Opendoor (OPEN) Stock Surges 70% Amid Leadership Shakeup and Meme Stock Frenzy

Opendoor Technologies (OPEN) shares skyrocketed over 70% in a single trading session following the appointment of Shopify COO Kaz Nejatian as CEO. The market responded enthusiastically to the leadership change, with co-founder Keith Rabois calling Nejatian the "only one choice for the job." Rabois emphasized Nejatian's ability to leverage Opendoor's data assets as the company pivots toward an AI-first strategy.

The stock's meteoric rise mirrors its recent transformation into a meme stock phenomenon. Since late June, OPEN has surged 1,800%, fueled by a grassroots retail investor movement dubbed the "Open Army." This loose coalition of traders has drawn comparisons to the AMC and GameStop rallies, capitalizing on social media momentum to drive unprecedented volatility.

Once trading above $30, Opendoor had seen its shares collapse below $1 by April 2025. The company's algorithm-driven home-flipping model now faces a critical test as new leadership takes the helm during this period of extreme market speculation.