewed on YouTube.
Live streaming earnings announcements aren’t exactly new, but they’re still not common.
Most public companies stick to traditional audio webcasts and private conference calls for analysts. A handful of companies, including Tesla, Apple, Amazon, and Alphabet, are livestreaming their earnings events on platforms like YouTube or their own portals to widen access for retail investors.
What sets Opendoor apart is not the act of livestreaming itself, but the way it uses the format.
Opendoor treated the earnings more like a product launch than a regulatory obligation by branding its earnings event as a “financial open house,” streaming it across consumer platforms, and leaning into candid, story-driven presentations. This remains an unusual move, and one that helps explain the online buzz.
One proof point X can latch
Instead of abstract promises, Opendoor management continues to return to a single, repeatable assertion that the October 2025 Acquisition Group is on track to become the most profitable October Group in the company’s history.
These particularities are tailored to social media. Quotes and screenshots are easy to use and framed as evidence rather than forward-looking guidance. Even skeptics can argue, which will only encourage participation.
Whether this cohort ultimately proves durable is still an open question, but for X, concrete data points rather than vague optimism is enough to generate interest.
$OPEN Shares rose as much as 15% today following a strong financial report in which the new CEO said the fiscal year ending October 2025 is expected to be Opendoor’s most profitable October since its founding.
Opendoor 2.0 is built to move homes to achieve adjusted net income profitability by the end of the year. pic.twitter.com/oIPsksPsNc
— Retail Kings ETF $RKNG🤴 (@RetailKingsETF) February 20, 2026
Transparency as a strategy
Opendoor has focused on transparency as part of its rebuild. The company currently posts weekly acquisition data, maintains a public liability dashboard, and takes a deep dive into pricing, velocity, and margin tradeoffs.
Transparency is well-chosen, but creates the feeling that outsiders are being invited “into the room.” With X, that feeling of access may be more important than perfection. Users don’t expect perfect execution, they want to feel informed.
The Q4 Financial Open House livestream begins in approximately 20 minutes. Please join 15 minutes early if possible.
Enjoy it little by little. Fun is good for business.
Join us at https://t.co/l2r2AuyTix.
— Kaz Nejatian (@nejatian) February 19, 2026
Cheap stocks, high sentiment
Another factor is that Opendoor’s stock price remains severely depressed and highly volatile. The combination of a stock in tatters and a plausible rebirth story tends to provoke extraordinary emotional reactions, especially on social media.
Many of the loudest voices aren’t just buying companies, they’re buying options, stories, and a chance for early success if the turnaround continues.
Opendoor’s pitch implicitly challenges a part of the traditional real estate ecosystem that many X users already loathe. This story suggests that agents are slow, traditional processes are broken, and that humans should no longer handle paperwork that can be automated with software.
This goes against brokerage firms, MLS bureaucracy and long-standing industry norms. And few things activate X more than poking at a fixed system.
Appeal of the weak
Even among supporters, there is a growing sense that the story is far from over. Margins remain thin, legacy inventory continues to weigh on performance, and a sharp downturn in the housing market will test the model.
What has changed is not certainty, but reliability.
Opendoor’s return to X reflects a change in perception more than a completed pivot. The company now has a consistent narrative, visible execution milestones, and a CEO willing to publicly own both risk and progress.
That doesn’t mean the strategy will work. But with X, enthusiasm is often increased just by saying a reliable “this might actually work.”
And everyone loves a good underdog story.
Email Nick Pipitone
