Opendoor (OPEN) stock skyrocketed more than 75% through Thursday’s trading session following the announcement that Shopify’s (SHOP) Chief Operating Officer, Kaz Nejatian, will take the helm as the real estate platform’s new CEO. The move pushed the company’s shares above $10 for the first time since early 2022, marking a dramatic rebound for the iBuyer platform after a period of turbulence.
The company made the announcement Wednesday night, confirming that Nejatian will replace former CEO Carrie Wheeler, who stepped down in mid-August amid growing investor pressure. Alongside the executive change, Opendoor appointed co-founder Keith Rabois as chairman of the board and reappointed co-founder Eric Wu, who had left the company in 2022 to lead Marketplace. Board members Pueo Keffer and Glenn Solomon stepped down, according to the company.
“Literally there was only one choice for the job: Kaz. I am thrilled that he will be serving as CEO of Opendoor,” Rabois said. “He is a proven executive with a founder’s brain. He is the right leader to unlock Opendoor’s unique data and assets as we build on Opendoor’s original mission, now enhanced as an AI-first company.”
Opendoor has been in a state of flux over the past month. Investor activism, particularly from Eric Jackson and Rabois, called for a leadership change, with Jackson publicly advocating for a new CEO and setting an ambitious $82 price target in a July post when the stock was trading below $1. “Carrie Wheeler is not the leader to take $OPEN to $82 and beyond,” Jackson wrote, emphasizing the urgency of the board taking action.
The iBuyer platform, which leverages algorithms to buy and flip homes, had seen its stock collapse from over $30 to under $1 earlier this year. Despite this volatility, Opendoor reported its first quarter of positive adjusted EBITDA in Q2, helping fuel a remarkable 840% rally over the past six months.
Nejatian’s appointment reflects a broader strategic shift, with the company emphasizing AI-driven tools and partnerships with traditional real estate brokers to expand market share and improve profitability. “My experience at Shopify showed me what happens when you build a platform that unleashes innovation at scale,” Nejatian said in a post on X announcing his new role. “That platform mindset is what I hope to bring to Opendoor — to build a platform for homeownership, one that unlocks opportunity for millions of families and strengthens the fabric of society.”
The company’s mobile app continues to offer homebuyers on-demand access to hundreds of listings, and with Nejatian’s leadership, Opendoor is betting on leveraging both technology and new market strategies to solidify its position in the competitive iBuyer market.
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