Related News

Quantum computing background concept. Blackdovfx | E+ | Getty Images The rally in quantum computing names continued on Monday after JPMorgan Chase announced it as one of the areas it

A SK Hynix Inc. 12-layer HBM3E memory chip displayed at the Semiconductor Exhibition in Seoul, South Korea. Bloomberg | Bloomberg | Getty Images Chip stocks bounced on Monday, clawing back

Jaque Silva | Nurphoto | Getty Images Charlie Kawwas, president of the semiconductor solutions group at Broadcom, on Monday suggested that OpenAI is not the mystery $10 billion customer that

Isro opens XPoSat observatory to Indian scientists BENGALURU: Isro on Monday announced the first Announcement of Opportunity (AO) cycle for its X-ray Polarimeter Satellite (XPoSat), inviting Indian scientists and researchers

A Xiaomi electric car SU7 in a store in Yichang, Hubei Province, China on July 19, 2025. Cfoto | Future Publishing | Getty Images Chinese tech giant Xiaomi saw its

For the first time in history, scientists have captured an image of two black holes orbiting each other, confirming a long-held astronomical theory. Researchers from the University of Turku in

Trending News

In today’s digital age, the opportunity to make money online without any initial investment is more accessible than ever before. Whether you’re a student looking to earn some pocket money,

In today’s digital world, make money online has become a dream many want to turn into reality. Whether you’re looking for a side hustle or aiming to build a full-time

JSW Cement, the building materials arm of Sajjan Jindal-led JSW Group, has reduced the size of its upcoming initial public offering (IPO) to Rs 3,600 crore and will open the

The agricultural Gross Value Added (GVA) growth is expected to moderate to 4.5% in the first quarter of FY26, down from 5.4% in the preceding quarter, according to a report

Foreign portfolio investors (FPIs) turned net sellers in the Indian equity market in July, pulling out Rs 17,741 crore amid rising global trade tensions. According to data from NSDL, this

Avenue Capital Group-backed Asset Reconstruction Company (India) Ltd (ARCIL) has filed its draft red herring prospectus (DRHP) with markets regulator Sebi on Friday to raise funds through an initial public

Opendoor stock jumps 20% after company taps ex-Shopify COO as new CEO

Word Count: 328 | Estimated Reading Time: 2 minutes


Keith Rabois of Khosla Ventures attends Day 3 of TechCrunch Disrupt SF 2013 at San Francisco Design Center on September 11, 2013 in San Francisco, California.

Steve Jennings | Getty Images

Opendoor, the online real estate platform that’s seen a surge of retail investor interest in recent months, said Wednesday that it’s tapped former Shopify executive Kaz Nejatian as CEO and named co-founder Keith Rabois as chairman.

The stock popped 30% in extended trading, and is now up more than fifteenfold since hitting its record low in June.

Rabois, a partner at Khosla Ventures, helped launch Opendoor in 2014, along with a group that included Eric Wu, who served as the first CEO before stepping down in 2023. Wu is rejoining the board as part of Wednesday’s announcement.

The moves come after Carrie Wheeler last month resigned as Opendoor’s CEO following an intense pressure campaign from investors. Rabois and hedge fund manager Eric Jackson were among those who were vocal critics of Wheeler and called for her departure.

The company was at risk of being delisted from the Nasdaq in May due to its stock price being below $1. Weeks later, Opendoor attracted a surge in interest from retail investors, earning it “meme stock” status, after Jackson began touting the company.

With the after-hours pop, Opendoor now has a market cap of close to $6 billion, up from less than $400 million less than three months ago.

Nejatian spent six years at Shopify and oversaw the Canadian e-commerce company’s product division in addition to serving as its COO. Nejatian’s last day at Shopify will be Sept. 12, and the company’s executive team will “assume Kaz’s responsibilities,” Shopify said in a regulatory filing.

“Literally there was only one choice for the job: Kaz,” Rabois said in a statement. “I am thrilled that he will be serving as CEO of Opendoor.”

Opendoor went public through a special purpose acquisition company in 2020. The company’s business involves using technology to buy and sell homes, pocketing the gains.

WATCH: Cramer’s lightning round

Lightning Round: I feel like an idiot for not telling people to buy Astera Labs, says Jim Cramer



Source link

Most Popular Articles