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Opendoor is surging on real estate X thanks to a credible comeback narrative, an unusually candid CEO and earnings calls treated like viral content.

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The internet is buzzing about Opendoor.

After years of skepticism following the iBuying collapse, Opendoor has unexpectedly become one of the most discussed real estate companies on the social platform X.

Not because its turnaround is complete, but because, for the first time in a while, it looks believable.

During a livestreamed earnings call on Thursday, the embattled company reported Q4 revenue of $736 million, down 47 percent year over year, while net losses ballooned to nearly $1.1 billion. For the full year, revenue fell 17.9 percent to $4.37 billion, and net losses widened from $392 million in 2024 to $1.3 billion in 2025.

But after a turbulent 2025 marked by a C-suite overhaul and a brush with Nasdaq delisting, Opendoor says it is on a path to recovery, even as it posted 10-figure losses in the fourth quarter.

So, why the renewed enthusiasm and internet buzz?

It’s not driven by a single metric or earnings figure. It’s driven by a savvy combination of narrative, tone and timing that plays especially well on social media.

The company has a credible comeback story, a blunt CEO willing to speak publicly and a handful of concrete proof points that supporters can point to as evidence that the model may finally be stabilizing.

A clean comeback story after the iBuying crash

Opendoor was widely written off after the iBuying boom went bust. Losses ballooned, inventory piled up and critics argued 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 year, is offering investors a simple redemption arc. The company nearly failed, acknowledged what didn’t work, rebuilt its operations internally and is now pointing to early results from new acquisition cohorts as proof the reset is taking hold.

That kind of “near-death to comeback” story resonates deeply on X, particularly when a company was previously a consensus short or industry punchline.

A CEO speaking in an unfiltered voice

Nejatian’s communication style is also a major driver of attention. In earnings presentations and on social media, he has adopted a tone that is unusually candid for a public-company CEO.

On X, he regularly shares internal leadership messages and strategic decisions in plain language, often posting what reads like companywide emails rather than polished investor communications.

Nejatian treats social media like an open Slack channel, not an investor relations stage. He’s direct, unvarnished and focused on running the business, not talking up the stock.

He also invites direct engagement, encouraging users to DM him and publishing internal metrics through public dashboards. That style plays particularly well with fintech and tech-focused investors who are fatigued by polished, tightly scripted earnings calls and are drawn to what feels like “founder-mode” transparency.

The strategy feels borrowed from the Elon Musk playbook: a charismatic, geek-friendly tone, optimized for virality rather than traditional investor decorum.

So @MollySOShea⁩ is shadowing me today. There are cameras. pic.twitter.com/UDD8c88c5e

— Kaz Nejatian (@nejatian) February 19, 2026

Earnings as content, not just compliance

The format of Opendoor’s most recent earnings call was also atypical and, for many retail investors, refreshing.

Rather than a standard conference call, the company livestreamed the presentation, continuing an approach it introduced last quarter. The event was broadcast publicly and remains available to watch on YouTube.

Livestreamed earnings calls aren’t entirely new, but they’re still uncommon.

Most public companies stick to traditional audio webcasts or closed conference calls aimed at analysts. A small group of companies — including Tesla, Apple, Amazon and Alphabet — has streamed earnings events live on platforms like YouTube and on proprietary portals, often to broaden access for retail investors.

What makes Opendoor stand out isn’t the act of livestreaming itself, but the way it uses the format.

By branding its earnings event as a “Financial Open House,” streaming it across consumer platforms and leaning into a candid, narrative-driven presentation, Opendoor treated earnings more like a product launch than a regulatory obligation. It’s a move that remains unusual and helps explain the online buzz.

One proof point X can latch onto

Instead of abstract promises, Opendoor’s leadership also keeps returning to a single, repeatable claim: That its October 2025 acquisition cohort is on track to be the most profitable October cohort in company history.

That kind of specificity is tailor-made for social media. It’s easy to quote, easy to screenshot and framed as evidence rather than forward-looking guidance. Even skeptics can debate it, which only fuels engagement.

Whether the cohort ultimately proves durable is still an open question, but for X, a concrete data point — rather than vague optimism — is enough to spark interest.

$OPEN jumped ~15% today after a strong earnings print 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 into transparency as part of its turnaround narrative. The company now posts weekly acquisition data, maintains a public accountability dashboard, and walks through pricing, velocity, and margin trade-offs in granular detail.

The transparency is curated, but it creates the feeling that outsiders are being invited “inside the room.” On X, that sense of access may matter more than perfection. Users don’t expect flawless execution — they want to feel informed.

Livestream for Q4 Financial Open House starts in ~20 mins. Join early 15 mins early if you can.

We are going to have a little bit of fun. Fun is good for business.

Come join us at https://t.co/l2r2AuyTix

— Kaz Nejatian (@nejatian) February 19, 2026

Cheap stock, high emotion

It also helps that Opendoor’s stock remains deeply depressed and highly volatile. A beaten-down stock combined with a plausible turnaround narrative tends to elicit outsized emotional reactions, particularly on social media.

Many of the loudest voices aren’t merely buying the company — they’re buying optionality, a story and the chance to be early if the turnaround sticks.

Opendoor’s pitch implicitly challenges parts of the traditional real estate ecosystem that many X users already dislike. The narrative suggests that agents are slow, that legacy processes are broken and that humans shouldn’t still be doing paperwork that software can automate.

That antagonizes brokerages, MLS bureaucracy and long-standing industry norms. And few things energize X more than poking entrenched systems.

The underdog appeal

Even among supporters, there’s broad recognition that the story is far from settled. Margins remain thin, legacy inventory continues to weigh on results and a sharper housing downturn would test the model.

What has changed isn’t certainty but credibility.

Opendoor’s resurgence on X reflects a shift in perception more than a finished turnaround. The company now has a coherent narrative, visible execution milestones and a CEO willing to publicly own both risk and progress.

That doesn’t mean the strategy will work. But on X, a credible “this might actually work” is often all it takes to ignite enthusiasm.

And everyone loves a good underdog story.

Email Nick Pipitone

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