Opendoor Technologies, Inc. (NASDAQ:OPEN) CEO Kaz Nejatian pledged to buy $1 million worth of company shares in a social media post Monday night, sending a strong signal of confidence in the real estate tech firm he leads.
- OPEN stock is moving. Watch the real-time price action here.
Nejatian, who assumed leadership only two months ago, announced that he and his family would acquire the shares when the market opened on Tuesday morning, which was as soon as regulations permitted.
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"I will talk about Opendoor’s product frequently and its stock rarely. That’s because my job is to build the product and the company, and that will have good secondary outcomes," the CEO said in a social media post.
"Tomorrow is the first day I am allowed to buy OPEN and my family is buying $1M at the open," Nejatian added.
The CEO's commitment comes just days after Opendoor delivered mixed third-quarter results.
While sales declined less than anticipated, the company still reported an operating loss that exceeded expectations.
The company faces ongoing challenges, with the number of homes sold and purchased both falling, prompting some investors to question the long-term viability of its iBuying-focused model.
Nejatian's stock purchase appears designed to counteract market uncertainty by aligning his personal financial interests with those of shareholders—reinforcing his belief in Opendoor's future and turnaround.
Market reaction has been muted with Opendoor's stock up 2.63% at $8.18 in Tuesday's midday trading, following a more than 20% jump on Monday.
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