Opendoor Co-Founder Eric Wu is Stepping Down at the End of the Year
There's big news out of Opendoor today. According to an SEC filing, co-founder Eric Wu is stepping down from the company at the end of the year.
"On December 14, 2023, Eric Wu notified the Board of Directors (the "Board") of Opendoor Technologies Inc. (the "Company") of his intent to resign as the Company's President, Marketplace and from the Board, effective January 1, 2024. Mr. Wu's resignation was not due to any disagreement with the Company, its management, or other members of the Board. Following his resignation, Mr. Wu will remain an advisor to the Company and the Board."
While this is big news, it's not exactly a surprise. Last December, Wu stepped down as CEO to transition into the role of president of marketplace. His executive responsibilities have been declining for the past 12 months.
Following the news, Opendoor Technologies Inc. (OPEN) shares are down approximately 7% on the day.
Real Estate Stocks Taking a Breather
After strong gains the past two days, real estate stocks are taking a breather on Friday.
Zillow Group, Inc. (ZG) is down 0.37% and trading at $54.30.
Redfin Corporation (RDFN) is down 0.51% and trading at $9.70.
eXp World Holdings, Inc. (EXPI) is down 6.29% and trading at $15.50.
Compass, Inc. (COMP) is down 1.17% and trading at $2.96.
Anywhere Real Estate Inc. (HOUS) is down 3.06% and trading at $7.31.
Fathom Holdings Inc. (FTHM) is one of the only exceptions today, with shares up 8.15% to $3.05.
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