Opendoor Names New CEO, Shares Surge Over 30%

Opendoor Technologies Inc. saw its shares jump more than 30% in after-hours trading following the appointment of Kaz Nejatian as its new chief executive officer. Nejatian, formerly Shopify's Chief Operating Officer, brings a blend of big-tech experience from Meta and fintech expertise from founding Kash.

The market responded enthusiastically to the leadership change, interpreting it as a strategic pivot for the tech-driven real estate company. Opendoor has been increasingly emphasizing its AI capabilities, positioning Nejatian as the ideal leader for what it terms the 'AI era' of real estate transactions.

Investor confidence was further bolstered by news that co-founders Keith Rabois and Eric Wu are returning to the board, with Rabois assuming the chairman role. The executives, along with Khosla Ventures, are injecting $40 million into the company.