Opendoor CEO Steps Down: Retail Investors Celebrate 'Power To The People'

Core Viewpoint - The abrupt resignation of CEO Carrie Wheeler from Opendoor Technologies has led to a positive market reaction, with the stock price increasing significantly following the announcement [1][2]. Group 1: Leadership Transition - Shrisha Radhakrishna, the current CTPO, will take over as president and interim CEO immediately, while a search for a permanent successor is underway [2]. - The transition process for the CEO began earlier in 2025, with the board engaging Spencer Stuart for assistance [2]. - Wheeler will remain as an advisor to the board until the end of the year to facilitate a smooth transition [2]. Group 2: Financial Performance and Investor Pressure - Wheeler oversaw a turnaround for Opendoor, reducing losses from $1 billion to achieving positive EBITDA in the most recent quarter [3]. - Her departure follows increasing pressure from investors, particularly activist investor Eric Jackson, who criticized her leadership and strategic direction [3][4]. - Anthony Pompliano, a crypto investor, has also expressed concerns and called for clearer strategic plans from Wheeler prior to her resignation [4]. Group 3: Market Reaction - Following Wheeler's resignation, Opendoor's stock (OPEN) experienced a significant increase, gaining 72% within the week and trading at $3.37 at the time of publication [7]. - The stock's rise is attributed to heavy trading volume as investors reacted to the leadership change [7].