Opendoor Stock jumps 20% after the company taps Ex-Shopify COO as new CEO

Open dooran online real estate platform that has seen a surge in interest among retail investors in recent months said the former is being tapped on Wednesday. Shopify Executive Kaznejatian has been appointed as CEO as co-founder Chairman Keithrabova.

Stock prices rose 30% in extended trading, more than 15 times since it recorded a record decline in June.

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

The move comes after Carrie Wheeler resigned as CEO of Opendor last month, following a fierce pressure campaign from investors. Labour and hedge fund manager Eric Jackson was a critic of Wheeler’s voice and was among those who called for her to leave.

The company was at risk of being delisted by Nasdaq in May due to its share price of less than $1. A few weeks later, Opendor attracted a surge in interest from retail investors, earning “meme stock” status after Jackson began to promote the company.

Outside of business hours Pop has led to Opendoor’s market capitalization of nearly $6 billion, up from under $400 million three months ago.

Nejantian spent six years at Shopify, where he oversaw the product division of a Canadian e-commerce company, in addition to serving as a COO. Nejatian’s last day on Shopify will be September 12th, with the company’s management “considering Kaz’s liability,” Shopify said in a regulatory filing.

“Literally, there was only one option for work: Kazu,” Labois said in a statement. “I’m excited to be the CEO of Opendoor.”

Opendoor was made public in 2020 through a special purpose acquisition company. The company’s business uses technology to buy and sell homes and pocket profits.

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