Open door CEO Carrie Wheeler said on Friday that it was resigning from the online real estate company, which has seen an increase in recent interest from retail investors. The stock popped early in the day before the stock was 4.3%.
The pressure on the wheeler began, which took over the top job after the company’s quarterly in 2022 Earning report Earlier this month, investors failed to assure that a change was going on. The stock is more than six times since being below 51 cents in June, a price that put the company at risk of being removed from Nasdaq.
“The last week of intensive external interest in Opendoor comes at a time when the company needs to focus and charge further,” wheeler wrote In a post on X. “I believe that now I can do the best thing for Opendoor, which is now to speed up its succession plans that I shared with the middle year of the board and made a place for new leadership to take reins.”
Opendoor’s business involves using technology to buy and sell homes, giving pocket to profit. In its latest earnings report, Opendoor said that it is expected to acquire only 1,200 houses in the third quarter, below 1,757 in the second quarter and 3,504 in the third quarter of 2024. It is also pulling down marketing expenses.
hedge fund manager Eric jacksonWho saw the stock jump of Opendoor in July, celebrated the news and told Their new bands of followers on X, “Let’s start thinking big again.” Jackson said on X last month that his firm took a stake in the company and was betting that it would be “100-Bagar in the next few years”.
Jackson has been a loud voice on the emphasis on X for the departure of a wheeler, and recently attended Opendoor’s co-founder and enterprise capitalist Keith Keith Ribois, who Posted On August 13 that “neither a founder nor executive” directed the company to its IPO, supports the wheeler as a CEO.
Opendoor nominated Technology Chief on Friday Shrisha Radhakrishna As “President and Interim leader” and said that a CEO search is going on.
Opendoor became public through one Special purpose acquisition company In 2020, ride a SPAC wave supported by low interest rates and enthusiasts of the covid-era market. Rising inflation and rising interest rates hit all technology shares, but had an external impact on Opendoor, as it was a direct risk for mortgage rates.
The company lost 99% of its value from the beginning of 2021 through its trough in June. With Friday’s benefits, its market cap is about $ 2.5 billion.
Opendoor year-by-year stock chart.
