Opendoor stock soared 80% yesterday, but its new chairman called the company "bloated."

Yesterday was a big day for Opendoor Technologies ( OPEN -13.59% ) stock. Shares of the online real estate platform skyrocketed 80% yesterday after it named a new CEO. Retail investors have been rallying behind Opendoor, turning it into the latest meme stock.

Today, though, investors are booking those gains. Co-founder and new chairman Keith Rabois squashed some of the excitement surrounding the stock in a CNBC interview this morning. Shares had plunged by 15.4% at 1:17 p.m. ET.

Is Opendoor bloated and broken?

Rabois and co-founder Eric Wu were brought back to the board of directors yesterday after Kaz Nejatian, formerly chief operating officer of Shopify , was appointed CEO. Today, Ra

See Full Page