Opendoor stock soared nearly 900% thanks to Reddit hype -- but here's why that could spell disaster for investors.

In a statement Friday, Opendoor said that Chief Executive Carrie Wheeler, who also chaired the company’s board, was stepping down from her roles effective immediately. Shrisha Radhakrishna, the company’s chief technology and product officer, has been appointed president and interim leader.

Opendoor Technologies Inc (NASDAQ:OPEN) shares are hitting their highest levels of August following a strong momentum surge last month. Here's what you need to know.