Opendoor stock soars 60% after company names new CEO

Opendoor stock rocketed 60% higher on Thursday after the retail favorite named Shopify executive Kaz Nejatian as CEO and co-founder Keith Rabois as chairman.

The meme stock hit a 52-week high and continued a stunning run this year, with shares up more than 400% so far.

Former CEO Carrie Wheeler resigned last month following a pressure campaign from investors that included critical comments from Rabois and hedge fund manager Eric Jackson, who has been a key part of the stock's resurgence this year.

Jackson built a massive following on X in part thanks to his successful bet on Carvana, and then turned his attention to cheering a turnaround at Opendoor.

Opendoor said Wednesday it was "going into founder mode" by bringing Rabois and Eric Wu, who served as the company's first CEO before stepping down in 2023, back to the board.

The company went public through a special purpose acquisition company in 2020. Opendoor's business involves using technology to buy and sell homes, pocketing the gains.

Nejatian said the company will use artificial intelligence to make the process of buying and selling a home "radically simpler, faster and more certain."

Shares of Opendoor traded below $1 earlier this year, and the company was in danger of being delisted from the Nasdaq.