According to an SEC filing, Opendoor co-founder Eric Wu is stepping down from the real estate software firm.
Wu said in a statement, “After ten years, I am called to return to my startup roots and create and build again.” This achievement humbles me, and I’m thankful to all of my coworkers who helped develop the product, culture, and organization.”
Wu will continue to advise the firm and the board. He was an active investor even throughout his tenure at Opendoor. Wu has invested in scores of firms, including Airtable, Scribe, Roofstock, and the now-defunct Zeus Living, according to Crunchbase. 
The executive had steadily reduced his executive duties at Opendoor, which was nine years old. Wu stated in December that he was stepping down as CEO to become Opendoor’s president of Marketplace.
The firm, like many others in the real estate industry, has had some difficulties as mortgage interest rates have risen to about 8%, making it more difficult for consumers to acquire houses.
In November 2022, Opendoor announced the layoff of around 550 employees, or 18% of the firm, across all departments.
Wu said at the time that his firm was dealing with “one of the most challenging real estate markets in 40 years.”
After completing its planned merger with SPAC Social Capital Hedosophia Holdings II, led by investor Chamath Palihapitiya, Opendoor went public in late December 2020. That came after the business obtained around $1.3 billion in stock and over $3 billion in debt financing. General Atlantic, the SoftBank Vision Fund, NEA, Norwest Venture Partners, GV, GGV Capital, Access Technology Ventures, SV Angel, and Fifth Wall Ventures are among those who have invested.
Wu and Founders Fund managing partner Keith Rabois are among the founders.
This week has seen the departure of many founders. Eltrys announced on Thursday that Credit Karma co-founder Nichole Mustard will be leaving the firm after more than 16 years. Jack Altman also announced his intention to leave Lattice, a software business he established in 2015. Altman told Business Insider that he wants “to return to the early stages of building a company.”
