Opendoor Names Shopify COO Kaz Nejatian CEO, Rabois Returns as Chairman, Shares Surge

Opendoor Technologies has appointed Kaz Nejatian, former COO of Shopify, as its new CEO following the resignation of Carrie Wheeler amid investor pressure. Nejatian, recognized for his expertise in AI and product innovation, is expected to lead Opendoor's transformation into an AI-first company aimed at simplifying the home buying and selling process. Co-founders Keith Rabois and Eric Wu have rejoined Opendoor's board, with Rabois taking the role of chairman, injecting "founder DNA" into the company to drive a strategic turnaround. The company is also undertaking a $40 million private investment in public equity (PIPE) financing led by Rabois's venture capital firm and Wu. Opendoor's stock has surged significantly, gaining "meme stock" status with retail investor enthusiasm fueling a rise from a low of 51 cents to a market cap near $6 billion. The leadership and board changes reflect Opendoor's commitment to aligning with investor expectations and leveraging AI to reshape its operations.