Opendoor Technologies shares surged 78% on Thursday after the company appointed Shopify executive Kaz Nejatian as CEO and named co-founder Keith Rabois as chairman, according to CNBC. The stock, which once traded below $1 earlier this year, hit a 52-week high and has climbed more than 500% year-to-date. The leadership changes follow investor pressure that led to the resignation of former CEO Carrie Wheeler last month. Hedge fund manager Eric Jackson, known for his successful Carvana bet, has been a vocal supporter of Opendoor’s turnaround, helping drive retail investor enthusiasm. The company announced it was “going into founder mode,” bringing back Rabois and former CEO Eric Wu to the board. Nejatian said Opendoor will lean on artificial intelligence to simplify the homebuying and selling process.
