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Opendoorco - father Eric Wu is stepping down from the real acres tech caller , according toan SEC filing .
In a statement , Wu said : “ After ten year , I am called to get back to my startup origin and produce and build again . I ’m humble by this accomplishment and thankful for all my teammates who help mold the product , refinement , and company . ”
Wu will stay an adviser to the ship’s company and the board . Even during this metre at Opendoor , he was an active investor . According toCrunchbase , Wu has invest in wads of companies , include Airtable , Scribe , Roofstock and the now - defunct Zeus Living .
The executive had bit by bit been decreasing his executive obligation at nine - year - old Opendoor . Last December , Wu announce he wasstepping down from his role as CEOto serve as Opendoor ’s President of the United States of marketplace .
The ship’s company , as many others operating in the literal estate space , has had some challenges as mortgage interest rates have zoom to nearly 8 % — making it harder for people to grease one’s palms dwelling .
In November 2022 , Opendoor announced it wasletting go of about 550 people , or 18 % of the fellowship , across all functions .
At that time , Wu said his company was pilot “ one of the most challenging material estate markets in 40 years . ”
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Opendoor went public in previous December 2020 after completing itsplanned mergerwith the SPAC Social Capital Hedosophia Holdings II , guide by investor Chamath Palihapitiya . That was after the caller had raised about $ 1.3 billion in equity funding and near $ 3 billion in debt financing . Investors include General Atlantic , the SoftBank Vision Fund , NEA , Norwest Venture Partners , GV , GGV Capital , Access Technology Ventures , SV Angel and Fifth Wall Ventures , along with others .
Founders let in Wu and Founders Fund oecumenical partner Keith Rabois .
This has been a week of founder leaving . On Thursday , TechCrunch stop the news that Credit Karma cobalt - founder Nichole Mustardwould be stepping down from the fellowship after more than 16 years . Jack Altman also announced he would bestepping down from Lattice , a software startup he founded in 2015 . Altman tell Business Insider that he wanted “ to come back to the early phase of build a company . ”
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