Investor Eric Jackson, who ignited Opendoor Technologies Inc.’s (NASDAQ:OPEN) 874% rally last month, is now publicly criticizing the company’s CEO, Carrie Wheeler, going as far as to call for her replacement.
Wheeler’s Comments Stir Backlash
On Wednesday, in a post on X, Jackson expressed his frustration over Wheeler’s recent Bloomberg interview, where she was asked about the stock’s dramatic rise from just $0.51 per share in late June to nearly $5 on July 25, primarily driven by retail investors.
Jackson took issue with Wheeler’s response to the question, where she said, “It probably wasn't on my bingo card for 2025… We want to make sure we harvest this moment,” which he found to be dismissive.
See Also: Opendoor Becomes Meme Stock Royalty Ahead Of Earnings, These ETFs Hold The Keys (CORRECTED)
Jackson emphasized how it was retail investors' “love, adoration, and belief in the value of the Opendoor platform” that helped the company regain Nasdaq compliance and cancel “its planned 50-to-1 reverse stock split,” which he says, doomed companies like 23andMe Holding Co. (OTC:MEHCQ) to “ignominy.”
“What did you think of that love, Carrie, which helped pull your company back from the brink of self-immolation?” he asks, referring to the stock’s potential delisting from the Nasdaq, before securing compliance with the exchange’s rules last week, and scrapping its contentious plan for a reverse stock split.
Calls For Leadership Change
Jackson concluded his post by calling for a change in leadership at Opendoor, saying that he was “out on Carrie,” and asking for the “next man or woman up!”
In recent weeks, Jackson has repeatedly asked Wheeler to shore up confidence among investors by buying shares in the company.
Wheeler has also come under criticism from one of the company’s founders, Keith Rabois, who echoed Jackson’s views, while referring to Wheeler as “utterly incompetent,” in a post on X. Rabois goes on to call her a “mediocre CFO,” before adding that tech companies “should never be led by CFOs.”
Shares of Opendoor were down 24.6% on Wednesday, closing at $1.90, a day after announcing its second-quarter results. It is up 0.01% after hours.
Opendoor shares score high on Momentum and Value in Benzinga’s Edge Stock Rankings, with a favorable price trend in the short, medium and long terms. Click here for deeper insights into the stock, its peers and competitors.
Photo Courtesy: ZikG on Shutterstock.com
Read More:
