Leadership Shakeup Sends Opendoor Shares on Wild Ride

Opendoor Technologies Inc. experienced a period of extreme stock price turbulence last week, driven by a dramatic shift in corporate leadership and the subsequent revelation of a severe cost-cutting strategy. Investor sentiment swung violently from euphoric optimism to deep concern within a matter of days.

The week’s volatility was triggered by a significant management overhaul. The iBuying specialist announced the appointment of Kaz Nejatian, formerly the Chief Operating Officer of Shopify, as its new Chief Executive Officer. In a parallel move, co-founders Keith Rabois and Eric Wu rejoined the company’s board of directors, with Rabois assuming the role of Chairman.

This leadership change signaled a strategic return to the company’s founding principles, heavily emphasizing... Read more...