Opendoor stock soars more than 55% as Shopify COO hired to lead company

Core Viewpoint - Opendoor's stock surged over 55% following the announcement of Kaz Nejatian, former COO of Shopify, as the new CEO, replacing Carrie Wheeler [1][3] Leadership Changes - Kaz Nejatian has been appointed as CEO, with co-founder Keith Rabois becoming chairman of the board and Eric Wu rejoining the board after a previous departure in 2022 [2] - Board members Pueo Keffer and Glenn Solomon have stepped down [2] Market Context - The company faced significant challenges, with stock prices plummeting from over $30 to below $1 by April, but has since recovered, achieving over 600% growth in the last six months, trading between $8 and $9 [4] - The company reported its first quarter of positive adjusted EBITDA in Q2 [4] Strategic Vision - Nejatian aims to leverage AI technology and new strategies, including partnerships with traditional brokers, to enhance market share and profitability [5] - He expressed a vision of building a platform for homeownership that unlocks opportunities for families [6]