Mentioned:
Opendoor has been making waves on Wall Street. And now, the original co-founders of the company are coming back to take things to the next level.
What’s happening:
- Opendoor (NASDAQ: OPEN) has brought on Kaz Nejatian as their new Chief Executive Officer and original Opendoor co-founders Keith Rabois and Eric Wu have both been added back to the board of directors
Why it matters:
- Opendoor has rapidly become one of the most traded stocks in the entire world, which has largely been fuelled by a enormous uptick in retail investors pouring into the stock following fund manager Eric Jackson and entrepreneur Anthony Pompliano both taking a position in the company
Going deeper:
- Kaz Nejatian was formerly the Chief Operating Officer at Shopify (NASDAQ: SHOP) and has publicly stated he is planning to begin immediately integrating artificial intelligence into Opendoor’s business model and technology stack
- Keith Rabois is one of the most successful venture capital investors in Silicon Valley, previously backing companies including Palantir (NASDAQ: PLTR), Stripe, Youtube and Airbnb (NASDAQ: ABNB) and Eric Wu formerly built and exited two different startups focused on real estate
The intrigue:
- Khosla Ventures and Eric Wu are also investing $40M USD into Opendoor through a new equity financing round to accelerate the growth of Opendoor’s real estate technology platform
