04:53 AM EDT, 09/11/2025 (MT Newswires) -- (Updates with the stock price movement in the headline and the first paragraph.)

Opendoor Technologies ( OPEN ) shares were up 32% in recent premarket activity Thursday after the company said overnight it named Kaz Nejatian as chief executive and a board member.

Nejatian was most recently chief operating officer of Shopify ( SHOP ) , Opendoor ( OPEN ) said late Wednesday.

The company also appointed Khosla Ventures managing director Keith Rabois and NavigateAI co-founder Eric Wu to the board. Rabois will be board chairman, while Wu will be a lead independent director, effective immediately.

Khosla Ventures and Wu also invested $40 million in Opendoor ( OPEN ) equity via a private placement. Proceeds will be used to fund continued investment in the business, according to the company.