Opendoor CEO Eric Wu steps down

Opendoor, the nation’s largest iBuyer who lost $928 million in the third quarter, has announced a significant leadership reshuffle. Co-Founder and CEO Eric Wu, the seventh most powerful person in real estate (according to the 2022 SP 200), transitioned to president of the company’s marketplace division. President Andrew Low Ah Kee is leaving the company. Carrie Wheeler, the firm’s chief financial officer, will take over as Opendoor CEO. This news along with Redfin backing out of iBuying and Offerpad potentially getting delisted, reveals the extent to which the iBuying business model is taking a hit. If any company will make it through, it will likely be Opendoor, as it is the closest to achieving the scale at which iBuying benefits really show.