[9] Later, the company laid off 600 employees, which made up 35% of its team, partially due to business impact from the COVID-19 shutdown.

[10] In March, Opendoor announced they would suspend home buying during the COVID-19 pandemic out of concerns for the safety of their customers.

[11] The company resumed its operations in May 2020 by introducing a contact-free platform to help people buy and sell homes digitally.

[12][13] On April 27, 2020, Social Capital Hedosophia Holdings Corp II, a special-purpose acquisition company steered by Chamath Palihapitiya, commenced trading on the New York Stock Exchange.

[14] On September 15, 2020, Social Capital Hedosophia Holdings Corp II announced its intention to merge with Opendoor.

[21] On August 1, 2022, the Federal Trade Commission reported that Opendoor has agreed to pay a settlement of $62 million over charges of misleading potential home sellers in its marketing campaigns.

[26] Opendoor cut 22% of its workforce in April of 2023, or roughly 560 positions mostly in the company's operations unit, citing a declining housing market.

When a bid is accepted, Opendoor purchases the property as-is, charging a fee comparable to the commissions real estate agents collect in return for the convenience of closing a sale quickly without home showings.