Opendoor stock pops 10% as CEO resigns following investor pressure campaign

Core Insights - Opendoor shares increased by approximately 10% following the resignation announcement of CEO Carrie Wheeler, amid rising interest from retail investors [1] - Pressure mounted on Wheeler after a disappointing quarterly earnings report failed to convince investors of a potential turnaround, with the stock price increasing over sixfold since hitting a low of $0.51 in June [2] - Wheeler stated that her resignation is intended to facilitate succession planning and allow new leadership to take over, emphasizing the need for the company to remain focused during a period of heightened external interest [3] Company Performance - Opendoor's business model involves leveraging technology to buy and sell homes for profit [3] - The company anticipates acquiring only 1,200 homes in Q3, a decrease from 1,757 in Q2 and 3,504 in Q3 of 2024, indicating a significant reduction in operational scale [3] - Opendoor is also reducing its marketing expenditures, reflecting a strategic shift in response to current market conditions [3]