TLDR
- Former CEO Carrie Wheeler sold 7 million OPEN shares worth $35 million on September 2, 2025
- Wheeler’s stake was worth only $3.6 million in June before the meme stock surge began
- OPEN stock has gained over 700% in three months following social media-driven rally
- Wheeler resigned in August under pressure from activist investors and retail traders
- Current analyst consensus shows Moderate Sell rating with $1.02 average price target
Former Opendoor CEO Carrie Wheeler capitalized on the company’s meme stock rally by selling $35 million worth of shares. The sale demonstrates how volatile retail trading can create unexpected windfalls for corporate executives.
Wheeler filed regulatory documents on September 2 showing the sale of 7 million OPEN shares. The transaction occurred as the stock reached new multiyear highs.
The former CEO’s timing proved exceptional. Her stake was valued at just $3.6 million in late June when Opendoor traded near $0.51 per share.
Opendoor faced potential Nasdaq delisting at that time. The company’s share price had fallen below exchange requirements after years of losses.
Meme Stock Transformation
A Canadian hedge fund manager started promoting OPEN stock in July. Social media platforms quickly amplified the message to thousands of retail investors.
The digital real estate platform became the latest meme stock sensation. Shares surged over 700% in three months as trading volume exploded.
Wheeler’s restricted stock units were originally granted in September 2021. The RSU compensation package was part of her executive agreement when she became CEO.
Activist investors Eric Jackson and co-founder Keith Rabois pressured Wheeler throughout 2025. They questioned her turnaround strategy and leadership effectiveness.
Social media traders eventually joined the calls for leadership changes. This unusual alliance of traditional and retail investors proved decisive.
Wheeler resigned on August 15 following the mounting pressure. Her departure sparked additional buying interest from retail traders.
Current Market Dynamics
Interim CEO Shrisha Radhakrishna has been purchasing company shares. Her buying activity shows confidence in the turnaround strategy.
The new leadership is focusing on AI-powered real estate platform expansion. This strategic shift aims to differentiate Opendoor from traditional competitors.
Professional analysts remain skeptical about current valuation levels. TipRanks data shows eight analysts with mostly negative ratings.
The consensus includes one Buy, two Hold, and five Sell recommendations. The average price target of $1.02 suggests potential downside of over 80%.
Rising interest rate cut expectations have supported the rally. Retail enthusiasm continues driving daily trading volumes higher.
Wheeler’s share sale filing coincided with the stock’s peak levels. Her exit maximized the value extraction from an unexpected market development.
The former CEO avoided the worst-case scenario of holding worthless shares. Instead, she converted a struggling position into a multi-million dollar windfall through fortuitous timing.
