[ad_1]
Opendoor co-founder Eric Wu is stepping down from the true property tech firm, in keeping with an SEC filing.
In an announcement, Wu stated: “After ten years, I’m known as to get again to my startup roots and create and construct once more. I’m humbled by this accomplishment and grateful for all my teammates who helped form the product, tradition, and firm.”
Wu will stay an advisor to the corporate and the board. Even throughout this time at Opendoor, he was an energetic investor. In keeping with Crunchbase, Wu has invested in dozens of corporations, together with Airtable, Scribe, Roofstock and the now-defunct Zeus Residing.
The manager had step by step been lowering his govt tasks at nine-year-old Opendoor. Final December, Wu introduced he was stepping down from his role as CEO to function Opendoor’s president of market.
The corporate, as many others working in the true property area, has had some challenges as mortgage rates of interest have soared to just about 8% – making it more durable for folks to purchase properties.
In November 2022, Opendoor introduced it was letting go of about 550 people, or 18% of the corporate, throughout all capabilities.
At the moment, Wu stated his firm was navigating “one of the crucial difficult actual property markets in 40 years.”
Opendoor went public in late December 2020 after finishing its planned merger with the SPAC Social Capital Hedosophia Holdings II, headed by investor Chamath Palihapitiya. That was after the corporate had raised about $1.3 billion in fairness funding and practically $3 billion in debt financing. Buyers embrace Basic Atlantic, the SoftBank Imaginative and prescient Fund, NEA, Norwest Enterprise Companions, GV, GGV Capital, Entry Expertise Ventures, SV Angel and Fifth Wall Ventures, together with others.
Founders embrace Wu and Founders Fund normal companion Keith Rabois.
This has been per week of founder departures. On Thursday, TechCrunch broke the information that Credit score Karma co-founder Nichole Mustard would be stepping down from the company after more than 16 years. Jack Altman additionally introduced he can be stepping down from Lattice, a software program startup he based in 2015. Altman advised Enterprise Insider that he wished “to return to the early levels of constructing an organization.”
Need extra fintech information in your inbox? Join The Interchange here.
Obtained a information tip or inside details about a subject we coated? We’d love to listen to from you. You may attain me at [email protected]. Or you possibly can drop us a be aware at [email protected]. Blissful to respect anonymity requests.
[ad_2]
