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Chris Bryant

Opendoor Follows WeWork Into Non-GAAP Land

The end of the free-money era should also mark the end of the adjusted profit free-for-all.



Photographer: Valerie Macon/AFP

What’s a profit? A recent ill-tempered television appearance by Keith Rabois, co-founder of home-flipper Opendoor Technologies Inc., showed just how far we have drifted from a common understanding of earnings.

Rabois, a Miami venture capitalist, was irritated by his interlocutor’s (not unreasonable) suggestion that Opendoor is loss-making. Net losses total $1.7 billion since its inception, according to the latest accounts, and the quarter that just ended will likely be ugly due to falling house prices.