Opendoor tanks after earnings as CEO thanks new investors for ‘increased visibility’

Key Points

After a massive rally in July and early August, Opendoor hit a snag on Tuesday with a disappointing outlook.
CEO Carrie Wheeler thanked new investors on the earnings call, and said “We appreciate your enthusiasm for what we’re building, and we’re listening intently to your feedback.”
The company said it expects to face a challenging macro environment for the rest of the year and that it’s reducing marketing spending.

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