Opendoor (OPEN) shares closed higher on Friday after the digital real estate platform said Carrie Wheeler – its chief executive and chair of the board – is stepping down from both of her top roles.
The online company that buys and sells residential property has already started looking for a new CEO. In the meantime, Shrisha Radhakrishna will serve as interim leader, its press release revealed on Aug. 15.
Radhakrishna has so far been with OPEN as its chief of product and technology. Including today’s surge, Opendoor stock is up nearly 550% versus its year-to-date low set in the final week of June.
Investors cheered Wheeler’s departure today mostly because there have been several high-profile calls for her to step down from her leadership roles in recent days.
Eric Jackson, the founder and president of EMJ Capital, for example, called her a “clear distraction for the business” in his latest social media post, adding “you have lost all confidence … and have put yourself above shareholder interest.”
Before him, Opendoor co-founder Keith Rabois also wrote “not even a single founder or executive supports Carrie as chief executive.” OPEN shares are now trading only slightly below their year-to-date high.
Note that Eric Jackson’s aforementioned X post also claimed OPEN stock will gain if Carrie Wheeler stepped down as the Nasdaq-listed firm’s top executive.
In July, Jackson even dubbed Opendoor shares the next Carvana (CVNA), saying the California-based firm could eventually trade at over $80 per share, or more than 2,500% above its current stock price.
Other notable names that share Jackson’s optimism on OPEN shares include Anthony Pompliano, a famed crypto investor, who disclosed a sizable stake in the digital real estate platform earlier this week.
Despite bullish recent commentary from the likes of Eric Jackson and Anthony Pompliano, Wall Street remains bearish on Opendoor stock for the back half of 2025.
The consensus rating on OPEN shares currently sits at “Hold” only with the mean target of $1.11 only indicating potential downside of more than 60% from here.
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