We recently published 10 Stocks Taking a Nosedive. Opendoor Technologies Inc. is one of the worst performers on Wednesday.
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. 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., 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. 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.
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This article is originally published at Insider Monkey.
