Opendoor co-founder Eric Wu is stepping all the way down to return to his startup roots

Opendoor co-founder Eric Wu is stepping down from the actual property tech firm, in line with an SEC filing.

In a press release, Wu mentioned: “After ten years, I am called to get back to my startup roots and create and build again. I’m humbled by this accomplishment and grateful for all my teammates who helped shape the product, culture, and company.”

Wu will stay an advisor to the corporate and the board. Even throughout this time at Opendoor, he was an lively investor. In line with Crunchbase, Wu has invested in dozens of firms, together with Airtable, Scribe, Roofstock and the now-defunct Zeus Residing.

The manager had step by step been reducing 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 actual property area, has had some challenges as mortgage rates of interest have soared to almost 8% — making it more durable for folks to purchase houses. 

In November 2022, Opendoor introduced it was letting go of about 550 people, or 18% of the corporate, throughout all features. 

At the moment, Wu mentioned his firm was navigating “one of the most challenging real estate 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. Traders embrace Common 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 common accomplice Keith Rabois.

This has been every 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 needed “to return to the early stages of building a company.”

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