Opendoor Technologies Inc. shares surged by as much as 69% Thursday after announcing the return of its co-founders to the board and a new chief executive officer. 

If the advance holds it will be the biggest one-day gain for the home-flipper turned meme stock on record — continuing its blistering 450% run up since mid-July — after the real estate company said co-founders Keith Rabois and Eric Wu will rejoin the board and named Shopify Inc.’s Kaz Nejatian CEO.

“It’s everything I could’ve asked for and more. It’s a dream team,” said Toronto-based hedge fund manager Eric Jackson of EMJ Capital Ltd., who had bought Opendoor shares at around 70 cents, in an interview. The stock traded to as high as $9.94 as of 11:50 a.m. New York time on Thursday.   

READ MORE: Opendoor CEO Carrie Wheeler exits the meme stock darling

Jackson has encouraged investors to buy shares of the company in a series of bullish social media posts that led to July’s retail trader frenzy in the stock and sparked a broader rally in other highly-speculative names across the market. Opendoor shares soared by as much as 832% before paring gains.

The management change comes just weeks after former CEO Carrie Wheeler stepped down following increasing pressure from shareholders and online chatter doubting her ability to lead the company.

Opendoor has a software-driven approach to flipping homes known as iBuying, which caught on with consumers in the hot housing market that followed early Covid lockdowns. But the business started to struggle in the middle of 2022 when interest rates began rising, subsequently sending shares almost to the brink of a Nasdaq delisting just four months ago. 

READ MORE: Opendoor reduces losses by 68% in the second quarter

“The share price is the quantitative measurement of sentiment around this business,” Anthony Pompliano, CEO of ProCap Acquisition Corp. said in an interview. 

Pompliano, who is a prominent cryptocurrency investor and podcaster, announced that he bought shares of the firm last month and has since been continually touting the stock on X.

“Sixty days ago, it was left for dead,” he said. “Today, there are thousands of investors who are very excited about the prospect of this business, and they believe that it is in a much better position than it was 60 days ago.”