Opendoor Stock Jumps 30% On New CEO

Benzinga

Opendoor named former Shopify executive Kaz Nejatian as CEO and co-founder Keith Rabois as chairman, according to CNBC. Shares jumped 30% in extended trading and have risen more than fifteenfold since their June low. The company's market cap has surged to nearly $6 billion after-hours, up from under $400 million less than three months ago. Nejatian oversaw Shopify’s product division and served as COO and will depart the Canadian e-commerce firm on September 12th. The leadership shake-up follows CEO Carrie Wheeler’s resignation last month after investor pressure, including from Rabois and hedge fund manager Eric Jackson. The company. went public via SPAC in 2020. It uses technology to buy and sell homes and has recently gained meme stock status.

Transcript

00:00It's Benzinga, bringing Wall Street to Main Street.

00:03Opendoor named former Shopify executive Kaz Najatian as CEO and co-founder Keith Rabois as

00:08chairman, according to CNBC. Shares jumped 30% in extended trading and have risen more than 15-fold

00:15since their June low. The company's market cap has surged to nearly $6 billion after hours,

00:20up from under $400 million less than three months ago. Najation oversaw Shopify's product division

00:26and served as COO and will depart the Canadian e-commerce firm on September 12th.

00:31The leadership shake-up follows CEO Kerry Wheeler's resignation last month after investor pressure,

00:36including from Rabois and hedge fund manager Eric Jackson. The company went public via SPAC in 2020.

00:43It uses technology to buy and sell homes and has recently gained meme stock status.

00:47For all things money, visit Benzinga.com.

Category

Transcript

Comments

Recommended