Opendoor leaps after CEO steps down
Shares of online residential real estate firm Opendoor Technologies OPEN.O up ~11% to $3.37 after co announces CEO search
Co early Fri said Carrie Wheeler, current CEO and board chair, has stepped down from her roles, effective immediately
Wheeler's resignation was not the result of any disagreement over any matter related to its operations, policies or practices, co said in the filing
The board has appointed Shrisha Radhakrishna as President and interim leader
In conjunction with its strategic evolution, co said Wheeler approached the board and they began a CEO succession planning process in mid-2025, co said in a statement
On Aug 6, OPEN shares tumbled ~25% after co the previous evening guided for Q3 rev of $800-$875 mln, well below consensus view of $1.2 bln, per LSEG
In July, OPEN's shares more than tripled when individual traders piled into heavily shorted meme stocks including OPEN, Krispy Kreme DNUT.O and GoPro GPRO.O
Bullish posts on X.com by portfolio manager of Canada-based hedge fund EMJ Capital Eric Jackson helped boost the rally in OPEN last month
In a X.com post late Thurs, Jackson called for Wheeler to step down
Of 11 analysts covering OPEN, 1 rates "buy", 6 have "hold" and 4 rate "sell" or "strong sell" with a median PT of $1, per LSEG
OPEN shares ended Jun at 53 cents
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