David

To the $OPEN shareholders or ex-shareholders whining all over X today: You bought a distressed company attempting a massive turnaround in a distressed housing market. What exactly did you expect this to look like? If your response to a $1.50 share price is “it’s Kaz’s fault” or “it’s the board’s fault,” without any discussion of the business, its valuation, or the turnaround itself, I question whether you understood what you bought. Management deserves scrutiny. But a falling stock price, by itself, isn’t an analysis. This is going to be messy. They might figure it out. They might not. Failure is a real possibility, and conviction doesn’t make that risk disappear. I’m long $OPEN because I believe the potential upside justifies the risk. It’s an asymmetric bet I’m willing to take, and I intend to remain long as long as that thesis holds. If you need a smooth ride and constant reassurance, go buy the S&P 500. You don’t have to own Opendoor. But if you do, understand what you own and size the position so you can handle being wrong.