Opendoor shares popped about 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 shared with the Board mid-year and make room for new leadership to take the reins."
Opendoor's business involves using technology to buy and sell homes, pocketing the gains. In its latest earnings report, Opendoor said it expects to acquire just 1,200 homes 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.