Opendoor (OPEN) Soars 14% as Firm Sets Sights on Crypto

We recently published 10 Stocks Investors Are Gobbling Up. Opendoor Technologies Inc. (NASDAQ:OPEN) is one of the top performers on Monday.

Shares of Opendoor Technologies jumped by 14.43 percent on Monday to end at $9.28 apiece after hinting at accepting cryptocurrency payments for home sales, marking its foray into said assets.

Over the weekend, Opendoor Technologies Inc. (NASDAQ:OPEN) Chief Executive Officer Kaz Nejatian responded to a social media user who suggested the use of cryptocurrencies for real estate buying on the platform, saying that “we will. [We] just need to prioritize it.” He did not elaborate on the timeline and the specific cryptocurrencies to be accepted.

The confirmation became a boost to Opendoor Technologies Inc. (NASDAQ:OPEN), which is underway with the implementation of strategic initiatives towards a turnaround and revival, which included the potential layoff of the majority of its total workforce.

In a recent interview, Opendoor Technologies Inc. (NASDAQ:OPEN) Chairman Keith Rabois vowed to slash the company’s workforce by 85 percent, which could affect some 1,190 employees.

“There [are] 1,400 employees at Opendoor. I don’t know what most of them do. We don’t need more than 200 of them,” he was quoted as saying.

While we acknowledge the potential of OPEN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.