opendoor Taps Celebrity Marketing Push Following Leadership Changes
NEW YORK, september 15, 2023 – Real estate platform Opendoor is implementing a new marketing strategy leveraging celebrity endorsements, spearheaded by investor Eric Jackson, following recent management reshuffles. Jackson believes a celebrity-driven approach will broaden Opendoor’s reach to unconventional audiences,mirroring successful tactics employed by Drake.
jackson, who describes Opendoor as “the Amazon of housing,” highlighted the potential for celebrity marketing to accelerate growth. Investor Scott Findlay echoed this sentiment, characterizing Drake’s marketing strategy as “practical and popular” and well-suited for expanding Opendoor’s customer base. This shift comes as Opendoor navigates a volatile market,having recently reported its first positive adjusted EBITDA in three years,but still facing headwinds from high interest rates and profitability concerns.
The company is drawing parallels to other disruptive tech firms like Tesla (NASDAQ: TSLA) and Palantir Technologies (NYSE: PLTR), emphasizing the importance of cultivating a dedicated customer base responsive to genuine market needs.
Opendoor’s stock has experienced significant volatility. While up 466.88% in 2023 and reaching a peak of $10.52 on September 11 with a trading volume of 1.1 billion shares - significantly above its average of 344.10 million – the stock closed Friday at $9.07, down 13.78%, according to Pro to gasoline data.
Despite the recent dip, Benzinga’s Edge Stock Rankings indicate Opendoor maintains strong momentum in the 99th percentile, suggesting a continuing positive price trend across various timeframes. The company currently has an annual price range of $0.51 to $10.70 and a market capitalization of $6.68 billion.
