Opendoor CEO Calls On Retail ‘Army’ To Fight Battle Against Proxy Firms As Stock Struggles To Revive Meme Magic

• Opendoor has scheduled its annual stockholder meeting on June 11.
• One of the proposals is the election of Eric Wu, Eric Feder, and David Benson to the board of directors.
• OPEN has rallied over 26% in the past two weeks, with the retail sentiment turning ‘extremely bullish’ on Wednesday.

Opendoor Technologies CEO Kaz Nejatian on Tuesday urged shareholders to vote in line with the company’s recommendations at its June 11 annual meeting, after saying that proxy advisory firms ISS and Glass Lewis had advised investors to vote “against me.”

Three proposals are up for a vote at the meeting. The re-election of Eric Wu, Eric Feder, and David Benson to the board of directors, ratification of Deloitte & Touche LLP as the company’s independent auditor for the current fiscal year, and approval of the revised pay for named executive officers.

Wu, a co-founder of the company, returned to the board last September. Feder is the President of Lenx, and Benson is the former President of Fannie Mae.

Opendoor shares were down 0.4% in early premarket trading on Wednesday.

It isn’t immediately clear which of Opendoor’s proposals ISS and Glass Lewis are recommending to vote against. Still, Nejatian called for support, rallying the “Open Army” — a term used to describe a group of retail investors who actively discuss and promote the company across online platforms.

“Proxy advisors at ISS and Glass Lewis have recommended shareholders to vote against me at our Annual Meeting.  I don’t take this personally. This is the fifth time in my career these same people have told people to vote against my team,” Nejatian said on X.

“These proxy advisors have built no companies and are not meaningful shareholders of OPEN… Usually, most companies can’t do anything about this since many institutional shareholders will just vote the way ISS tells them to. But Opendoor has the Open Army! It is important that we stand up against this separation of management from shareholders.”

OPEN Stock Still Down YTD

The development comes as Opendoor’s stock is seeing an upward trend. After months of range-bound activity, OPEN stock has surged over 26% since its recent low on May 18.

Shares dropped about 20% between January and March and have been in gradual decline since last September, when a meme-driven rush sent OPEN stock up 2,000% in just two months. 

As the meme-driven rally faces, the company’s weak financial performance remains the biggest overhang. Opendoor’s first-quarter revenue declined 38% year over year to $720 million – the top line has now shrunk sequentially for the past four quarters – Q1 net loss more than doubled to $173 million, according to results issued in early May.

Retail-Trader View On OPEN

On Stocktwits, retail sentiment for OPEN has been climbing since last week and was ‘extremely bullish’ early Wednesday, while the message volume has surged over 70% in this period.

“The Annual Meeting. Information relevant to these matters is set forth in the accompanying proxy statement. “$OPEN strong flag set up on the weekly. Looking good for longs,” said a trader, noting the recent rally.

Another wrote: “$OPEN been keeping my eye on this one with my thesis rates are coming down. TLT already working in spades, but think this one is show casing uncanny strength here.”

Opendoor stockholders of record as of the close of business on April 16, 2026, are entitled to vote in favor of the AMG proposals.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Read Next: Michael Burry Sees More Trouble Ahead For PLTR Stock: Wall Street And Retail Traders Still Don't Care