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Ian Wong
Co-Founder & CEO @summation_hq
Previously Co-Founder & CTO @opendoor
Carrie steadied the ship when times were very tough. Her execution & steadfastness cannot be understated. I'm grateful for her leadership.
15.8. klo 21.03
Today, I am stepping down as CEO of Opendoor.
When the Board of Directors asked me to take on this role at the end of 2022, the company was in crisis. The real estate market was punishing, the business needed a reset, and the path forward was uncertain. My mandate was clear: stabilize the company and do what was necessary to survive. Of course, I said yes – because I believed in Opendoor.
It wasn’t easy, and it wasn’t about glamorous headlines, but we stopped the bleeding. We restructured the business, rebuilt an exceptional leadership team, set a bold vision for long-term value creation, and reshaped the company for the future – all against the backdrop of one of the toughest real estate markets on record. We went from $1 billion in losses when I took over, to announcing our first quarter of positive EBITDA in three years this past quarter. We architected a new strategy and moved from being a single-product operator to a multi-product platform for consumers and agents alike. And all the while, we continued to deliver for customers with an NPS of 80. I’m proud of the transformation we’ve driven together.
To everyone who helped steady this ship: thank you. This was a turnaround in every sense of the word. The last weeks of intense outside interest in Opendoor have come at a time when the company needs to stay focused and charging ahead. I believe the best thing I can do for Opendoor now is to accelerate my succession plans that I shared with the Board mid-year and make room for new leadership to take the reins.
I am pleased that the leadership team will continue to execute on the vision and strategy that we put in place. I am deeply grateful for the incredible team at Opendoor for their passion for reinventing the real estate business. The foundation is stronger, the vision is sharper, and the business is ready for what comes next. I’m closing this chapter with pride, clarity and gratitude.
16,85K
Ian Wong kirjasi uudelleen
Governor Ferguson just signed the Washington state budget, enacting the largest tax increase in state history. Notably he hiked the capital gains tax from 7% to just under 10% and the estate tax from 20% to 35%, which is the highest in the nation, by far.
Instead of reigning in spending and searching for long term solutions to Washington's critical budgetary and social problems, our Governor has chosen a path that will create massive long term economic damage to our state.
It is no wonder that Washington is facing an exodus of its most successful residents and small business owners. It is not merely that the illegal and unconstitutional capital gains tax destroys the incentive to build businesses in Washington state, it's also that there is no certainty about when and by how much the legislature will hike the rate next.
Worst of all, despite the incredibly high cost of living in WA and punitive tax policies, we have little to show for it. For example, despite having one of the highest costs per student to educate our children, the National Assessment of Educational Progress ranks Washington's as the four worst state in the country for educational results of our 4th and 8th graders. We face a drug and mental health crisis on the streets of our cities, while crime continues to rise.
What we are witnessing is an epic failure of governance and the unwillingness to address the issues that matter most to the residents in our state. At the same time other states are outcompeting us, building stronger economies, creating safer communities and attracting our residents away from the state.
It's a sad day to be a resident of Washington state.
80,12K
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