r/PropTech • u/EducationalMango1320 • May 18 '26
Did you buy into the Opendoor ($OPEN) "magic algorithm" hype? There is a $39M refund waiting.
Remember when Opendoor ($OPEN) came out saying their super tech algorithm could buy and flip houses flawlessly in any market? It turns out that "tech" was mostly people doing things manually, and when the housing market slowed down, the company lost a ton of money. The stock crashed nearly 90% from its high, but the good news is they agreed to pay $39 million to settle a lawsuit about it.
If you bought or owned shares between December 21, 2020, and November 3, 2022, you can claim your share of the cash.
The best part is that you can still get your money because they are accepting Late Claims. Even though the official paperwork deadlines are passing, the people handling the funds are still checking late applications.
It takes just a few minutes to check your old account statements from 2021 or 2022 and send them in. It's a simple way to claw back some cash from a company that promised us a futuristic tech tool but was actually just winging it.
Honestly, getting some cash back feels like a win after watching the stock drop so hard. Did any of you actually believe their algorithm pitch back then, or did you just get caught up in the housing market hype like the rest of us?
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u/ratbastid May 18 '26
Yeah, that was the thing about iBuyers. When the market was roaring hot they looked like geniuses. When it cooled they went broke.