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 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.