Opendoor leaps after CEO steps down

Opendoor Technologies

15/08/2025 17:07

** 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

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com ; 1-646-279-6380))