Latest news with #steppingdown
Yahoo
2 days ago
- Business
- Yahoo
Opendoor CEO steps down as the meme stock continues to soar
Carrie Wheeler, the CEO of memestock Opendoor Technologies, is stepping down. Her announcement comes as the company's stock is up more than 100% this year. "The last weeks of intense outside interest in Opendoor have come at a time when the company needs to stay focused," she wrote. Opendoor's CEO is out — and the stock is soaring. Carrie Wheeler, the chief executive of Opendoor Technologies, announced on Friday that she's stepping down. "The last weeks of intense outside interest in Opendoor have come at a time when the company needs to stay focused and charging ahead," Wheeler said in a post on X. "I believe the best thing I can do for Opendoor now is to accelerate my succession plans." Opendoor shares spiked, with the stock up as much as 13% on Friday. Wheeler's departure comes amid Opendoor's meme stock rally that has sent the residential real estate company's share price up nearly 215% in the past month. The stock is up 104% so far this year. Hedge fund manager Eric Jackson first drove the rally in July, when he posted that he believed OpenDoor "could be a 100-bagger over the next few years." Jackson told Business Insider last month that he doesn't consider Opendoor a meme stock and that he's in it for the long term. (Regarding Wheeler's departure, Jackson wrote on X that he "was on a livestream when she quit lol.") Retail investors have flocked to OpenDoor's stock, whipped up by Jackson's bullishness and increasingly activist stance. The enthusiasm led investor and tech entrepreneur Anthony Pompliano to post that he, too, had purchased shares in the company this week. A sharp uptick ensued, with the stock rising 26% in Wednesday's session. Wheeler joined Opendoor as CEO in 2022 and helped turn the company around. "We went from $1 billion in losses when I took over, to announcing our first quarter of positive EBITDA in three years this past quarter," she said in her social media post announcing her departure. Jackson has criticized Wheeler's leadership. "You've got a CEO who never does interviews, sells stock constantly, and never buys," he said in an interview earlier this month, adding that he'd be open to joining Opendoor's board. Opendoor is an institutional homebuyer, or iBuyer. It purchases homes in cash, makes the needed repairs, and resells them. After going public in 2020 via a SPAC, the company struggled, eventually falling more than 90% from its peak before Jackson rallied public support. Read the original article on Business Insider 登入存取你的投資組合
Russia Today
10-07-2025
- Business
- Russia Today
Musk's X CEO steps down
The CEO of X, Linda Yaccarino, has announced that she is stepping down, bringing an end to her brief and often turbulent tenure at the company owned by US-based tech mogul Elon Musk. Yaccarino was appointed in mid-2023, less than a year after Musk's takeover of the platform formerly known as Twitter, succeeding him as chief executive. At the time, Musk said Yaccarino would focus on business operations while he led product design and technology development. In a post on X on Wednesday, Yaccarino offered no specific reason for stepping down. She thanked Musk for the opportunity, calling her time at the company 'two incredible years,' but did not outline future plans. She said that under her leadership, X had prioritized user safety, particularly for minors, and had worked to restore advertiser confidence. She also pointed to the launch of Community Notes, the platform's crowdsourced fact-checking feature, and X Money, its payments and fintech branch. 'The best is yet to come,' Yaccarino claimed, as the company enters a new phase with xAI, its artificial intelligence subsidiary. After two incredible years, I've decided to step down as CEO of 𝕏. When @elonmusk and I first spoke of his vision for X, I knew it would be the opportunity of a lifetime to carry out the extraordinary mission of this company. I'm immensely grateful to him for entrusting me… Musk, who also runs Tesla and SpaceX, thanked Yaccarino in a brief reply post. A replacement has yet to be named. While no official reason has been given, Yaccarino's departure is widely seen as the result of internal and external pressures, including reported tensions with Musk, mounting content moderation controversies, and struggles to regain advertiser trust. Her time as CEO coincided with one of the most volatile periods in the platform's history. Despite being appointed CEO, Yaccarino's authority was often constrained, with Musk maintaining control over key decisions. According to the Financial Times, her limited autonomy may have caused friction. Advertising revenue remained under pressure amid concerns over hate speech, misinformation, and ads appearing next to extremist content, several media outlets noted. This was cited as triggering an advertiser exodus and a lawsuit X filed against the Global Alliance for Responsible Media, which later disbanded. Brand safety issues escalated with the rollout of Grok, an AI tool developed by xAI. The chatbot sparked backlash for promoting racist and antisemitic content, prompting xAI to remove offensive posts and implement stronger moderation tools. Before joining X, Yaccarino spent over a decade leading global advertising at NBCUniversal. She served on US President Donald Trump's Sports Council during his first term and later chaired the Ad Council, where she collaborated with the administration of Joe Biden on a Covid-19 vaccine campaign featuring Pope Francis.
