^{Keith Rabois of Khosla Ventures attends Day 3 of TechCrunch Disrupt SF 2013 at San Francisco Design Center on September 11, 2013 in San Francisco, California. | Steve Jennings | Getty Images}

‍

Opendoor, the online real estate disruptor, is undergoing one of its biggest leadership overhauls since its founding. The company announced Wednesday that Kaz Nejatian, Shopify’s former Chief Operating Officer, has been appointed Chief Executive Officer, while co-founder Keith Rabois will return to the board as Chairman. The move sparked a wave of investor enthusiasm, with Opendoor’s shares jumping 30% in extended trading, pushing the company’s market cap to nearly $6 billion, up from under $400 million just three months ago.

New Leadership, Fresh Momentum

Kaz Nejatian, who spent six years at Shopify, built a reputation as one of the sharpest operators in the e-commerce space. At Shopify, he oversaw the product division before being promoted to COO, where he played a central role in scaling the platform’s infrastructure and product ecosystem. Nejatian’s last day at Shopify will be September 12, after which Shopify’s executive team will take over his responsibilities.

For Opendoor, his appointment marks a pivotal moment. “Literally there was only one choice for the job: Kaz,” said Keith Rabois in a statement. “I am thrilled that he will be serving as CEO of Opendoor.”

Rabois Returns to the Helm

Keith Rabois, a well-known Silicon Valley investor and a partner at Khosla Ventures, is no stranger to Opendoor. He co-founded the company in 2014 alongside Eric Wu and others, pioneering a technology-first approach to home buying and selling. Rabois’ return as chairman is seen as a vote of confidence in Opendoor’s long-term vision, especially given his early role in shaping the business model.

Eric Wu, who served as Opendoor’s first CEO before stepping down in 2023, is also rejoining the board as part of the leadership reshuffle. His return adds continuity and experience at a time when the company is navigating both rapid growth and heightened scrutiny.

Exit of Carrie Wheeler After Investor Pressure

The leadership changes follow the abrupt departure of Carrie Wheeler, who resigned last month after facing intense criticism from activist investors. Both Rabois and hedge fund manager Eric Jackson were outspoken in calling for her removal, citing concerns over strategy and execution.

Under Wheeler’s leadership, Opendoor faced turbulence, including a warning from Nasdaq earlier this year when its stock price fell below $1, putting it at risk of delisting. The tide turned in June when retail investors rallied around the company, earning it “meme stock” status and driving a remarkable recovery in its share price—now more than 15 times higher than its record low.

From Crisis to Comeback

Opendoor’s rise in 2024 has been nothing short of dramatic. Its market cap, once languishing below $400 million, has ballooned to nearly $6 billion thanks to renewed investor confidence and a wave of retail enthusiasm. The company, which went public in 2020 through a SPAC merger, uses data and AI-driven technology to buy homes directly from sellers and resell them for profit—a business model that once raised skepticism but is now back in focus.

The appointment of Nejatian is expected to strengthen Opendoor’s operational backbone and potentially steer the company into new phases of growth. His track record at Shopify suggests he may focus on product innovation and scaling efficiencies, two areas critical for Opendoor as it competes in a highly volatile housing market.

Looking Ahead

The leadership transition comes at a critical time. Rising interest rates, fluctuating housing demand, and competitive pressures from traditional brokers and tech rivals have all shaped Opendoor’s challenges. Yet with Rabois’ strategic oversight and Nejatian’s operational expertise, investors are betting the company may be poised for a second act.

For now, Opendoor’s stunning stock rebound signals a dramatic reversal of fortune—and its leadership shake-up has put it firmly back in the spotlight as one of Silicon Valley’s most closely watched real estate technology plays.