Shares in Opendoor Technologies (OPEN) stock are booming during Thursday’s trading session, up over 70% on the US stock market. The company announced Wednesday night that Shopify (SHOP) COO Kaz Nejatian will join the company as CEO, stepping in to replace the hole left by prior CEO Carrie Wheeler. Investors were extremely positive of this development, quickly buying into OPEN stock and sending it surging in value.

The company also named co-founder Keith Rabois as chairman of the board and reappointed to the board co-founder Eric Wu. “Literally, there was only one choice for the job: Kaz. I am thrilled that he will be serving as CEO of Opendoor,” Rabois said. “He is a proven executive with a founder’s brain. He is the right leader to unlock Opendoor’s unique data and assets as we build on Opendoor’s original mission, now enhanced as an AI-first company.”

Opendoor Technologies has become something of a meme stock recently, following the path of AMC and GameStop during their stock surges. Opendoor shares are now up 1,800% since late June, following an influx of individuals on social media who began buying the stock and demanding management changes. The so-called Open Army is a loose collection of retail investors who have turned Opendoor into a fast-rising meme stock.

Also Read: What’s Happening With Opendoor Technologies Stock? Why is it surging?

Opendoor, which uses algorithms to flip houses, had seen its stock crater from more than $30 to below $1 as of April 2025. However, the last six months have seen strong earnings, catapulting the stock by over 600% back to the $10 mark. At press time, OPEN shares are trading at around $10.20, climbing over 70% on the day, more than any other stock on the market.

This makes Opendoor Technologies a must-watch stock in the market, as the upside potential is huge. Not everyone expected it to surge when the markets are down, and those who invested made stellar profits. The unpredictable equity seems lucrative to some traders as the risk-to-reward ratio is high. If OPEN climbs up in the charts, a small investment can deliver better results than other leading equities.