TLDR
- Opendoor shares rose 11.35% to $3.39 after CEO Carrie Wheeler resigned.
- Activist investors and co-founder Keith Rabois pushed for her departure.
- Shrisha Radhakrishna named interim president and leader; CEO search underway.
- Stock has risen sixfold since June after activist hedge fund involvement.
- Despite gains, OPEN remains far below early 2021 highs after 99% collapse.
Opendoor Technologies Inc. (Nasdaq: OPEN) shares surged over 11% to $3.3850 on Friday, August 15, 2025, after CEO Carrie Wheeler announced her resignation from the online real estate company.
Opendoor Technologies Inc. (OPEN)
Wheeler’s exit follows weeks of growing investor pressure that began after the company’s latest quarterly earnings report failed to signal a clear turnaround strategy.
The stock has seen a dramatic revival in recent months, climbing more than sixfold from a low of $0.51 in June, which threatened its Nasdaq listing. Hedge fund manager Eric Jackson, who revealed a stake in the company in July, has been a central figure in the rally, aggressively pushing for new leadership.
Opendoor stock pops 10% as CEO resigns following investor pressure campaign https://t.co/OtJBy5BepO
— CNBC (@CNBC) August 15, 2025
Investor and Founder Pressure
Jackson’s campaign gained traction on social media, where he encouraged his followers to “start THINKING BIG AGAIN” following Wheeler’s resignation. He has publicly stated his belief that Opendoor could become a “100-bagger” over the next few years.
Opendoor co-founder and venture capitalist Keith Rabois also joined the call for leadership change. On August 13, he posted that no founder or executive who led the company to its IPO supported Wheeler as CEO.
Leadership Transition and Strategic Shift
The company has appointed technology chief Shrisha Radhakrishna as president and interim leader while it searches for a permanent CEO. Wheeler, who became CEO in 2022, stated on X that accelerating her succession plan was in the company’s best interest, allowing Opendoor to stay focused during a period of heightened attention.
Opendoor’s business model revolves around using technology to buy and sell homes, aiming to profit from price gains. However, in its most recent earnings report, the company forecast that it would acquire just 1,200 homes in the third quarter, down from 1,757 in the second quarter and 3,504 a year earlier. Marketing spending is also being reduced.
Market History and Recovery
Opendoor went public in 2020 via a SPAC, benefiting from low interest rates and pandemic-era enthusiasm for technology stocks. The subsequent inflation surge and interest rate hikes severely impacted the company due to its sensitivity to mortgage costs.
From early 2021 to June 2025, the stock lost 99% of its value. With Friday’s gains, the company’s market capitalization now stands at approximately $2.5 billion.
Performance Overview
As of August 15, 2025, Opendoor’s year-to-date return is 111.25%, with a one-year gain of 87.78%. The three-year return remains negative at -43.76%, and the five-year return stands at -69.19%, underscoring the depth of its earlier collapse. In comparison, the S&P 500 posted gains of 9.83% YTD and 91.52% over five years.
While Wheeler’s departure marks a major leadership shift, Opendoor’s future trajectory will depend on whether the new leadership can sustain the stock’s recent momentum.
