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Fortune Tech: Opendoor's big bet, Boring Company's halt, Figure's IPO pop
Fortuneยท 2025-09-12 09:44
Opendoor Technologies - Opendoor Technologies has appointed a new CEO, a former Shopify executive, with a compensation package that could total $2.78 billion if he successfully triples the company's share price [6][10] - The new CEO will be overseen by Opendoor's founders, Eric Wu and Keith Rabois, who have returned to the board [7] - The company is entering a "founder mode" with the new leadership structure and additional financing [8] Boring Company - Boring Company's tunneling operations in Las Vegas were temporarily halted due to a worker suffering a "crushing injury" [10][11] - Investigations revealed multiple injuries among employees during Boring Co. projects, prompting increased oversight from the Las Vegas Convention and Visitors Authority [12] - The company is testing self-driving Tesla vehicles in its tunnels and is preparing for new tunnel systems in Nashville [13] Figure Technology - Figure Technology, a blockchain lender, went public on Nasdaq after raising $787.5 million in its IPO, with shares initially listed at $25 and closing at $31.11, valuing the company at over $6 billion [14][16] - The company focuses on utilizing blockchain for mortgages, facilitating approximately $6 billion in loans from June 2024 to June 2023, generating over $190 million in revenue and nearly $30 million in net income in the first half of the year [15] - The IPO is part of a broader trend of crypto companies going public, with other notable IPOs in the sector occurring recently [16]