Overview

• Opendoor appointed former Shopify chief operating officer Kaz Nejatian as CEO and added him to the board, succeeding Carrie Wheeler, who resigned in August.
• Co-founders Keith Rabois and Eric Wu rejoined the board with Rabois as chair, while directors Pueo Keffer and Glenn Solomon stepped down.
• Khosla Ventures and Eric Wu agreed to invest $40 million through private securities purchases to support the company.
• Shares spiked 50% to more than 70% on the news to fresh 52-week highs, then fell about 10%–12% on Friday after volatile trading linked to leadership comments and retail-driven interest.
• Opendoor disclosed a heavily performance-based pay plan for Nejatian that could reach roughly $2.78 billion if ambitious stock-price hurdles are met, as Rabois publicly called the company bloated and suggested cutting headcount from about 1,400 to near 200 while pushing an AI-first strategy.