Opendoor Revives Founders, Taps Shopify Veteran as New CEO Amid Stock Market Hopes

The Comeback Kings: Opendoor Brings Back Its Founders and Welcomes a New CEO from Shopify In the world of tech, few stories are as fascinating as the rise and fall of Opendoor Technologies. Once hailed as a revolutionary real estate disruptor, the company's fortunes have been on a wild rollercoaster ride. But now, in a bold move, Opendoor is bringing back its founders and welcoming a new CEO from Shopify, who could potentially earn a staggering $2.8 billion if he sends the stock soaring. As I sat down with Eric Wu, one of Opendoor's co-founders, at his San Francisco office, he couldn't help but smile as he reflected on the company's tumultuous past. "We've been through the fire and come out stronger," he said, his eyes sparkling with determination. "This is a new chapter for us, and we're excited to bring our founder DNA back to the table." Wu's words were music to the ears of investors, who have been watching Opendoor's stock price fluctuate like a yo-yo over the past few years. The company's market value has dropped from its peak of $16 billion in 2021 to around $4 billion today. But with the return of Wu and his co-founder, Khosla Ventures' Keith Rabois, investors are hoping for a turnaround. So who is this new CEO, Kaz Nejatian, that Opendoor has brought on board from Shopify? A seasoned executive with a proven track record, Nejatian has been tasked with leading the company out of its current slump. His compensation package is nothing short of eye-watering – if he manages to triple the share price, he'll earn a whopping $2.8 billion. That's a lot of zeros. But what makes this deal even more intriguing is the fact that Opendoor has also brought back two other key players: Wu and Rabois. The duo will be overseeing Nejatian from the boardroom, injecting capital into the company through a private purchase worth $40 million. It's a bold move, but one that could pay off in the long run. As I spoke to industry experts, they couldn't help but wonder what drove Opendoor's decision to bring back its founders. "It's not uncommon for companies to go back to their roots when things aren't working out," said one analyst. "But this is a high-risk, high-reward move. If it pays off, it could be huge." For Wu and Rabois, the return to Opendoor is more than just a business decision – it's a personal one. They've invested their own money into the company, and they're determined to make it work. "We're not just founders; we're also investors," Wu said. "We believe in this company, and we're willing to put our money where our mouth is." As Opendoor embarks on this new chapter, one thing is clear: the stakes are high. But with the right leadership and a bit of luck, this comeback story could be one for the ages. The Numbers Opendoor's market value has dropped from $16 billion in 2021 to around $4 billion today. Kaz Nejatian's compensation package is worth up to $2.8 billion if he triples the share price. Eric Wu and Khosla Ventures' Keith Rabois have invested $40 million of equity capital into Opendoor through a private purchase. The Players Kaz Nejatian: New CEO from Shopify, tasked with leading Opendoor out of its current slump. Eric Wu: Co-founder and former CEO of Opendoor, returning to the company as a board member. Keith Rabois: Co-founder and investor in Opendoor, also returning to the company as a board member. The Impact If Opendoor's stock price triples under Nejatian's leadership, he'll earn $2.8 billion. The return of Wu and Rabois could inject new energy into the company and its investors. The deal highlights the risks and rewards of bringing back founders to a struggling company. As I left Opendoor's office, I couldn't help but feel a sense of excitement and trepidation. Will this comeback story pay off, or will it end in disaster? Only time will tell. But one thing is certain: with the right leadership and a bit of luck, anything is possible. *Based on reporting by Fortune.*