TLDR
- Opendoor shares spike 30% as Shopify exec Kaz Nejatian named new CEO
- Kaz Nejatian joins Opendoor to lead AI-powered real estate revolution
- Opendoor appoints new CEO, lands $40M, and revamps board to boost AI
- Leadership shakeup and AI focus spark investor buzz at Opendoor
- Opendoor bets on AI and new CEO to transform home buying and selling
Opendoor Technologies (OPEN) closed at $5.86, down 4.09%, but surged over 30% in after-hours trading.
The rally came as the company appointed Kaz Nejatian, Shopify’s Chief Operating Officer, as its new CEO. This leadership change, combined with a $40 million capital injection and board reshuffle, triggered renewed market enthusiasm.
Kaz Nejatian Steps in as CEO to Lead AI Transformation
Opendoor named Kaz Nejatian, an experienced executive from Shopify, as its Chief Executive Officer and Board member. Nejatian brings years of product leadership and operational expertise, having scaled platforms used by hundreds of millions globally. He previously served as Shopify’s COO and helped accelerate growth while managing product and engineering functions.
With a legal and entrepreneurial background, Nejatian is recognized for his decisive approach and focus on AI-powered innovation. He formerly led Kash, a fintech company acquired in 2017, and held key roles at Meta and Shopify. Now at Opendoor, he plans to reshape the real estate experience using AI to streamline home buying and selling.
This leadership move is central to Opendoor’s renewed strategy to become a fully AI-enabled platform. The company aims to enhance decision-making, customer interactions, and operational efficiency through advanced data-driven solutions. Nejatian’s appointment signals a clear pivot to technology-first execution across all business units.
Founders Return as Board Reshapes for Strategic Momentum
Opendoor reinstated its co-founders Keith Rabois and Eric Wu to the Board of Directors. Rabois assumed the role of Chairman while Wu rejoined following his previous term as CEO and Chairman. These changes reflect the company’s push to reestablish its original vision while embracing new technological frontiers.
Rabois, a Khosla Ventures Managing Director, has a strong history of backing high-growth startups like DoorDash, Affirm, and Stripe. His early support of Opendoor and deep experience in real estate tech mark him as a pivotal figure in this transition. Wu, who led Opendoor from 2013 to 2022, brings continuity and product insight into the Board’s strategic thinking.
To accommodate these changes, Pueo Keffer and Glenn Solomon stepped down from their Board roles. The company acknowledged their contributions and emphasized its future direction with the refreshed board. Eric Feder will remain Lead Independent Director, ensuring balance during the transition phase.
Khosla Ventures and Eric Wu Invest $40 Million to Accelerate Expansion
Opendoor also announced a $40 million private equity investment from Khosla Ventures and Eric Wu. This capital raise aims to support technology investments and operational scaling as the company enters its next growth chapter. The deal was structured as PIPE financing, signaling strong insider confidence in the company’s revised direction.
The funding arrives at a critical juncture as Opendoor refocuses on tech-first execution. It will be used to enhance product development, AI infrastructure, and customer-facing tools. Wachtell, Lipton, Rosen & Katz acted as legal counsel, with Goldman Sachs serving as financial advisor.
This investment strengthens Opendoor’s capital position ahead of expected growth initiatives. The firm now aims to rebuild momentum, drive cost efficiency, and cement its position as a category leader in real estate technology. With renewed leadership and resources, Opendoor is poised to redefine digital property transactions.
