Chamath Palihapitiya earned recognition as the SPAC King before investors suffered massive losses when the SPAC bubble collapsed in late 2021. Opendoor entered public markets through a merger with Social Capital Hedosophia Holdings Corp. II, one of Palihapitiya's numerous SPAC ventures. The company purchases homes directly from owners, bypasses traditional brokers, completes quick renovations, and resells properties for profit. Opendoor attracts customers through convenience by offering seamless transactions and rapid cash offers. The business model focuses on maximizing housing turnover while reducing broker fees.
Opendoor has never achieved profitability despite generating $1.2 billion in Q1 2025 revenue alongside an $85 million net...