Opendoor Technologies, the largest remaining iBuyer in the U.S. real estate market, is facing a period of dramatic change after its CEO and chair Carrie Wheeler resigned on August 15, 2025. The move comes after weeks of mounting pressure from activist investors, retail traders, and even company co-founder Keith Rabois, all dissatisfied with the company’s recent performance and direction. The leadership shakeup has sent Opendoor’s stock on a wild ride, reigniting hopes—and raising questions—about the future of the tech-driven homebuying platform.
According to CNBC, Wheeler’s resignation followed a period of intense scrutiny that began after Opendoor’s latest quarterly earnings failed to reassure investors about a strategic turnaround. The company’s shares, which had been languishing near all-time lows just months ago, surged more than 11% to $3.39 on the day of the announcement. This marked a sixfold increase from the June nadir of $0.51, a price so low it threatened Opendoor’s Nasdaq listing. While the stock’s recent rally has been nothing short of remarkable, it remains a far cry from its early 2021 highs, having lost 99% of its value during the intervening years.
The catalyst for Wheeler’s departure was a coordinated campaign led by Eric Jackson, founder of EMJ Capital, and Keith Rabois, Opendoor’s co-founder and former executive. Jackson, who disclosed a significant stake in Opendoor in July, used social media platform X to rally retail investors and demand leadership changes. He posted, “Let’s start THINKING BIG AGAIN,” shortly after Wheeler’s resignation, and has been vocal about his belief that Opendoor could become a “100-bagger” in the coming years. Rabois, for his part, did not mince words, stating, “Anyone off the street would perform better” than Wheeler as CEO and urging the company to return to its founder-led roots.
Wheeler, who had served as Opendoor’s CFO before becoming CEO in December 2022, acknowledged the mounting external pressure in her own statement on X: “The last weeks of intense outside interest in Opendoor have come at a time when the company needs to stay focused and charging ahead. I believe the best thing I can do for Opendoor now is to accelerate my succession plans that I shared with the Board mid-year and make room for new leadership to take the reins.” According to a company press release cited by Mizuho, Wheeler’s resignation was not due to any disagreement with Opendoor’s operations or policies. She will remain as an advisor to the board through the end of 2025, receiving $62,500 per month and COBRA premium reimbursements during the advisory period. Her outstanding time-based equity awards will continue to vest as long as she provides advisory services, and if the agreement is terminated by the company before December 31, 2025 (other than for cause), she will be entitled to full compensation through the end of the year.
In the wake of Wheeler’s exit, Opendoor’s board acted swiftly to install Shrisha Radhakrishna, previously Chief Technology & Product Officer, as president and interim principal executive officer. Radhakrishna, who joined Opendoor in November 2024 after stints at LegalZoom.com and Intuit Inc., will report directly to the board as the search for a permanent CEO intensifies. Eric Feder, an executive at homebuilder Lennar and current Opendoor board member, was named Lead Independent Director to provide oversight during this pivotal transition.
Opendoor’s business model, which centers on using technology to buy homes directly from sellers, renovate them, and then resell them for a profit, has been both its greatest strength and its Achilles’ heel. The company went public in late 2020 via a special-purpose acquisition company (SPAC) at the height of pandemic-fueled enthusiasm for tech stocks and real estate innovation. However, as inflation surged and interest rates rose, Opendoor’s fortunes reversed sharply. The company’s exposure to mortgage costs, a direct byproduct of its iBuying model, left it particularly vulnerable to market swings. From early 2021 to June 2025, Opendoor’s stock plummeted by 99%.
Recent financial disclosures show that Opendoor’s recovery remains tenuous. In its most recent earnings report, the company forecasted that it would acquire just 1,200 homes in the third quarter of 2025, down from 1,757 in the second quarter and a staggering 3,504 in the same quarter the previous year. Marketing spending is also being reduced, reflecting a more cautious approach as the company seeks to stabilize its operations. Since going public, Opendoor has posted a profit in only two of 19 quarters, underscoring the challenges of its business model.
The leadership transition has also attracted new institutional interest. Two hedge funds—Qube Research & Technologies and Weiss Asset Management—recently disclosed new stakes in Opendoor, purchasing shares valued at $30.3 million and $24 million, respectively. Entrepreneur Anthony Pompliano also revealed a personal investment in the company, contributing to a surge in retail investor activity. On the analyst front, Keefe, Bruyette & Woods downgraded Opendoor’s stock from Market Perform to Underperform, citing revised non-GAAP EPS estimates for 2025 and 2026. Meanwhile, UBS raised its price target for Opendoor to $1.60 from $1.30 but adjusted its fiscal 2025 revenue and EBITDA estimates downward, no longer expecting year-over-year revenue growth in fiscal 2026.
Despite these mixed signals, Opendoor’s market capitalization now stands at approximately $2.5 billion. As of August 15, 2025, the company’s year-to-date return is 111.25%, with a one-year gain of 87.78%. However, the three-year return remains negative at -43.76%, and the five-year return is a sobering -69.19%. For context, the S&P 500 posted gains of 9.83% year-to-date and 91.52% over five years, highlighting just how volatile Opendoor’s journey has been.
Looking ahead, the company’s direction remains the subject of fierce debate. Rabois has advocated for a dramatic shift in strategy, calling for Opendoor to leverage artificial intelligence to streamline operations, move away from its core model of buying and flipping homes, and focus on financing options and making every mortgage assumable. He’s also pushed for changes that would reduce the company’s reliance on agent partnerships, arguing that Opendoor should “aim to win instead of appeasement.” Whether these ideas will be adopted remains to be seen, but the board’s willingness to entertain new leadership and fresh perspectives suggests that further changes may be on the horizon.
As Opendoor navigates this turbulent period, one thing is clear: the company’s next chapter will be shaped by its ability to adapt, innovate, and regain the confidence of both investors and homebuyers. The stakes are high, and the outcome is far from certain—but for now, all eyes are on Opendoor’s boardroom as it seeks a leader who can turn potential into performance.
