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On Tuesday, it was reported that Opendoor CEO Carrie Wheeler had sold shares in the company. This move, coupled with an unfavorable economic environment, has contributed to the company’s declining fortunes.
The Federal Reserve’s recent decision to hike rates has also played a role in Opendoor’s stock decline. The rate increase is expected to further tighten the housing market as it makes borrowing more expensive. Despite these challenges, there has been a minor recovery towards the end of the month for Opendoor.
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