Opendoor stock pops 10% as company says CEO will step down

Fri, Aug 15, 2025, 9:29 AM 2 min read

Opendoor Technologies (OPEN) shares spiked as 8% in early trading Friday after the company announced that CEO Carrie Wheeler will step down, effective immediately.

The company's board appointed Opendoor’s chief technology and product officer Shrisha Radhakrishna as president and interim leader of the company. Opendoor, which uses iBuyer real estate technology to flip homes, said it was searching for a new CEO.

Wheeler stepped into the CEO role in December 2022, replacing Eric Wu, one of the company's co-founders. Prior to that she served as CFO and board member of the company.

Since going public through a SPAC transaction in 2020, Opendoor has yet to post a profitable quarter. The company received a warning in May that it faced potential delisting from the Nasdaq after trading under $1 for more than 30 days.

Shares have surged more than 200% in the past month, powered in part by Carvana (CVNA) turnaround spotter EMJ Capital and speculative investors on Reddit's wallstreetbets, a haven for meme stocks.

EMJ Capital founder and president Eric Jackson said in an X post on July 14 that his firm was taking a long position in Opendoor, which was then trading under $1 per share.

Jackson has been critical of Opendoor's top leadership, most recently following the company's latest quarterly results in early August, when the stock sank 20% following disappointing earnings forecast.

"The communication on the earnings call from the CEO and the CFO was really awful," Jackson told Yahoo Finance last week.

Year-to-date Opendoor shares are up 100%.