Chamath on OpenDoor Stock(OPEN)Largest Undisrupted Market Worth 1.6Trillion and Growth Opportunities
Chamath Palihapatiya on OpenDoor (NASDAQ: OPEN) Stock Largest Undisrupted Market Worth 1.6Trillion and Growth Opportunities.\n\nOpendoor Labs Inc. (“Opendoor”), the online homes marketplace and pioneer in iBuying, and Social Capital Hedosophia Holdings Corp. II (NYSE: IPOB) (\”SCH\”), a publicly traded special purpose acquisition company, today completed their previously announced transaction to take Opendoor public. The transaction forms a leading, publicly traded digital platform for residential real estate. The newly formed company is named Opendoor Technologies Inc. (“Opendoor Technologies” or the “Company”), and it will start trading on The Nasdaq Global Select Market (“Nasdaq”) under the new ticker symbol “OPEN.”\n\nOpendoor Technologies will raise approximately $1 billion from the transaction to fuel growth, market expansion and development of new product offerings, as well as accelerate the Company’s plans to expand nationwide and build the first digital one-stop-shop to buy and sell a home. SCH shareholders approved the transaction at a general meeting on December 17, 2020.\n\nEric Wu, Co-Founder and CEO of Opendoor, said, “Today marks an important step on our path towards making buying and selling a home simple and instant, and unlocking homeownership for millions of people every year. All of us at Opendoor are humbled to reach this significant milestone in our journey of building a generational company, and we are grateful for the countless individuals who have contributed to advancing our mission of empowering everyone with the freedom to move.”\n\nChamath Palihapitiya, Founder and CEO of SCH, said, \”As a leader and innovator in the iBuying space, Opendoor has the opportunity to completely transform the residential real estate industry. We are excited to work with Eric and his talented team as Opendoor begins its next chapter as a public company.”\n\nCo-Founder and CEO Eric Wu will continue to lead the newly formed company with Opendoor’s management team. SCH’s Director Adam Bain, Managing Partner at 01 Advisors and former Chief Operating Officer of Twitter, will join the Company’s Board of Directors. Ciopora Herman, former Chief Financial Officer of the San Francisco 49ers, also joins the Board.\n\nTrading is expected to begin on the Nasdaq on December 21, 2020, under the new ticker symbol “OPEN” for Opendoor Technologies common stock and “OPENW” for the Opendoor Technologies warrants.\n\nConnaught acted as financial advisor, Credit Suisse acted as capital markets advisor and placement agent and Skadden, Arps, Slate, Meagher \u0026 Flom LLP acted as legal advisor to SCH. Citi acted as financial advisor, and Latham \u0026 Watkins LLP and Cooley LLP acted as legal advisor to Opendoor.\n\nAbout Social Capital Hedosophia II\n\nSocial Capital Hedosophia II is a partnership between the investment firms of Social Capital and Hedosophia. Social Capital Hedosophia II unites technologists, entrepreneurs and technology-oriented investors around a shared vision of identifying and investing in innovative and agile technology companies. To learn more about Social Capital Hedosophia, visit www.socialcapitalhedosophiaholdings.com.\n\nAbout Opendoor\n\nOpendoor’s mission is to empower everyone with the freedom to move. Since 2014, Opendoor has provided people across the U.S. with a radically simple way to buy, sell or trade-in a home. Opendoor currently operates in a growing number of markets across the U.S. and is headquartered in San Francisco.
Global markets grew by $ 17 trillion in a year
Global stock markets have exploded in 2019, adding more than $ 17 trillion to the total, according to Deutsche Bank calculations.
The value of global stocks started the year at just under $ 70 trillion, but now surpasses $ 85 trillion. These results are due to softer monetary policy and geopolitical events.
Central banks around the world have adopted a cautious strategy to stimulate markets. The Federal Reserve has cut its base interest rate three times this year, and the European Central Bank has further lowered its already negative rates.
Global trade outlook, in turmoil since Donald Trump’s election and Brexit vote, turned more optimistic towards the end of the year.
Also, the United States entered into the first phase of the deal with China, bringing their trade dispute closer to resolution..
In Europe, a resounding victory for conservatives Boris Johnson is expected to give him the opportunity to lead negotiations on the country’s withdrawal from the European Union.
However, the strong rise in global markets was largely driven by the dominance of US markets.. S indices&P 500, Dow jones industrial average and Russell 2000 have grown more than 20% this year.
Apple showed impressive financial results (80% of profit) and Facebook (57% of profit), which affected the overall stock growth.