Opendoor Technologies, Inc. (NASDAQ:OPEN) shares soared Thursday morning as investors celebrated a new CEO and return of the company's co-founders to its board of directors.
- OPEN stock is soaring today. Check out the real-time price action.
The ‘Return to FounderMode'
On Wednesday evening, Opendoor announced that Kaz Nejatian, former COO of Shopify, Inc. (NASDAQ:SHOP), is the new CEO and that co-founders Keith Rabois and Eric Wu are returning to the board of directors, with Rabois as Chairman.
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Eric Jackson, the "General" of the OPEN army, cheered the return of Rabois and Wu to the board and Nejatian as the new CEO in a social media post.
"As shareholders, we couldn't be in better hands. The FOUNDER DNA is now officially back at OPEN – directly in its veins!" Jackson wrote.
Rabois also pointed to Opendoor's resurgence of founder energy and highlighted Nejatian’s new role as CEO.
"Opendoor returns to FounderMode. And we just hired the absolute best executive who has a founder brain as CEO: @CanadaKaz," Rabois wrote in a social media post.
OPEN Army Charges Ahead
Retail investors seemed to be as excited as the management team as they drove the stock up by 55% in early trading on Thursday.
A post from Jake Anderson, self-described "amateur investor" and member of the OPEN Army, expressed the optimism of the Opendoor retail community.
"$OPEN Army, bought my first 200 shares on 7/15 after coming across @ericjackson ‘s [thread] and looking for my own "big break" as an unseasoned active investor. I've added A LOT of shares along the way, but what a day today is. Congrats and LFG!" Anderson wrote.
OPEN Price Action: Opendoor shares were up 56.83% at $9.18 on Thursday morning, according to data from Benzinga Pro.
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Photo: Shutterstock
