Opendoor names Shopify COO Kaz Nejatian CEO; founders Rabois, Wu return; $40M PIPE

Opendoor Technologies Inc.

Appoints Kaz Nejatian (former Shopify COO) as CEO, effective by Oct 7, 2025.
Co-founders Keith Rabois (Chairman) and Eric Wu rejoin Board; two directors resign.
Khosla Ventures and Eric Wu invest $40M in PIPE; shares issued at ~$6.65 per share.
CEO compensation: $1 salary, no bonus; 81.8M performance-based RSUs with stock price hurdles up to $33.
Make-whole awards of $30M ($15M cash + $15M RSU) vest after 9 months of service.

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