Opendoor Appoints Shopify’s Kaz Nejatian as CEO, Stock Surges 35% on AI Focus

Opendoor Technologies (OPEN) has named Kaz Nejatian, former COO of Shopify (SHOP), as its new CEO in a strategic leadership overhaul. The announcement sent OPEN shares soaring over 35% in after-hours trading as markets reacted to Nejatian's proven track record in product transformation and artificial intelligence implementation.

The leadership change follows the resignation of former CEO Carrie Wheeler on August 15, after a challenging tenure marked by workforce reductions and activist investor pressure. Nejatian's appointment signals Opendoor's intensified focus on leveraging AI to streamline operations and enhance customer experience.

"With AI, we have the tools to make that experience radically simpler, faster, and more certain," Nejatian stated, outlining his vision for the company's technological transformation. The MOVE coincides with the return of co-founders Keith Rabois and Eric Wu to Opendoor's board, suggesting a renewed emphasis on the company's original strategic direction.