---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-25-034609"
form_type: "8-K"
ticker: "OPEN"
cik: "0001801169"
company_name: "Opendoor Technologies Inc."
filed_at: "2025-09-11T23:59:59+00:00"
generated_at: "2026-05-17T06:53:45.868329+00:00"
event_type: "leadership"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001140361-25-034609
- form_type: 8-K
- ticker: OPEN
- cik: 0001801169
- company_name: Opendoor Technologies Inc.
- filed_at: 2025-09-11T23:59:59+00:00
- event_type: leadership
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 3.02, 5.02, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1801169/000114036125034609/0001140361-25-034609-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1801169/000114036125034609/ef20055426_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-25-034609
- JSON: https://secwatch.observer/filing/0001140361-25-034609.json
- Plain text: https://secwatch.observer/filing/0001140361-25-034609.txt

## Key facts
- Equity Issuances
  Opendoor Technologies Inc. issued 751,879 shares of Common Stock of common stock to Eric Wu for aggregate investment of $5 million.
  - Security: common stock
  - Shares: 751,879 shares of Common Stock
  - Purchaser: Eric Wu
  - Consideration: aggregate investment of $5 million
  source text: On September 10, 2025, Opendoor Technologies Inc. (the “ Company ”) entered into Stock Purchase Agreements with Khosla Ventures Opportunity III, LP (the “ Khosla Ventures Purchase Agreement ”), Eric Wu (the “ Eric Wu Purchase Agreement ”) and certain other purchasers (the “ Other Purchase Agreements ” and together with the Khosla Ventures Purchase Agreement and the Eric Wu Purchase Agreement, the “ Purchase Agreements ”). Pursuant to the terms of the Purchase Agreements, Khosla Ventures Opportunity III, LP agreed to purchase 5,263,158 shares of common stock of the Company, par value of $0.0001 per share (the “ Common Stock ”) for an aggregate investment of $35 million in a private offering, Eric Wu agreed to purchase 751,879 shares of Common Stock for an aggregate investment of $5 million in a private offering, and certain other purchasers agreed to purchase 150,375 shares of Common Stock for an aggregate investment of $1 million in a private offering (collectively, the “ PIPE Transact
  evidence_url: https://www.sec.gov/Archives/edgar/data/1801169/000114036125034609/0001140361-25-034609-index.htm
- Equity Issuances
  Opendoor Technologies Inc. issued 150,375 shares of Common Stock of common stock to certain other purchasers for aggregate investment of $1 million.
  - Security: common stock
  - Shares: 150,375 shares of Common Stock
  - Purchaser: certain other purchasers
  - Consideration: aggregate investment of $1 million
  source text: On September 10, 2025, Opendoor Technologies Inc. (the “ Company ”) entered into Stock Purchase Agreements with Khosla Ventures Opportunity III, LP (the “ Khosla Ventures Purchase Agreement ”), Eric Wu (the “ Eric Wu Purchase Agreement ”) and certain other purchasers (the “ Other Purchase Agreements ” and together with the Khosla Ventures Purchase Agreement and the Eric Wu Purchase Agreement, the “ Purchase Agreements ”). Pursuant to the terms of the Purchase Agreements, Khosla Ventures Opportunity III, LP agreed to purchase 5,263,158 shares of common stock of the Company, par value of $0.0001 per share (the “ Common Stock ”) for an aggregate investment of $35 million in a private offering, Eric Wu agreed to purchase 751,879 shares of Common Stock for an aggregate investment of $5 million in a private offering, and certain other purchasers agreed to purchase 150,375 shares of Common Stock for an aggregate investment of $1 million in a private offering (collectively, the “ PIPE Transact
  evidence_url: https://www.sec.gov/Archives/edgar/data/1801169/000114036125034609/0001140361-25-034609-index.htm
- Equity Issuances
  Opendoor Technologies Inc. issued 5,263,158 shares of Common Stock of common stock to Khosla Ventures Opportunity III, LP for aggregate investment of $35 million.
  - Security: common stock
  - Shares: 5,263,158 shares of Common Stock
  - Purchaser: Khosla Ventures Opportunity III, LP
  - Consideration: aggregate investment of $35 million
  source text: On September 10, 2025, Opendoor Technologies Inc. (the “ Company ”) entered into Stock Purchase Agreements with Khosla Ventures Opportunity III, LP (the “ Khosla Ventures Purchase Agreement ”), Eric Wu (the “ Eric Wu Purchase Agreement ”) and certain other purchasers (the “ Other Purchase Agreements ” and together with the Khosla Ventures Purchase Agreement and the Eric Wu Purchase Agreement, the “ Purchase Agreements ”). Pursuant to the terms of the Purchase Agreements, Khosla Ventures Opportunity III, LP agreed to purchase 5,263,158 shares of common stock of the Company, par value of $0.0001 per share (the “ Common Stock ”) for an aggregate investment of $35 million in a private offering, Eric Wu agreed to purchase 751,879 shares of Common Stock for an aggregate investment of $5 million in a private offering, and certain other purchasers agreed to purchase 150,375 shares of Common Stock for an aggregate investment of $1 million in a private offering (collectively, the “ PIPE Transact
  evidence_url: https://www.sec.gov/Archives/edgar/data/1801169/000114036125034609/0001140361-25-034609-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.