Opendoor Technologies is going all in on new CEO Kaz Nejatian with an aggressive compensation package that could see him clear $2.78 billion and own nearly 12% of the company. But he’ll have to do more than triple the share price of a real estate technology company some have deemed a buzzy meme stock.
In the meantime, Nejatian will have Opendoor’s founders—Eric Wu and Khosla Ventures’ Keith Rabois—overseeing him on the board. Wu served as Opendoor’s CEO from 2013 to 2022 and chaired the board from 2020 to 2022. Rabois, who served on the boards of Reddit and Yelp and currently serves on the board of Ramp, was appointed chairman. Both are returning to Opendoor to bring back “founder DNA and energy,” the company announced. They’ll also inject capital; Khosla Ventures and Wu invested $40 million of equity capital into Opendoor through a private purchase. Meanwhile, two other directors, Pueo Keffer and Glenn Solomon, have stepped down in a significant leadership shuffle.
