Opendoor co-founder Eric Wu is stepping down from the genuine estate tech company, according to an SEC submitting.
In a statement, Wu claimed: “After 10 several years, I am termed to get back again to my startup roots and produce and build all over again. I’m humbled by this accomplishment and grateful for all my teammates who assisted shape the product, society, and enterprise.”
Wu will keep on being an advisor to the company and the board. Even in the course of this time at Opendoor, he was an active investor. In accordance to Crunchbase, Wu has invested in dozens of firms, like Airtable, Scribe, Roofstock and the now-defunct Zeus Dwelling.
The govt experienced little by little been reducing his government obligations at nine-yr-outdated Opendoor. Previous December, Wu introduced he was stepping down from his function as CEO to serve as Opendoor’s president of marketplace.
The business, as numerous other people working in the real estate house, has had some troubles as property finance loan desire premiums have soared to almost 8% — making it more challenging for individuals to invest in households.
In November 2022, Opendoor announced it was permitting go of about 550 folks, or eighteen% of the organization, across all features.
At that time, Wu said his enterprise was navigating “one of the most challenging authentic estate marketplaces in 40 a long time.”
Opendoor went public in late December 2020 just after finishing its prepared merger with the SPAC Social Money Hedosophia Holdings II, headed by trader Chamath Palihapitiya. That was following the firm experienced raised about $1.3 billion in equity funding and almost $three billion in financial debt funding. Traders consist of Typical Atlantic, the SoftBank Vision Fund, NEA, Norwest Enterprise Associates, GV, GGV Money, Access Technology Ventures, SV Angel and Fifth Wall Ventures, alongside with other individuals.
Founders contain Wu and Founders Fund general companion Keith Rabois.
This has been a week of founder departures. On Thursday, TechCrunch broke the information that Credit Karma co-founder Nichole Mustard would be stepping down from the business following more than 16 a long time. Jack Altman also announced he would be stepping down from Lattice, a application startup he established in 2015. Altman instructed Company Insider that he desired “to return to the early phases of developing a corporation.”
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