Jun 9, 2017

Exclusive: Uber's finance chief heads to real estate startup Opendoor

via LinkedIn

Gautam Gupta, Uber's outgoing finance chief, is headed to home-buying startup Opendoor as its chief operating officer, the company tells Axios. Gupta has spent four years at Uber, becoming its highest ranking finance executive after CFO Brent Callinicos left in 2015. He will formally leave the ride-hail giant next month.

From cars to real estate: Gupta's jump to Opendoor is the byproduct of his longtime friendship with CEO Eric Wu and great timing, according to Wu. Gupta will be Opendoor's first COO as the startup plans its next phase of growth, which will include building out an expansion playbook. By the end of the year, it hopes to be in eight to 10 markets, up from the three it currently operates in.

Along with Gupta, Opendoor is also bringing on two longtime Amazon executives: Jason Child who will be the startup's CFO, and Bali Raghavan as VP of engineering. Both spent 12 years at the online retail giant.

Background: Opendoor was founded in 2014 to streamline residential real estate transactions. Thanks to credit lines from undisclosed financial institutions, it purchases homes directly and then sells them ― making money via fees, just like traditional real estate brokers. It has raised $320 million from firms like Khosla Ventures (where Opendoor co-founder Keith Rabois is a partner), Norwest Venture Partners, NEA and GGV Capital.

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U.S. cities crackdown on protests against police brutality

Photo: Megan Jelinger/Anadolu Agency via Getty Images

Major U.S. cities have implemented curfews and called on National Guard to mobilize as thousands of protesters gather across the nation to continue protesting the death of George Floyd.

The state of play: Hundreds have already been arrested as tensions continue to rise between protesters and local governments. Protesters are setting police cars on fire as freeways remain blocked and windows are shattered, per the Washington Post. Law enforcement officials are using tear gas and rubber bullets to try to disperse crowds and send protesters home.

Trump to invite Russia and other non-member G7 countries to summit

President Trump at Cape Canaveral, Florida, on Saturday. Photo: Saul Martinez/Getty Images

President Trump told reporters on Saturday evening he would postpone the G7 summit to September and expand the meeting to more nations that are not members of the Group of 7.

Details: Trump said he would invite Russia, South Korea, Australia and India to the summit, according to a pool report. "I don’t feel that as a G7 it properly represents what’s going on in the world. It’s a very outdated group of countries," he said.

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George Floyd protests: What you need to know

Thousands of protesters march in Denver, Colorado, on May 30. Photo: Michael Ciaglo/Getty Images)

Curfews are being imposed in Portland, Oregon, and Cincinnati, while the governors of Georgia, Kentucky, Ohio and Texas activated the National Guard following unrest in the states, per AP.

The big picture: Floyd's fatal run-in with police is the latest reminder of the disparities between black and white communities in the U.S. and comes as African Americans grapple with higher death rates from the coronavirus and higher unemployment from trying to stem its spread.