Opendoor Stock Soars 55% After Shopify COO Kaz Nejatian Named CEO

Opendoor (OPEN) shares surged more than 55% on Thursday following the announcement that Kaz Nejatian, previously chief operating officer at Shopify, has been appointed as the company’s new chief executive. The move comes amid significant leadership changes at the iBuyer platform, which purchases and sells homes using automated pricing algorithms.

Along with Nejatian’s appointment, Opendoor named co-founder Keith Rabois as chairman of the board, and co-founder Eric Wu, who left in 2022 to lead Marketplace, has returned to the board. Two existing board members, Pueo Keffer and Glenn Solomon, resigned. The changes follow the resignation of former CEO Carrie Wheeler in mid-August after pressure from investors, including activist investor Eric Jackson, who had publicly criticized Wheeler’s leadership and called for a change. In July, Jackson posted on X that Wheeler was not the right leader to reach his $82 stock target, when the shares were trading below $1.

Opendoor’s stock has experienced extreme volatility over the past year. Shares dropped from over $30 in 2023 to under $1 by April 2025, reflecting a combination of market uncertainty, a slowdown in housing transactions, and skepticism over the iBuyer business model. The company reported its first quarter of positive adjusted EBITDA in Q2 2025, and over the last six months, the stock has risen more than 600%, trading around $8–$9.

As an iBuyer, Opendoor uses technology to make instant cash offers on homes, allowing sellers to bypass traditional listings. The company earns revenue by purchasing, renovating, and reselling properties. The model is sensitive to changes in housing prices, mortgage rates, and local demand. Compared to competitors such as Zillow Offers, which exited the market, and Offerpad, Opendoor has maintained operations while incorporating technology to improve pricing accuracy and transaction efficiency.

Kaz Nejatian joined Shopify in 2020 as COO and oversaw global operations for a platform with more than $6 billion in annual revenue. During his tenure, Shopify expanded merchant services and scaled fulfillment operations. At Opendoor, Nejatian will lead daily operations and implement strategies to support the company’s AI-assisted home-buying tools and partnerships with traditional real estate brokers. In a post on X, he said, “At Shopify, I managed operations that supported merchants worldwide. I aim to bring similar operational rigor to Opendoor while supporting its AI technology and home-flipping platform.”

Investors have closely followed the leadership changes, and the stock jump reflects market response to Nejatian’s operational experience and the restructured board. Analysts note that sustaining profitability will depend on how effectively Opendoor leverages AI, manages housing market risks, and competes with other iBuyer platforms.

Over the past year, Opendoor has shown a mix of financial recovery and volatility. The company’s positive adjusted EBITDA in Q2 2025 marks a turning point after months of losses, while the stock’s 600% rise over six months indicates renewed investor confidence. The recent leadership appointments, including the return of co-founder Wu and the elevation of Rabois as chairman, are expected to provide additional oversight as the company continues operations in a volatile housing market.

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