Kaz Nejatian named CEO as company enters ‘founder mode’
Opendoor shares surged 78% on Thursday following the announcement that Shopify executive Kaz Nejatian will take over as CEO. The company also reinstated co-founder Keith Rabois as chairman, signaling a major strategic shift. The stock hit a new 52-week high and has now climbed over 500% in 2025 alone.
Nejatian replaces former CEO Carrie Wheeler, who stepped down last month after growing investor pressure. Key figures behind that campaign included Rabois and hedge fund manager Eric Jackson, both of whom have played critical roles in the company’s recent momentum. Jackson, known for his successful investment in Carvana, has heavily promoted Opendoor’s comeback on social media platform X.
Return of founders marks bold reset
Opendoor announced it is “going into founder mode” by bringing back both Keith Rabois and Eric Wu, the company’s original CEO who stepped down in 2023, to its board of directors. The move suggests a return to the company’s core vision, emphasizing agility and innovation in real estate technology.
Opendoor originally went public in 2020 through a special purpose acquisition company (SPAC). Its business model uses technology and algorithms to purchase and sell homes, profiting from price differences and market trends. The return of the founders is expected to energize its long-term strategy.
AI to power home-buying transformation
Incoming CEO Nejatian stated that Opendoor will now leverage artificial intelligence to simplify and accelerate the home buying and selling experience. The goal is to make real estate transactions “radically simpler, faster and more certain,” aiming to reduce traditional friction in a notoriously complex process.
Earlier this year, Opendoor’s stock had dipped below $1, putting it at risk of being delisted from the Nasdaq. The latest leadership changes, combined with renewed investor enthusiasm, have drastically reversed the company’s trajectory.
