Opendoor stock soars 50% after company names new CEO

Opendoor's stock experienced a remarkable surge of 50% on Thursday, following the appointment of Shopify executive Kaz Nejatian as the new CEO. In a significant shift, co-founder Keith Rabois has taken on the role of chairman. This announcement propelled Opendoor's shares to a 52-week high and continued a striking upward trend for the company, which has seen its stock price increase by over 400% this year. The surge comes after the resignation of former CEO Carrie Wheeler last month, a move influenced by a campaign from investors, including pointed remarks from Rabois and hedge fund manager Eric Jackson. Jackson, known for his notable investment in Carvana, has garnered a substantial following on social media platform X, where he has advocated for Opendoor's revitalization. Just earlier this year, Opendoor's shares were trading below $1, putting the company at risk of being delisted from the Nasdaq exchange. The recent developments mark a significant turnaround for the company as it seeks to regain investor confidence.