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– Open up. Another day, another meme stock. Or is it?
In the four years since GameStop went viral, it’s been pretty rare for one of the stocks that Reddit’s r/WallStreetBets has pushed to artificial highs to be a woman-led company. But alongside AMC, Nokia, and Trump Media & Technology Group, we can now count Opendoor, the real estate businesses headed by CEO Carrie Wheeler.
Opendoor was a Fortune 500 member in 2022 and 2023 (and Wheeler was a Fortune 500 CEO), but the company has since fallen off the list of America’s largest businesses. An online home buyer and flipper, its fortunes have reversed post-pandemic and after a 2020 SPAC. It came close to being delisted from the Nasdaq earlier this year.
Over the past week, Opendoor’s shares were up more than 400%—which still places its stock price at just $2.88 as of yesterday’s market close. (Kohl’s is another new meme stock of the past week, too.) Investor Eric Jackson is bullish on Opendoor, as are retail traders who see something Wall Street doesn’t.
But of course the attention of Reddit traders can get complicated. Investor Keith Rabois, who was a force behind the launch of the company a decade ago, has been openly questioning Wheeler’s competence and calling for a new CEO—and others are following along. It’s not easy to be a meme, and it’s not easy to be a female CEO.
Emma Hinchliffe
emma.hinchliffe@fortune.com
The Most Powerful Women Daily newsletter is Fortune’s daily briefing for and about the women leading the business world. Subscribe here.
ALSO IN THE HEADLINES
– Magic pill? The first pill to treat postpartum depression has had mixed results so far. Symptoms can improve in as little as three days—much faster than general antidepressants—but some women report persistent depression or overwhelming fatigue that they couldn’t tolerate with a newborn at home. New York Times
– Opera with Melania. Republicans are proposing renaming the Kennedy Center’s opera house for Melania Trump—the “First Lady Melania Trump Opera House.” The change was proposed within an amendment to a bill funding the Interior Department that’s currently with the House Appropriations Committee. Washington Post
– Sniff of success. Under CEO Sue Nabi, beauty giant Coty is betting on fragrance and Gen Z trends—like body mists and pen spray fragrances. Nabi says these new products are signals that reflect where consumers are evolving. Vogue Business
– Messy middle. Gen X is caught in the middle as Baby Boomers delay retirement, forced to hustle to continue on their career paths—especially in entertainment. Of course, it’s even worse for Gen X women, who say they’ve become “collateral damage” and are overlooked in favor of rising generations perceived as more tech-savvy by Boomer bosses. The Ankler
MOVERS AND SHAKERS
Katie Keil is the new CMO for Peet’s Coffee.
Health care investor OrbiMed promoted Mona Ashiya to GP; she’s been investing at the firm for 15 years and is its first female GP, joining eight existing GPs.
Elina Vives was named CMO for Chamberlain Group, which is owned by Blackstone and includes the brands LiftMaster, myQ, and Chamberlain. She came to Chamberlain from Signify, the former Philips Lighting.
Stephanie Miller is joining fund operations partner Juniper Square as COO.
Kathy Cullen-Cote is the new chief people officer for CyberArk.
ON MY RADAR
Inside Sarah Burton’s buzzy new work for Givenchy Vogue Business
U.S. Olympic officials bar transgender women from women’s competitions New York Times
Kylie Kelce isn’t afraid to tell the truth about motherhood Parents
PARTING WORDS
“It can feel dangerous to expose those imperfect parts of ourselves. But over the years, I have learned that it’s really the opposite.”
—Michelle Obama, who’s been sharing more of herself through her new podcast
