Opendoor Closes Up 80% on CEO Bombshell – Rabois Returns as Chairman in Power Move
Opendoor's shares soared nearly 80 percent on Thursday following the appointment of co-founder Keith Rabois as chairman
Quick overview
- Opendoor's shares surged nearly 80% after the appointment of co-founder Keith Rabois as chairman and Shopify's Kaz Nejatian as CEO.
- The company has experienced remarkable growth this year, with stock prices increasing over 500% and reaching a 52-week high.
- Former CEO Carrie Wheeler resigned amid investor pressure, while Rabois and Eric Wu will return to the board as Opendoor shifts to a 'founder mode.'
- Opendoor plans to utilize artificial intelligence to enhance the home buying and selling process.
Opendoor’s shares soared nearly 80 percent on Thursday following the appointment of co-founder Keith Rabois as chairman and Shopify executive Kaz Nejatian as CEO. This year, the company has seen extraordinary growth, with its stock rising over 500 percent and achieving a 52-week high.
Former CEO Carrie Wheeler resigned following a pressure campaign from investors, which included strong criticism from hedge fund manager Eric Jackson, who has significantly contributed to the stock’s recovery this year, along with Rabois. Both Rabois and Eric Wu, the company’s first CEO, who resigned in 2023, will return to the board as part of Opendoor’s announcement on Wednesday that it is “going into founder mode.”
Opendoor went public in 2020 by merging with a special purpose acquisition company (SPAC). The company uses technology to buy and sell homes, keeping the profits for itself. According to Nejatian, Opendoor intends to leverage artificial intelligence to “radically simplify, speed up, and streamline” the home buying and selling process.
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