Opendoor (OPEN) Soars 82% on Rabois’ Return, CEO Appointment

We recently published 10 Stocks Investors Are Gobbling Up. Opendoor Technologies Inc. (NASDAQ:OPEN) is one of the best performers on Thursday.

Opendoor Technologies climbed to a new all-time high on Thursday after surging by as much as 82 percent during the day, with investor optimism fueled by the appointment of a new CEO and the return of its co-founder to the company.

At intra-day trading, the stock jumped to its highest price of $10.7 before paring gains to close the day just up by 79.52 percent at $10.52 apiece.

Opendoor (OPEN) Soars 82% on Rabois' Return, CEO Appointment

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In a statement, Opendoor Technologies Inc. (NASDAQ:OPEN) said co-founders Keith Rabois and Eric Wu are returning to the Board of Directors, with Rabois taking the chairmanship position.

Opendoor Technologies Inc. (NASDAQ:OPEN) also appointed Kaz Nejatian, chief operating officer of Shopify, as its new CEO and board member. He is a lawyer-turned-entrepreneur, an AI-native executive with a track record of transforming products, teams, and companies at scale.

The leadership changes followed the resignation of former CEO Carrie Wheeler, and calls for reinstalling Rabois into the company.

Rabois’s business strategy was bold, aggressive, and visionary, as compared with Wheeler, who was more cautious and reactive.

While we acknowledge the risk and potential of OPEN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than OPEN and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.