Opendoor Names Shopify COO CEO as Founders Return, Shares Surge

Opendoor Technologies has appointed Kaz Nejatian, former Shopify COO, as its new CEO, signaling a major leadership shift for the real estate platform. Co-founders Keith Rabois and Eric Wu have returned to the board, with Rabois assuming the role of chairman, aiming to reinject the company’s original entrepreneurial spirit. This leadership change follows the resignation of former CEO Carrie Wheeler amid investor pressure and comes alongside a strategic pivot from direct iBuying to a hybrid model involving real estate agents and a stronger focus on artificial intelligence. Opendoor’s stock surged significantly, rising over 55% shortly after the announcement, reflecting investor optimism fueled by activist investor Eric Jackson’s bullish price targets and the company’s recent financial improvements, including its first quarter of positive adjusted EBITDA. Nejatian’s expertise in scaling operations and AI at Shopify is expected to drive product innovation and profitability as Opendoor seeks to leverage its unique data and assets. The combined return of the co-founders and the large investment from Khosla Ventures underscore confidence in Opendoor’s transformation and growth prospects.