Opendoor Technologies stock fell over 4% after CEO Carrie Wheeler’s departure, reversing early gains. Wheeler’s resignation led to a 19% increase in stock value on Monday, bringing the company’s six-month gain to over 135%. Shrisha Radhakrishna is now serving as president and interim leader during the executive search process.
Investors pressured Wheeler to step down as they believed she wasn’t the right leader for Opendoor’s transition. Activist investor Eric Jackson led the charge, calling for her resignation and setting an $82 price target on the stock. Wheeler’s co-founder and executives also did not support her.
The change in leadership follows Opendoor’s stock climbing from under $1 to over $4 as retail investors bought into the potential turnaround hype. Mentions of Opendoor on r/WallStreetBets exploded after Jackson’s Twitter thread. Interactive Brokers chief strategist Steve Sosnick noted that stocks like Opendoor can capture the public’s imagination and see huge advances on high volume.
Read more at Yahoo Finance: Opendoor stock seesaws as CEO search continues
