AI LiquidRE Sells 25M+ OPEN Shares; Reporting Ownership Now 2.38%

Rhea-AI Filing Summary

Access Industries affiliates reported sales that reduced their stake in Opendoor Technologies (OPEN) below 5%. AI LiquidRE LLC sold 11,355,200 shares on September 22, 2025 at a weighted average price of $8.7908 per share (individual trade prices ranged $8.32–$9.285). On September 23, 2025, AI LiquidRE LLC and LBIT 2002 LLC sold 13,656,898 and 74,102 shares, respectively, at a weighted average price of $7.2754 per share (individual trade prices ranged $6.98–$8.08).

The Schedule 13D/A reports that 17,638,714 shares were owned directly by AI LiquidRE LLC and that number was attributable to Access Industries Management, LLC and Len Blavatnik due to control relationships. Based on 742,119,598 shares outstanding (including a 6,165,412-share private placement on September 10, 2025), the aggregate holdings reported equal 2.38% of the class, and the reporting persons state they ceased to be beneficial owners of more than 5% as of September 22, 2025.

Positive

• Filed timely amendment reporting material share sales and updated ownership percentages
• Provides detailed sale data: exact share counts, weighted average prices and price ranges for September 22–23, 2025

Negative

• None.

Insights

Securities Analyst

TL;DR: Major open-market sales by Access Industries affiliates reduced their reported stake in OPEN below 5%, now at 2.38%.

The filing documents large open-market dispositions: 11.36M shares by AI LiquidRE LLC on September 22 and an additional 13.73M shares across AI LiquidRE LLC and LBIT 2002 LLC on September 23. Weighted average prices and reported price ranges are provided for both days. The Schedule 13D/A clarifies ownership attribution among affiliated entities and confirms the post-sale aggregate reported position of 17,638,714 shares, representing 2.38% of an indicated 742.12M shares outstanding. This is a routine disclosure of beneficial ownership change under Rule 13d-2.

Corporate Governance Expert

TL;DR: The amendment updates control and attribution details and reports that the reporting persons no longer exceed the 5% beneficial ownership threshold.

The amendment restates Item 5 details on voting and dispositive power, attributing the 17,638,714 shares to AI LiquidRE LLC and, by control, to Access Industries Management and Len Blavatnik. It documents the dates, volumes, weighted average prices, and price ranges of open-market sales and files a joint filing agreement as an exhibit. The filing is procedural, updating regulatory disclosures after significant secondary-market sales.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 5)

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)

09/22/2025

(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 17,638,714.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 17,638,714.00

11

Aggregate amount beneficially owned by each reporting person

17,638,714.00

12

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

13

Percent of class represented by amount in Row (11)

2.38 %

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 17,638,714.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 17,638,714.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

17,638,714.00

12

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

13

Percent of class represented by amount in Row (11)

2.38 %

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 17,638,714.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 17,638,714.00

11

Aggregate amount beneficially owned by each reporting person

17,638,714.00

12

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

13

Percent of class represented by amount in Row (11)

2.38 %

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. 5 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, Amendment No. 3 to the Schedule 13D, filed with the SEC on May 6, 2024 and Amendment No. 4 to the Schedule 13D, filed with the SEC on September 16, 2025, is hereby amended and supplemented by the Reporting Persons as set forth below in this Amendment No. 5. 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 5.	Interest in Securities of the Issuer
(a)	The disclosure in Items 5(a), (b), (c) and (e) 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. 17,638,714 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.
(c)	On September 22, 2025, AIL sold 11,355,200 shares of Common Stock at a weighted average price of $8.7908 per share in open market transactions.1 On September 23, 2025, AIL and LBIT sold 13,656,898 and 74,102 shares of Common Stock, respectively, at a weighted average price of $7.2754 per share in open market transactions. 2 (1) These shares were sold in multiple transactions at prices ranging from $8.3200 to $9.2850, 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. (2) These shares were sold in multiple transactions at prices ranging from $6.9800 to $8.0800, 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.
(e)	As of September 22, 2025, each of the Reporting Persons ceased to be the beneficial owner of more than five percent of the Issuer's shares of Common Stock.
Item 7.	Material to be Filed as Exhibits.
	99.3.5 Joint Filing Agreement, dated as of September 24, 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:	09/24/2025

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:	09/24/2025

Len Blavatnik

Signature:	*/s/ Alejandro Moreno
Name/Title:	By: Alejandro Moreno as Attorney-in-Fact for Len Blavatnik
Date:	09/24/2025

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 OPEN shares did AI LiquidRE LLC sell on September 22, 2025?

AI LiquidRE LLC sold 11,355,200 shares on September 22, 2025 at a weighted average price of $8.7908 per share (trade prices ranged $8.32–$9.285).

What were the September 23, 2025 sales reported in the Schedule 13D/A for OPEN?

On September 23, 2025, AI LiquidRE LLC sold 13,656,898 shares and LBIT 2002 LLC sold 74,102 shares at a weighted average price of $7.2754 per share (trade prices ranged $6.98–$8.08).

What percentage of OPEN does the filing report the reporting persons now own?

The filing reports aggregate holdings of 17,638,714 shares, representing 2.38% of the class based on 742,119,598 shares outstanding.

Did the reporting persons state they remain beneficial owners above 5% of OPEN?

No. The filing states that as of September 22, 2025, each of the reporting persons ceased to be the beneficial owner of more than 5% of the issuer's common stock.

Who signed the Schedule 13D/A for the reporting persons?

Signatures include Alejandro Moreno signing for Access Industries Management, LLC and AI LiquidRE LLC (as manager) and as attorney-in-fact for Len Blavatnik; the filing is dated September 24, 2025.