Opendoor Technologies Inc (OPEN) shares plummeted 5.42% in pre-market trading on Friday, giving back some of the massive gains from the previous session. The stock had surged an impressive 79.5% on Thursday following the announcement of a new CEO and changes to the company's board.

The pre-market decline appears to be driven by profit-taking as investors reassess the stock's rapid ascent. On Thursday, Opendoor appointed Kaz Nejatian, former COO of Shopify, as its new CEO. The company also reappointed co-founders Keith Rabois and Eric Wu to the board, moves that initially excited investors and drove the stock to close at $10.52.

While the leadership changes were met with enthusiasm, including positive comments from notable investors like Anthony Pompliano, the sharp reversal in pre-market trading suggests that some investors are cashing in on the spike. The volatility underscores the speculative nature of Opendoor's stock, which has seen a remarkable turnaround from its 52-week low of $0.51 in June. Despite the pre-market pullback, the stock remains significantly higher for the year, reflecting ongoing investor interest in the company's potential under new leadership.