Opendoor co-founder Eric Wu is stepping down from the real estate tech company. SEC filing.
Wu said in a statement: “After 10 years, I am being asked to go back to my startup roots and create and build again. I am humbled by this accomplishment and grateful to my teammates who have helped shape our product, our culture, and our company. Thank you very much.”
Mr. Wu will remain an advisor to the company and its board of directors. During his time at Opendoor, he remained an active investor.according to crunch baseMr. Wu has invested in dozens of companies, including Airtable, Scribe, Roofstock and the now-defunct Zeus Living.
The executive had been gradually reducing his executive responsibilities at Opendoor, which is nine years old. Last December, Mr. Wu announced that resign from one’s role as CEO He will serve as President of Opendoor’s Marketplace Division.
Like many other companies operating in the real estate sector, the company is facing some challenges as mortgage rates have risen to nearly 8%, making it difficult for people to buy a home.
In November 2022, Opendoor announced: Let go of about 550 peoplerepresenting 18% of the company across all divisions.
At the time, Wu said his company was navigating “one of the most difficult real estate markets in 40 years.”
Opendoor completed its listing in late December 2020. Scheduled merger Partnered with SPAC Social Capital Hedosophia Holdings II led by investor Chamath Palihapitiya. This comes after the company raised about $1.3 billion in equity funding and about $3 billion in debt funding. Investors include General Atlantic, SoftBank Vision Fund, NEA, Norwest Venture Partners, GV, GGV Capital, Access Technology Ventures, SV Angel, Fifth Wall Ventures, and more.
Founders include Wu and Founders Fund general partner Keith Lavoie.
It was a week when the founder left. On Thursday, TechCrunch broke the news that Credit Karma co-founder Nichole Mustard is leaving the company after more than 16 years.Jack Altman also announced his appointment. get off the lattice“I want to go back to the early stages of building the company,” Altman told Business Insider.
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Source: techcrunch.com
