Meme Stock Opendoor Skyrockets as Firm Names New CEO, Brings Back Co-Founders to Board

Core Insights - Opendoor Technologies (OPEN) shares surged 50% following the announcement of a new CEO and the return of its founders to the board, along with a new cash infusion [1][2][3] Company Leadership Changes - Kaz Nejatian, former COO of Shopify, has been appointed as the new CEO, replacing Carrie Wheeler, who resigned amid shareholder pressure [2] - Co-founders Keith Rabois and Eric Wu are returning to the Board of Directors, with Rabois taking the role of Chairman [3][4] Financial Developments - Rabois' venture capital firm, Khosla Ventures, and Eric Wu have committed to invest $40 million in Opendoor through securities purchase agreements [3][4] - The funds are intended to support ongoing investments in the business [3] Stock Performance - Opendoor's stock has seen significant gains since July, rising from $0.53 at the end of June to nearly $9 following recent developments [3]