New York, September 12 (Patrika English News): Shares of Opendoor Technologies (NASDAQ: OPEN) surged more than 55% on Thursday after the real estate platform announced the appointment of Shopify COO Kaz Nejatian as its new chief executive officer.
Nejatian replaces former CEO Carrie Wheeler, who stepped down in mid-August under investor pressure. The company also named co-founder Keith Rabois as chairman of the board, while co-founder Eric Wu has been reappointed after exiting in 2022. Board members Pueo Keffer and Glenn Solomon have resigned.
Rabois hailed Nejatian as the only choice for the role, calling him “a proven executive with a founder’s brain” and the right leader to build Opendoor into an AI-first company.
Opendoor’s stock, which had collapsed from above $30 to below $1 earlier this year, has rallied sharply in recent months. The company posted its first quarter of positive adjusted EBITDA in Q2, and shares have now risen more than 600% in six months, trading around $8–$9.
Nejatian said his Shopify experience shaped his vision for scaling platforms, adding that he aims to turn Opendoor into a “platform for homeownership” that expands opportunities for families.