‘Pharma Bro’ Martin Shkreli Shorts Opendoor Technologies, Stock Tumbles 5%

Former hedge fund manager and pharmaceutical executive Martin Shkreli announced on Tuesday that he has shorted the stock of Opendoor Technologies Inc. (OPEN).

In a post on X, Shkreli stated that his short position on Tuesday marked his first trade in Opendoor stock. “I will be doing diligence calls with former employees, customers, competitors and hopefully, management too! I will send invites to the calls or anonymous transcripts as appropriate,” he said in the post.

Opendoor’s shares were down 5% in Tuesday’s midday trade. Retail sentiment on Stocktwits around the company has edged lower over the past few days, with sentiment declining from (83/100) a week ago to (75/100) at the time of writing.

This is not the first time Shkreli has posted about Opendoor. In a post last week on X, he said, “$OPEN is an obvious short and anyone long should never ever invest again.”

Earlier this month, famed short-seller Andrew Left from Citron Research attacked Opendoor, saying “$OPEN is nothing more than a stock promo and a science project in how to burn money.”

This comes amid a flurry of optimism surrounding Opendoor, driven by the company's hiring of former Shopify executive Kaz Nejatian to lead it. At the same time, co-founders Keith Rabois and Eric Wu also rejoined the company’s board.

Board member and investor Eric Jackson’s commentary about the company also led to a surge in the buzz around Opendoor. Jackson said on Thursday, “I’m going to an $ABTC dinner next week and hope to meet the man,” in response to calls for Eric Trump to join the boards of both ABTC and Opendoor.

OPEN stock is up 463% year-to-date and 278% in the past 12 months.

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