Opendoor has turned into a meme stock due to its high short interest, which sits at an estimated 23% of its outstanding shares. High-profile investors have begun to promote the stock on financial media outlets, which has driven the share price higher and with major volatility.

Opendoor CEO Carrie Wheeler's departure comes as retail investors pushed the stock up more than 200% in the last month.

Shrisha Radhakrishna, Opendoor’s chief technology and product officer, is taking over as president and interim leader. The company said its search for a permanent replacement is “well underway,” having begun a succession planning process after Wheeler approached the board earlier this year.