Opendoor Technologies, Inc. (NASDAQ:OPEN) stock climbed in Wednesday’s extended trading after the company announced that Kaz Nejatian, COO of Shopify, Inc. (NASDAQ:SHOP), was appointed chief executive officer and that co-founders Keith Rabois and Eric Wu are returning to the board of directors.
“Founder DNA”
Investors cheered the new CEO and return of co-founders Rabois and Wu.
Rabois will assume the role of chairman of the board, and Eric Feder will continue in his role as lead independent director.
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“Rabois and Wu, who co-founded Opendoor in 2013, will inject the “founder DNA” and energy at a pivotal moment for Opendoor. They are passionate about our community and we’re excited to welcome them back to the Board,” said Feder.
Opendoor stock rallied after two relatively quiet days as investors digested the leadership news.
“Literally, there was only one choice for the job: Kaz. I am thrilled that he will be serving as CEO of Opendoor,” said Rabois, Chairman.
“He is a decisive leader who has driven product innovation at scale, ruthlessly reduced G&A expenses to drive profitability and deeply understands the potential for AI to radically reshape a company’s entire operations … The future of home buying and selling is now in the chat,” Rabois added.
$500 Price Target?
Jon Erlichman, founder of Ticker Take, posted a video on X of Eric Jackson moving his price target for Opendoor to $500 in the next five years – “if they pick a killer CEO.”
“Initially, @ericjackson had a price target of $82 for Opendoor. Now, he sees a path to $500 per share. We spoke during his latest daily visit outside Drake's house,” Erlichman wrote.
OPEN Price Action: According to data from Benzinga Pro, Opendoor shares were up 20.31% at $7.05 at the time of publication on Wednesday.
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