10 Stocks Taking a Nosedive

3. Opendoor Technologies Inc. (NASDAQ:OPEN)

Opendoor Technologies snapped a three-day winning streak on Wednesday, shedding 8.61 percent to close at $8.49 apiece as investors resorted to profit-taking following the previous days’ surge.

Earlier this week, Opendoor Technologies Inc. (NASDAQ:OPEN) rallied on news that the company would soon accept cryptocurrencies for real estate buying.

In response to a social media user’s suggestion for cryptocurrency payments, CEO Kaz Nejatian said: “we will. [We] just need to prioritize it.” He did not elaborate on the timeline and the specific assets to be accepted.

The confirmation boosted Opendoor Technologies Inc. (NASDAQ:OPEN), which is underway with the implementation of strategic initiatives towards a turnaround and revival, including the potential layoff of the majority of its total workforce.

In a recent interview, Opendoor Technologies Inc. (NASDAQ:OPEN) Chairman Keith Rabois vowed to slash the company’s workforce by 85 percent, which could affect some 1,190 employees.

“There [are] 1,400 employees at Opendoor. I don’t know what most of them do. We don’t need more than 200 of them,” he was quoted as saying.