AI LiquidRE sells 10.87M Opendoor shares; filing shows 5.76% stake

Rhea-AI Filing Summary

Access Industries affiliates and Len Blavatnik report amended holdings in Opendoor Technologies Inc. (Common Stock). Together the reporting persons disclose beneficial ownership of 42,724,914 shares, representing 5.76% of the 742,119,598 shares outstanding (including 6,165,412 shares issued in a private placement on September 10, 2025). AI LiquidRE LLC directly owns 42,650,812 shares (5.75%). On September 12, 2025 AI LiquidRE sold 10,874,000 shares in open-market transactions at a weighted average price of $9.1976 per share (prices ranged $8.7650–$9.7650). The filing also notes the retirement of director Pueo Keffer effective September 10, 2025.

Positive

• Transparent disclosure of share counts, sale details (aggregate shares, weighted average price and price range) complying with Schedule 13D requirements
• Updated board information noting Pueo Keffer's retirement, which clarifies governance changes

Negative

• Large open-market sale by AI LiquidRE of 10,874,000 shares, which materially increases available float and could exert downward pressure on the stock
• Reduction in affiliated ownership concentration following the sale, potentially diminishing the reporting persons' relative influence

Insights

Financial Analyst

TL;DR A significant open-market sale reduced an affiliate's stake; ownership remains disclosed at ~5.75% of shares outstanding.

The sale of 10.874 million shares by AI LiquidRE at a weighted average of $9.1976 is material given the position size and may affect near-term supply-demand dynamics in OPEN stock. Reporting shows consolidated beneficial ownership of 42.7 million shares (5.76%), calculated using the issuer’s stated outstanding share count including a recent private placement of 6,165,412 shares. The amendment complies with Schedule 13D disclosure requirements and provides price ranges and aggregate share counts useful for market impact assessment.

Corporate Governance Expert

TL;DR Disclosure updates include a director retirement and a large insider-related share sale; governance influence remains disclosed but diluted by sales.

The filing reports Pueo Keffer's immediate retirement from the board and committees as of September 10, 2025, and quantifies share ownership and disposition by related entities. While the reporting persons continue to disclose shared voting power over 42.7 million shares, the public sale of over 10.8 million shares by AI LiquidRE changes the composition of their liquid holdings and should be reflected in future voting and governance calculations if additional dispositions occur. The amendment includes a joint filing agreement exhibit.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 4)

Opendoor Technologies Inc.

(Name of Issuer)

Common Stock, $0.0001 par value

(Title of Class of Securities)

683712103

(CUSIP Number)

Alejandro Moreno
Access Industries, Inc., 40 West 57th St., 28th Floor
New York, NY, 10019
(212) 247-6400

Langhorne S. Perrow
Access Industries, Inc., 40 West 57th St., 28th Floor
New York, NY, 10019
(212) 247-6400

Nicholas P. Pellicani
Debevoise & Plimpton LLP, 28 Tudor Street
London, X0, EC4Y 0AY
44 20 7786 9000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

09/12/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 683712103

1

Name of reporting person

Access Industries Management, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 42,724,914.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 42,724,914.00

11

Aggregate amount beneficially owned by each reporting person

42,724,914.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.76 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

* Based on an aggregate of 742,119,598 shares of Common Stock issued and outstanding, consisting of (i) 735,954,186 shares stated to be outstanding as of July 29, 2025, as stated on the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025, filed with the Securities and Exchange Commission (the "SEC") on August 5, 2025 and (ii) an aggregate of 6,165,412 shares issued by the Issuer in a private placement on September 10, 2025.

SCHEDULE 13D

CUSIP No. 683712103

1

Name of reporting person

AI LiquidRE LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 42,650,812.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 42,650,812.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

42,650,812.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.75 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

* Excludes shares of Common Stock that are owned directly by LBIT 2022 LLC. ** Based on an aggregate of 742,119,598 shares of Common Stock issued and outstanding, consisting of (i) 735,954,186 shares stated to be outstanding as of July 29, 2025, as stated on the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025, filed with the SEC on August 5, 2025 and (ii) an aggregate of 6,165,412 shares issued by the Issuer in a private placement on September 10, 2025.

SCHEDULE 13D

CUSIP No. 683712103

1

Name of reporting person

Len Blavatnik

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 42,724,914.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 42,724,914.00

11

Aggregate amount beneficially owned by each reporting person

42,724,914.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.76 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

* Based on an aggregate of 742,119,598 shares of Common Stock issued and outstanding, consisting of (i) 735,954,186 shares stated to be outstanding as of July 29, 2025, as stated on the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025, filed with the SEC on August 5, 2025 and (ii) an aggregate of 6,165,412 shares issued by the Issuer in a private placement on September 10, 2025.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, $0.0001 par value
(b)	Name of Issuer: Opendoor Technologies Inc.
(c)	Address of Issuer's Principal Executive Offices: 410 N. Scottsdale Road, Suite 1000, Tempe, ARIZONA , 85288.
Item 1 Comment: This Amendment No. 4 to Schedule 13D is being filed by Access Industries Management, LLC ("AIM"), AI LiquidRE LLC ("AIL"), LBIT 2002 LLC ("LBIT") and Len Blavatnik (collectively, the "Reporting Persons", and each, a "Reporting Person") to report a change in the percentage of shares of common stock, $0.0001 par value per share (the "Common Stock"), of Opendoor Technologies Inc. (the "Issuer") beneficially owned by the Reporting Persons. The Schedule 13D filed by the Reporting Persons with the Securities and Exchange Commission (the "SEC") on December 28, 2020, as amended and supplemented by Amendment No. 1 to the Schedule 13D, filed with the SEC on August 24, 2021, Amendment No. 2 to the Schedule 13D, filed with the SEC on October 6, 2021 and Amendment No. 3 to the Schedule 13D, filed with the SEC on May 6, 2024, is hereby amended and supplemented by the Reporting Persons as set forth below in this Amendment No. 4. This amendment is filed by the Reporting Persons in accordance with Rule 13d-2 of the Securities Exchange Act of 1934, as amended, and refers only to information that has materially changed since the filing of the Schedule 13D. The items identified below, or the particular paragraphs of such items which are identified below, are amended as set forth below. Unless otherwise indicated, all capitalized terms used and not defined herein have the respective meanings assigned to them in the Schedule 13D.
Item 4.	Purpose of Transaction
	The disclosure in Item 4 to the Schedule is hereby supplemented by adding the following at the end thereof: On September 10, 2025, Pueo Keffer informed the Issuer's board of directors of his decision to retire from his position as director and all committees of the Issuer's board of directors, effective immediately.
Item 5.	Interest in Securities of the Issuer
(a)	The disclosure in Items 5(a), (b) and (c) is hereby amended and restated in its entirety to read as follows: (a) and (b) The responses of each of the Reporting Persons with respect to Rows 11, 12, and 13 of the cover pages of this Schedule 13D that relate to the aggregate number and percentage of Common Stock (including, but not limited to, footnotes to such information) are incorporated herein by reference. The responses of each of the Reporting Persons with respect to Rows 7, 8, 9, and 10 of the cover pages of this Schedule 13D that relate to the number of Common Stock as to which each of the persons or entities referenced in Item 2 has sole or shared power to vote or to direct the vote of and sole or shared power to dispose of or to direct the disposition of (including, but not limited to, footnotes to such information) are incorporated herein by reference. 42,650,812 shares of Common Stock are owned directly by AIL and may be deemed to be beneficially owned by AIM and Len Blavatnik because (i) AIM is the controlling entity of AIL and (ii) Len Blavatnik controls AIM and holds a majority of the outstanding voting interests in AIL. Each of the Reporting Persons (other than AIL), and each of their affiliated entities and the officers, partners, members and managers thereof, disclaims beneficial ownership of these securities. 74,102 shares of Common Stock are owned directly by LBIT and may be deemed to be beneficially owned by AIM and Len Blavatnik because (i) AIM is the controlling entity of LBIT and (ii) Len Blavatnik controls AIM and LBIT. Each of the Reporting Persons (other than LBIT), and each of their affiliated entities and the officers, partners, members and managers thereof, disclaims beneficial ownership of these securities.
(c)	On September 12, 2025, AIL sold 10,874,000 shares of Common Stock at a weighted average price of $9.1976 per share in open market transactions.1 (1) These shares were sold in multiple transactions at prices ranging from $8.7650 to $9.7650, inclusive. The Reporting Persons undertake to provide to the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within such range.
Item 7.	Material to be Filed as Exhibits.
	99.3.4 Joint Filing Agreement, dated as of September 16, 2025.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Access Industries Management, LLC

Signature:	/s/ Alejandro Moreno
Name/Title:	Executive Vice President, General Counsel/Alejandro Moreno
Date:	09/16/2025

AI LiquidRE LLC

Signature:	/s/ Alejandro Moreno
Name/Title:	By: Access Industries Management, LLC, its manager; its Executive Vice President, General Counsel/Alejandro Moreno
Date:	09/16/2025

Len Blavatnik

Signature:	*/s/ Alejandro Moreno
Name/Title:	By: Alejandro Moreno as Attorney-in-Fact for Len Blavatnik
Date:	09/16/2025

Comments accompanying signature:

*The above signed, by signing his name hereto, executes this Schedule 13D pursuant to the Limited Power of Attorney executed on behalf of Mr. Blavatnik and filed herewith.

FAQ

How many Opendoor (OPEN) shares do the reporting persons beneficially own?

The reporting persons disclose beneficial ownership of 42,724,914 shares, representing 5.76% of the 742,119,598 shares outstanding.

What shares were sold by AI LiquidRE and at what price?

On September 12, 2025, AI LiquidRE sold 10,874,000 shares in open-market transactions at a weighted average price of $9.1976 per share (range: $8.7650 to $9.7650).

Does the filing report any board changes at Opendoor?

Yes. The filing states that Pueo Keffer retired from the Issuer's board of directors and all board committees effective September 10, 2025.

What outstanding share count was used to calculate percentages?

Percentages are based on 742,119,598 shares outstanding, which includes 735,954,186 shares reported as of July 29, 2025 and 6,165,412 shares issued in a private placement on September 10, 2025.

Who filed this Schedule 13D/A for OPEN?

The amendment was filed by Access Industries Management, LLC, AI LiquidRE LLC, LBIT 2002 LLC and Len Blavatnik.