Opendoor Names Kaz Nejatian as CEO; Founders Rabois and Wu Rejoin Board
Opendoor Technologies (Nasdaq: OPEN) has appointed Kaz Nejatian, former COO of Shopify, as its new CEO and Board member. In a significant leadership restructuring, co-founders Keith Rabois and Eric Wu are returning to the Board, with Rabois assuming the Chairman position.
The company is receiving a $40 million PIPE investment from Khosla Ventures and Eric Wu to fuel business growth. Nejatian, known for his AI expertise and operational efficiency at Shopify, will lead Opendoor's transformation into an AI-powered real estate platform. Board members Pueo Keffer and Glenn Solomon have stepped down, while Eric Feder continues as Lead Independent Director.
Opendoor Technologies (Nasdaq: OPEN) ha nominato Kaz Nejatian, ex COO di Shopify, come nuovo CEO e membro del Consiglio di Amministrazione. In una riorganizzazione dirigenziale significativa, i cofondatori Keith Rabois e Eric Wu rientrano nel Board, con Rabois che assume il ruolo di Presidente.
La società riceve un investimento PIPE di 40 milioni di dollari da Khosla Ventures e da Eric Wu per sostenere la crescita. Nejatian, noto per la sua esperienza nell'IA e per l'efficienza operativa dimostrata in Shopify, guiderà la trasformazione di Opendoor in una piattaforma immobiliare potenziata dall'IA. I membri del Board Pueo Keffer e Glenn Solomon si sono dimessi, mentre Eric Feder rimane Lead Independent Director.
Opendoor Technologies (Nasdaq: OPEN) ha designado a Kaz Nejatian, ex COO de Shopify, como su nuevo CEO y miembro de la Junta Directiva. En una reestructuración de liderazgo de importancia, los cofundadores Keith Rabois y Eric Wu regresan a la Junta, con Rabois asumiendo la presidencia.
La compañía recibirá una inversión PIPE de 40 millones de dólares por parte de Khosla Ventures y Eric Wu para impulsar el crecimiento del negocio. Nejatian, conocido por su experiencia en IA y su enfoque en la eficiencia operativa en Shopify, liderará la transformación de Opendoor hacia una plataforma inmobiliaria potenciada por IA. Los miembros de la Junta Pueo Keffer y Glenn Solomon han dimitido, mientras que Eric Feder continúa como Lead Independent Director.
Opendoor Technologies (Nasdaq: OPEN)는 전 Shopify COO인 Kaz Nejatian을 새로운 CEO 겸 이사회 멤버로 임명했습니다. 중요한 리더십 재편에서 공동 창업자 Keith Rabois와 Eric Wu가 이사회로 복귀하며, Rabois가 의장 역할을 맡습니다.
회사는 사업 성장을 위해 Khosla Ventures와 Eric Wu로부터 4000만 달러 규모의 PIPE 투자를 받습니다. Nejatian은 AI 전문성과 Shopify에서의 운영 효율성으로 알려져 있으며, Opendoor를 AI 기반 부동산 플랫폼으로 전환하는 작업을 이끌 예정입니다. 이사회 멤버 Pueo Keffer와 Glenn Solomon은 사임했으며, Eric Feder는 Lead Independent Director 직을 계속 유지합니다.
Opendoor Technologies (Nasdaq: OPEN) a nommé Kaz Nejatian, ancien COO de Shopify, comme nouveau CEO et membre du conseil d'administration. Dans une réorganisation importante de la direction, les cofondateurs Keith Rabois et Eric Wu réintègrent le Board, Rabois prenant la présidence.
La société reçoit un investissement PIPE de 40 millions de dollars de Khosla Ventures et d'Eric Wu pour soutenir sa croissance. Nejatian, reconnu pour son expertise en IA et son efficacité opérationnelle chez Shopify, pilotera la transformation d'Opendoor en une plateforme immobilière propulsée par l'IA. Les administrateurs Pueo Keffer et Glenn Solomon ont démissionné, tandis qu'Eric Feder demeure Lead Independent Director.
Opendoor Technologies (Nasdaq: OPEN) hat Kaz Nejatian, den ehemaligen COO von Shopify, zum neuen CEO und Vorstandsmitglied ernannt. In einer bedeutenden Führungsreform kehren die Mitgründer Keith Rabois und Eric Wu in den Vorstand zurück, wobei Rabois den Vorsitz übernimmt.
Das Unternehmen erhält eine 40 Millionen Dollar PIPE-Investition von Khosla Ventures und Eric Wu zur Wachstumsfinanzierung. Nejatian, bekannt für seine KI-Expertise und operative Effizienz bei Shopify, soll Opendoor in eine KI-gestützte Immobilienplattform verwandeln. Die Vorstandsmitglieder Pueo Keffer und Glenn Solomon sind zurückgetreten, während Eric Feder als Lead Independent Director im Amt bleibt.
- Secured $40 million PIPE investment from Khosla Ventures and Eric Wu
- Appointment of AI-native executive Kaz Nejatian as CEO brings proven operational efficiency expertise
- Return of founders Rabois and Wu brings back original vision and leadership
- Strategic shift towards AI-first approach positions company for technological advancement
- Leadership turnover with departure of two board members indicates organizational restructuring
- Additional equity financing suggests potential cash needs or capital requirements
Insights
Opendoor's leadership reset with Shopify COO as CEO and returning founders signals an AI-focused transformation backed by $40M investment.
This executive restructuring represents a significant strategic pivot for Opendoor. The appointment of Kaz Nejatian, an AI-native executive with a strong product and operational background from Shopify, signals Opendoor's commitment to transforming into an AI-first platform for real estate transactions. Nejatian's reputation for driving operating leverage while maintaining execution speed is particularly relevant given Opendoor's history of high operational costs.
The return of co-founders Keith Rabois and Eric Wu to the board—with Rabois as Chairman—brings back the original vision and entrepreneurial energy that launched the company. This "founder mode" reactivation typically indicates a desire to return to core principles while implementing new technologies. The explicit mention of building an "AI-first company" suggests a fundamental rethinking of Opendoor's business model.
Most telling is the $40 million PIPE investment from Khosla Ventures and Wu. This capital injection represents a vote of confidence from sophisticated investors with intimate knowledge of the company. The involvement of Khosla Ventures—known for backing transformative AI companies—reinforces the AI-centric strategy. This leadership reset comes at a pivotal moment when AI capabilities have advanced sufficiently to potentially solve the complexities and inefficiencies in real estate transactions that Opendoor was originally founded to address.
The appointment of Nejatian represents a classic Silicon Valley playbook move of bringing in an operator with scale experience to lead a company through its next growth phase. Nejatian's background is particularly noteworthy—transitioning from lawyer to founder of Kash (a payment technology company that was acquired), then taking on product and operational leadership roles at Meta and Shopify. This trajectory demonstrates the cross-sector expertise increasingly valued in tech leadership.
The return of Rabois, a legendary Silicon Valley figure whose investment portfolio includes DoorDash, Affirm, Stripe, and other unicorns, is equally significant. His ranking as high as #4 on the Forbes Midas list and experience guiding companies from early stages through IPOs adds substantial strategic value. Wu's simultaneous return completes this founder-led reset.
The $40 million investment is relatively modest for a public company of Opendoor's size but sends a strong signal of insider confidence. Khosla Ventures' involvement is particularly telling—the firm has been at the forefront of AI investments and rarely makes follow-on investments in public companies unless they see substantial upside potential.
This restructuring appears designed to position Opendoor at the intersection of real estate and AI, potentially leveraging the company's vast data assets on housing transactions to create new AI-powered services and efficiencies. The explicit framing of Opendoor as an "AI-powered real estate platform" suggests a fundamental business model evolution beyond its original home-flipping focus.
- Nejatian, Chief Operating Officer of Shopify, to Lead Company’s Next Chapter as AI-Powered Real Estate Platform
- Keith Rabois and Eric Wu Bring Back Founder DNA to Company with Rabois Appointed Chairman
- Khosla Ventures and Wu Investing
$40 Million in PIPE Financing
SAN FRANCISCO, Sept. 10, 2025 (GLOBE NEWSWIRE) -- Opendoor Technologies Inc. (Nasdaq: OPEN) today announced that Kaz Nejatian, Chief Operating Officer of Shopify, has been appointed Chief Executive Officer and member of the Board of Directors. Co-Founders Keith Rabois and Eric Wu are returning to the Board of Directors, with Rabois taking on the role of Chairman.
The Right Leader for the AI Era
Nejatian, a lawyer-turned-entrepreneur and product leader, is an AI-native executive with a track record of transforming products, teams, and companies at scale. He joins Opendoor after serving as Chief Operating Officer and Vice President of Product at Shopify, where since 2019 he helped build the teams and the products at one of the world’s most important commerce platforms. He is an exceptional operator, known for driving significant operating leverage while increasing speed of execution. He is a leader in the craft of product management and has helped build products used by hundreds of millions of people every day.
“Literally there was only one choice for the job: Kaz. I am thrilled that he will be serving as CEO of Opendoor,” said Rabois, Chairman. “He is a decisive leader who has driven product innovation at scale, ruthlessly reduced G&A expenses to drive profitability and deeply understands the potential for AI to radically reshape a company’s entire operations. He is a proven executive with a founder’s brain. He is the right leader to unlock Opendoor’s unique data and assets as we build on Opendoor’s original mission, now enhanced as an AI-first company. The future of home buying and selling is now in the chat.”
“It’s a privilege to become Opendoor’s leader,” said Nejatian. “Few life events are as important as buying or selling a home. With AI, we have the tools to make that experience radically simpler, faster, and more certain. That’s the future we’re building.”
Opendoor Going Into Founder Mode with Nejatian as CEO and Rabois and Wu Board Appointments
The Company also announced the appointments of Opendoor co-founders Keith Rabois, Managing Director at Khosla Ventures, and Eric Wu, co-founder of NavigateAI, to the Board of Directors, effective immediately. Rabois will assume the role of Chairman, and Eric Feder will continue in his role as Lead Independent Director.
“Rabois and Wu, who co-founded Opendoor in 2013, will inject the “founder DNA” and energy at a pivotal moment for Opendoor. They are passionate about our community and we’re excited to welcome them back to the Board,” stated Feder.
“Opendoor’s mission is more relevant than ever,” added Wu. “Homeowners deserve a better system, and with Kaz’s vision, mentality and creativity, I’m confident he can lead Opendoor’s next chapter and build a category-defining company.”
Along with Mr. Rabois’ and Mr. Wu’s appointments to the Board, Pueo Keffer and Glenn Solomon have stepped down from the Board of Directors.
Feder continued, “We are grateful to Pueo and Glenn for their many contributions to the company and their dedication to Opendoor and our shareholders.”
Khosla Ventures and Eric Wu Invest
Opendoor has entered into securities purchase agreements with Khosla Ventures and Mr. Wu to invest
Advisors
Wachtell, Lipton, Rosen & Katz served as legal advisor to Opendoor and Goldman Sachs acted as the Company’s financial advisor.
Biographies
Kaz Nejatian
After working as a lawyer earlier in his career, Kaz Nejatian became the founder and CEO of Kash, a payment technology company. Kash was one of the early players in giving small businesses access to mobile payments technology for brick-and-mortar stores, and was acquired in 2017 by one of the largest fintech companies in the U.S. Kaz then served in various product roles at Meta (formerly Facebook) and Shopify before becoming its Chief Operating Officer in 2022. He is a graduate of Queen’s University School of Business and University of Toronto law school, and is a proud husband and father to four young children.
Keith Rabois
Keith Rabois is a Managing Director at Khosla Ventures, where he invests across sectors and stages leveraging his experience as a world-class founder, operator, and investor.
Keith has helped build some of the largest, globally-recognized technology companies in his more than 20-year career. At Khosla Ventures, he led the first institutional investments in DoorDash, Affirm, and Faire, invested early in Stripe, and co-founded Opendoor. While a General Partner at Founders Fund, he led investments in Ramp, Trade Republic, and Aven, and before that made early personal investments in YouTube, Airbnb, and Palantir. Keith is consistently recognized on the Forbes Midas list, ranking as high as #4 in the U.S. and #8 globally.
He has served on multiple boards, including Reddit’s from 2012 to 2019, and on Yelp and Xoom’s boards, guiding them from their early stages through IPOs. Keith currently serves on the boards of Ramp and Faire, among others.
He started his technology career with leadership roles at PayPal, as their EVP of Business Development, Public Affairs & Policy, before joining LinkedIn as VP of Business & Corporate Development, and finally, Block (formerly known as Square), as Chief Operating Officer.
Keith served as a litigator at Sullivan & Cromwell following his clerkship for the United States Court of Appeals for the Fifth Circuit. He holds a bachelor's degree in political science from Stanford University and earned a juris doctor degree with honors from Harvard University.
Eric Wu
Eric Wu is the founder and former CEO of Opendoor, where he served as Chief Executive from 2013 to 2022 and as Chairman of the Board from 2020 to 2022.
He is an active angel investor and advisor to leading technology companies including Harvey, Airtable, Ramp, Faire, and Mercury. Eric has been recognized as EY’s Entrepreneur of the Year, included on Fortune’s 40 Under 40, named one of Business Insider’s Best Early Stage Investors, and in 2022 became the third-youngest Fortune 500 CEO.
Earlier in his career, Eric founded Movity.com, a Y Combinator–backed startup acquired by Trulia in 2011, and prior to that launched a real estate investment trust focused on student housing.
About Opendoor
Opendoor is a leading e-commerce platform for residential real estate transactions whose mission is to power life’s progress, one move at a time. Since 2014, Opendoor has provided people across the U.S. with a simple and certain way to sell and buy a home. Opendoor is a team of problem solvers, innovators, and operators who are leading the future of real estate. Opendoor currently operates in markets nationwide. For more information, please visit www.opendoor.com.
Forward Looking Statements
This press release contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking, including statements regarding our CEO search, our new and enhanced product offerings, our business strategy and our ability to create long-term value for sellers, agents and shareholders. These forward-looking statements generally are identified by the words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “guidance”, “intend”, “may”, “might”, “opportunity”, “outlook”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “strategy”, “strive”, “target”, “vision”, “will”, or “would”, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this press release include but are not limited to: the current and future health and stability of the economy, financial conditions and residential housing market, including any extended downturns or slowdowns; changes in general economic and financial conditions (including federal monetary policy, the imposition of tariffs and price or exchange controls, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory), as well as the probability of such changes occurring, that impact demand for our products and services, lower our profitability or reduce our access to future financings; actual or anticipated fluctuations in our financial condition and results of operations; changes in projected operational and financial results; our real estate assets and increased competition in the U.S. residential real estate industry; our ability to operate and grow our core business products, including the ability to obtain sufficient financing and resell purchased homes; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and/or partners or that do not allow us to compete successfully; our ability to acquire and resell homes profitably; our ability to grow market share in our existing markets or any new markets we may enter; our ability to manage our growth effectively; our ability to expeditiously sell and appropriately price our inventory; our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our digital platform, including our automated pricing and valuation technology; our ability to realize expected benefits from our restructuring and cost reduction efforts; our ability to comply with multiple listing service rules and requirements to access and use listing data, and to maintain or establish relationships with listings and data providers; our ability to obtain or maintain licenses and permits to support our current and future business operations; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; our ability to protect our brand and intellectual property; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors, including our Chief Executive Officer role; the impact of the regulatory environment and potential regulatory instability within our industry and complexities with compliance related to such environment; any future impact of pandemics, epidemics, or other public health crises on our ability to operate, demand for our products and services, or general economic conditions; our ability to maintain our listing on the Nasdaq Global Select Market; changes in laws or government regulation affecting our business; the impact of pending or future litigation or regulatory actions; and the volatility in the price of our common stock. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption “Risk Factors” in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 27, 2025, as updated by our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations.
Contact Information
Investors:
investors@opendoor.com
Media:
press@opendoor.com
FAQ
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