Since our last update there have been a few developments at Opendoor...
Around Thanksgiving we began hearing rumors about Opendoor management canceling investor meetings, and then CEO Eric Wu canceled his Credit Suisse investor presentation. We discussed this extensively within the Datadoor Discord, as the general vibe was that something was up.
Sure enough, on Friday afternoon Eric Wu announced he was stepping down as CEO and would be moving to the role as President of Opendoor's Marketplace.
Meanwhile CFO and TPG veteran Carrie Wheeler was announced as Opendoor's new CEO. Despite our suspicions, this news took us by surprise. Eric served as Opendoor's CEO since he co-founded the company in 2014, and although he rarely speaks publicly about the company, he undeniably has the most lucid vision about what Opendoor can become. We kicked the tires on this announcement and the implications for Opendoor on a recent Spaces event which can be found here.
On top of that, we only have two months of 2022 left to review and analyze. Today we will share our data on Opendoor's November confirmed sales, pending sales, gross and embedded margins, and a sneak peak at the final month of the year. In just two weeks we will publish our preliminary estimates for Opendoor's Q4 results as well.
Let's dive in.
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