Opendoor stock pops 10% as CEO resigns following investor pressure campaign

In this articleOPEN your favorite stocksCREATE FREE ACCOUNTCourtesy: OpendoorOpendoor s popped 10% on Friday after CEO Carrie Wheeler said she's resigning from the online real estate company, which has seen a surge in recent interest from retail investors.Pressure began building on Wheeler, who took over the top job in 2022, after the company's quarterly earnings report earlier this month failed to reassure investors that a turnaround is underway

The stock is up more than sixfold since bottoming out at 51 cents in June, a price that put the company at risk of being delisted from the Nasdaq."The last weeks of intense outside interest in Opendoor have come at a time when the company needs to stay focused and charging ahead," Wheeler wrote in a post on X. "I believe the best thing I can do for Opendoor now is to accelerate my succession plans that I d with the Board mid-year and make room for new leadership to take the reins."Opendoor's involves using nology to buy and sell s, pocketing the gains

In its earnings report, Opendoor said it expects to acquire just 1,200 s in the third quarter, down from 1,757 in the second quarter and 3,504 in the third quarter of 2024

It's also pulling down marketing spending.Read more CNBC newsGoogle faces loss of Chrome as Perplexity bid adds drama to looming breakup decisionAmazon launches same-day dery of meat, eggs, duce in more than 1,000 citiesCoreWeave tanks 20% after posting wider-than-expected loss ahead of lock-up expirationHow Big is paying its way out of Trump's tariffsHedge fund manager Eric Jackson, who spearheaded Opendoor's stock jump in July, celebrated the news and told his new band of ers on X, "Let's start THINKING BIG AGAIN." Jackson said last month on X that his firm had taken a stake in the company and was betting it would be a "100-bagger over the next few years."Jackson has been a loud voice on X pushing for Wheeler's departure, and was recently joined by Opendoor co-founder and venture capitalist Keith Rabois, who posted on Aug. 13 that "not a single founder nor executive" who guided the company to its IPO supports Wheeler as CEO.Opendoor on Friday named nology chief Shrisha Radhakrishna as "president and interim leader" and said a CEO is underway.Opendoor went public through a special purpose acquisition company in 2020, riding a SPAC wave supported by low interest rates and Covid-era market euphoria