Eric Wu, Opendoor Co-Founder
Illustration by Lanette Behiry/Real Estate News

Opendoor co-founder Eric Wu is leaving the company 

Wu previously stepped down from the CEO role last year and said he is now "called to get back to my startup roots."

December 15, 2023
2 minutes

Eric Wu, co-founder and former CEO of Opendoor, is leaving the iBuying leader at the end of the year to "create and build again" in the startup world. Wu was one of three founders to launch Opendoor in 2014.

Wu had stepped down from the CEO role a year ago to focus on Opendoor Exclusives, a marketplace that sells homes directly and exclusively to consumers. That initiative now will be led by Merav Bloch, VP and GM of Exclusives.

Carrie Wheeler, who took over the CEO role from Wu, will continue to help the company navigate what has been a challenging year — for Opendoor and the industry as a whole. Opendoor cut about 22% of its workforce in April and reported losses of more than $100 million when it released its third-quarter earnings in November, but the company is looking to "reaccelerate revenue" in 2024, buying more homes and expanding its partnership channels.

"I want to thank Eric for his courage, innovation, and grit over the years," Wheeler said. "Opendoor would not be here without him and his unwavering commitment to our customers."

Wu will remain an advisor to Opendoor's board of directors. 

"After ten years, I am called to get back to my startup roots and create and build again," Wu said. "I know the company is in good hands with our leadership team and the hundreds of teammates focused and deeply committed to our mission."

Opendoor is one of the last iBuyers standing after major players like Zillow and Redfin shuttered their iBuying businesses in 2021 and 2022. And it's continuing to push forward. The company has forged new partnerships and increased its outreach to agents, expanding its agent loyalty program and launching a nationwide referral program.

"Ten years ago, we founded Opendoor with the simple goal of making buying and selling a home a few taps," Wu said. "Today, over 250,000 individuals and families have trusted us to simplify their largest transaction, we have changed an entire category, and we have built the foundation for the next decade of innovation and growth."

After making gains earlier in the week, Opendoor stock fell more than 10% on Dec. 15 following the news of Wu's departure.

Get the latest real estate news delivered to your inbox.