Opendoor becomes first woman-led meme stock surges 400% in week

Opendoor Inc., a real estate technology firm led by CEO Carrie Wheeler, has emerged as the first woman-headed company to gain traction as a meme stock among Reddit’s r/WallStreetBets community. The stock, which surged over 400% in a week, remains a focal point for retail traders despite its current price of $2.88 per share as of July 22, 2025. This development marks a rare intersection of gender representation and meme stock dynamics, a category historically dominated by male-led companies like GameStop and AMC [1].

Opendoor’s journey to this status is marked by volatility. The company, which entered the Fortune 500 in 2022 and 2023, has faced significant challenges since the pandemic, including near-delisting from Nasdaq and a steep decline in market value following its 2020 SPAC merger. Its recent rally has drawn both optimism and skepticism. Retail investors, including figures like Eric Jackson, have expressed bullish sentiment, contrasting with critiques from Wall Street. Notably, Keith Rabois, an early investor and board member, has publicly questioned Wheeler’s leadership, advocating for a leadership change—a move that has amplified scrutiny of the CEO’s position [1].

The rise of Opendoor as a meme stock reflects broader shifts in retail trading culture. While the r/WallStreetBets community previously championed male-led companies, this shift highlights growing diversity in the types of firms targeted by collective retail buying power. Wheeler’s role as a female CEO in this context adds a layer of complexity, as her leadership faces both supportive hype and traditional institutional skepticism. Analysts note that the company’s fundamentals—such as its business model as an online home buyer and flipper—remain underperforming relative to its valuation surge, raising questions about sustainability [1].

Retail traders, however, argue that Wall Street’s focus on short-term metrics overlooks long-term potential. The 400% spike, though leaving Opendoor’s stock price relatively low, demonstrates the unpredictable nature of meme stock momentum. Critics like Rabois, who played a pivotal role in the company’s early stages, suggest that institutional expertise may be lacking under Wheeler’s leadership, further polarizing perceptions of the CEO and the company’s strategy [1].

The broader implications of this case extend beyond Opendoor. It underscores the evolving role of social media in shaping stock performance and the challenges female leaders face in high-visibility, male-dominated markets. As retail investors continue to sway market sentiment, the line between speculative trading and strategic investment blurs, creating a landscape where traditional valuation metrics hold less sway [1].

Source: [1] [title: Opendoor has become the first true woman-led meme stock—and that can get complicated] [url: https://fortune.com/2025/07/23/opendoor-meme-stock-woman-led-carrie-wheeler-ceo-wallstbets/]