Keith Rabois, Kaz Nejatian and Eric Wu

Opendoor, led by CEO Kaz Nejatian, got some good news this past spring just when the company really needed it. 

At the end of the second quarter of 2026, Opendoor reported increased revenue of 23 percent from the prior quarter and a 149 percent rise in homes purchased through the platform compared to the previous year, as well as a decline from $8,400 to $3,000 in operations expense per close, and fewer homes — from 36 percent the year before to 9 percent — still on the market 120 days after listing.

The company has also been scaling its Cash Now, More Later program, which allows sellers to receive cash from a sale upfront at closing while also participating in the potential upside when a house sells.

That said, the company’s stock price tumbled to a 52-week low of $2.52 per share in mid-September.

Why?

Nejatian, who took over as CEO in September 2025 — at the same time co-founders Keith Rabois and Eric Wu rejoined the firm as chairman and board member, respectively, with Wu and Rabois’s Khosla Ventures investing $40 million of equity into the company — told the Knowledge Project podcast that Opendoor had previously paid millions of dollars to consultants who pushed the firm to “offshore jobs, expand general and administrative expenses, and cut engineering investment,” all of which hurt the company’s ability to innovate.    

In response, Nejatian issued a company-wide return-to-office order, and reoriented the firm around certain key employees he felt had kept it moving forward during challenging times.

Meanwhile, its co-founders-slash-board members are also keeping busy elsewhere. 

As managing director at Khosla Ventures, Rabois — an early investor in Stripe, YouTube, Airbnb, Palantir and more — announced the Menlo Park, Calif.-based Khosla’s first New York City office, which will be opening on 14th Street.

And Wu recently founded the proptech company NavigateAI, which bills itself as the “AI co-pilot for the physical world.” Wu serves as its CEO.