Opendoor announced today that CEO Carrie Wheeler has stepped down from her role as CEO, effective immediately. She will stay on through the end of 2025 as an advisor to the board as a search for a new CEO begins.
Meanwhile, Shrisha Radhakrishna, Opendoor’s chief technology and product officer, has been appointed president and interim leader of the company.
“I am incredibly excited about Opendoor’s next chapter. We are not only enhancing our current products but building the platform that defines the future of residential real estate transactions.” – Shrisha Radhakrishna
Opendoor Stock Saga
Opendoor has been getting a lot of attention this summer, mostly due to its meme stock that saw its first surge in July.
- July 21: Shares hit $3.31, a 429% jump in just one week, thanks to hype from meme-stock forums like Reddit.
- July 23: The stock plunged nearly 50% to $2.05 in just hours.
- August 14: Another surge of 25% pushed shares to $3.03, hovering around $3.29 at market open on Friday.
Year-to-date, OPEN shares are up roughly 100%, fueled in part by retail investors and EMJ Capital’s long positions.
But it hasn’t been smooth sailing. The company has yet to post a profitable quarter since going public via SPAC in 2020, and it even faced a Nasdaq delisting warning in May for trading under $1 for more than 30 days.
Why Wheeler Stepped Down
Public and internal pressure had been mounting, with some co-founders and shareholders openly questioning Wheeler’s leadership, including Keith Rabois, who co-founded Opendoor:
Not a single founder nor executive who built Opendoor to an IPO or billions of free cash flow or $18 B of market cap supports Carrie as CEO nor Pueo.
— Keith Rabois (@rabois) August 13, 2025
On X, Byron Lazine challenged Rabois, stating it’s not just about leadership, but the model itself:
It’s also not a market match. The consumer continues to reject Opendoor no matter how loud retail investors have screamed “market maker” over the past 5 years
— Byron Lazine (@ByronLazine) August 14, 2025
A very small % of home sellers value a quick sale > the money they walk with. Opendoor is an expensive option to save (some) time.
— Byron Lazine (@ByronLazine) August 14, 2025
As far as the leadership change, however, Wheeler herself framed the move as strategic:
“Leading Opendoor has been a true privilege. We’ve built a stronger, more focused company, expanded our offerings, and set the stage for the future – all in one of the most challenging real estate markets in history. I believe now is the right moment for a leadership transition, and I’m confident the company is on a strong path forward.” –Carrie Wheeler
Board Changes and the Next Chapter
Opendoor is also shaking up its board: Eric Feder, president of Lennar Homes’ investment arm, has been elected Lead Independent Director.
Feder emphasized the company’s forward-looking strategy while thanking Wheeler for her work over the past six years.
“The company is well-positioned to focus on its considerable data and unique assets in today’s high-tech AI world. The Board has confidence in the Opendoor team and has conviction in the strategy, including scaling Key Connections, the rollout of Cash Plus across our markets and continuous improvement of our core cash-offer business, and believes the company is creating long-term value for customers, agents and shareholders.
“We are deeply grateful for Carrie’s leadership and dedication to Opendoor over the past six years – first as a board member, then taking us public as CFO, and finally as our CEO,” added Mr. Feder. “Carrie has always operated with the highest integrity and leaves this company in a stronger position than when she took it over.” –Eric Feder
As the CEO search takes place, Radhakrishna and CFO Selim Freiha will report directly to the board.
Stay tuned for more.
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