Opendoor Co-Founder Eric Wu to Resign Current Roles Jan. 1

Opendoor Co-founder Eric Wu will resign from the company effective Jan. 1.

Wu will leave his roles as president of marketplace and a member of the board of directors but will remain an advisor to the company and the board, Opendoor said in a Friday (Dec. 15) filing with the Securities and Exchange Commission (SEC).

His resignation was not due to any disagreement with the company, management or board, Opendoor said in the filing.

Wu had been reducing his responsibilities at the real estate tech company, shifting from CEO to his current role in December 2022, TechCrunch reported Friday.

“After 10 years, I am called to get back to my startup roots and create and build again,” Wu said in a statement provided to the media outlet. “I’m humbled by this accomplishment and grateful for all my teammates who helped shape the product, culture and company.”

Throughout his tenure at Opendoor, Wu played a key role in the company’s growth and actively invested in various companies, according to the report.

Opendoor, like many other companies in the real estate industry, has faced challenges due to the surge in mortgage interest rates, making it more difficult for people to purchase homes, the report said.

In response to the challenging real estate market, Opendoor adjusted, including letting go of about 550 employees, representing 18% of the company, across all functions in November 2022, per the report.

In May, Opendoor cut another 560 jobs, or 22% of its workforce, saying that it has been “weathering a sharp transition in the housing market.”

Opendoor went public in late 2020 after completing a merger with the SPAC Social Capital Hedosophia II, according to the TechCrunch report. Before going public, the company had raised $1.3 billion in equity funding and almost $3 billion in debt financing.

Wu’s departure from Opendoor is part of a trend of founder departures in the tech industry, the report said. It was reported this week that Credit Karma Co-founder Nichole Mustard and Lattice founder Jack Altman also plan to depart their respective companies.