Carrie Wheeler, former CEO of Opendoor Technologies (OPEN), leveraged the recent surge in the company’s stock price, gaining nearly $35 million from a share sale. Wheeler was forced to resign on August 15 amid intense pressure from activist investors like Eric Jackson and co-founder Keith Rabois. These investors doubted her leadership and her ability to deliver a fundamental turnaround.
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Opendoor is a digital real-estate platform whose shares have rocketed over 700% in the past three months, boosted by a meme-stock frenzy. Meanwhile, retail enthusiasm and rising expectations of interest rate cuts have also driven the stock price higher.
Details of the Stock Sale
According to a regulatory filing, the former CEO sold 7 million Opendoor shares on September 2, 2025, with an aggregate market value of $34.95 million. These shares were acquired in September 2021 as part of a restricted stock unit (RSU) plan. That stake was valued at merely $3.6 million in late June, before OPEN stock became a meme stock overnight.
In the meantime, interim CEO Shrisha Radhakrishna has been purchasing OPEN stock, displaying her conviction in the company’s future potential as it shifts focus to expanding its AI-powered real estate platform.
Investor Pressure Mounts on Wheeler
Despite operational progress during her tenure, including improving EBITDA and narrowing losses, investor skepticism grew following mixed quarterly results and a challenging real estate market.
Wheeler’s departure helped spark renewed optimism, and the company’s shares surged over 200% in the weeks leading to her exit. This rally also allowed Opendoor to avoid delisting from Nasdaq by maintaining its share price above the minimum bid requirement.
Is OPEN Stock a Buy, Hold, or Sell?
On TipRanks, OPEN stock has a Moderate Sell consensus rating based on one Buy, two Holds, and five Sell ratings. The average Opendoor price target of $1.02 implies 80.1% downside potential from current levels.
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