Opendoor Technologies Inc. (NASDAQ:OPEN) announced Wednesday that Kaz Nejatian, currently Chief Operating Officer at Shopify Inc. (TSX:SHOP), will take the helm as CEO, while co-founder Keith Rabois returns to the company as chairman.
Following the announcement, Opendoor shares jumped 49% to $8.72 in early trading Thursday, marking a significant rebound from the $0.50 per share low recorded in June.
Nejatian’s appointment comes in the wake of Carrie Wheeler’s resignation as CEO in August amid rising investor pressure. Rabois and hedge fund manager Eric Jackson had been among the key voices advocating for a leadership change. Nejatian is set to leave Shopify after September 12 to assume his new role.
The company has attracted renewed retail investor interest, partly fueled by social media attention, turning it into a notable meme stock. Opendoor’s market value has rebounded from a record-low $400 million in June to over $6 billion today. Jackson has publicly maintained a bullish stance on the stock, further boosting retail enthusiasm.
Opendoor, which went public via a special purpose acquisition company (SPAC) in 2020, operates an online platform for buying and selling real estate. In addition to the CEO and chairman appointments, co-founder Eric Wu will rejoin the board.
Rabois’ Khosla Ventures and Wu plan to invest $40 million in equity to support Opendoor’s growth initiatives.
Opendoor Technologies stock price
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