BUZZ-Opendoor extends slide after a top holder offloaded $95 mln worth of shares
Opendoor Technologies' shares fell 7.3% to $7.77 after Access Industries sold approximately 11.4 million shares for $95.2 million. This follows a previous drop of over 12%. Access, now holding about 31.3 million shares, is the third-largest shareholder. Despite the recent decline, Opendoor's shares have surged approximately 1,300% over the past three months, following the appointment of new CEO Kaz Nejatian and the return of co-founders to the board.
Shares of online residential real estate firm Opendoor Technologies (OPEN.O) down 7.3% at $7.77 on Tues, following >12% tumble in prior session Opendoor late Mon reported in a filing Access Industries sold ~11.4 mln shares for $95.2 mln market value, with Sept 22 as approximate sale date, in Rule 144/unregistered block via Tourmaline Partners
Sale by the investment firm, run by Ukrainian-born billionaire Len Blavatnik, takes its holdings to
~31.3 mln shares, roughly 4.2% of OPEN’s 742.1 mln shares outstanding, per LSEG
Access is
the third largest OPEN shareholder, behind new CEO Kaz Nejatian (83.35 mln shares) and Vanguard (66.28 mln) Access last dumped ~10.9 mln shares, worth about $1 mln, on Sept 12. OPEN shares shed nearly 14% in that session
On Sept 11, the meme darling’s shares soared 80% to close at $10.52 after OPEN Nejatian from Shopify (SHOP.TO) as its new leader, and said co-founders Keith Rabois and Eric Wu will return to the board, with Rabois becoming chairman Former CEO and board chair Carrie Wheeler stepped down from her roles in Aug amid pressure from investors
Even with the decline on Tues. OPEN shares up ~1,300% over the past three months (Lance Tupper is a Reuters market analyst. The views expressed are his own)
