domainapple@gmail.com 00:03 Speaker A
Pindoor has become one of Wall Street’s most talked about stocks. Shares soared nearly 80% in a single day after naming a former Shopify executive as CEO. Stock is now up more than 400% this year and our next guest has confidence that this isn’t just another meme stock. It’s a real turnaround story. Join me now, got Eric Jackson, founder and president of EMJ Capital. Eric, it is great to see you on set. So, let’s talk all things open door, Eric. Um
00:41 Speaker A
got a new CEO, uh, co-founders coming back to the board, some big names there. Walk me through what this means. I’m curious just how you think about what the business strategy is going to be here and and how open door in your opinion succeeds with just the the brand, the tech, the platform they have now.
01:05 Eric Jackson
Well, Keith Boy has been the most outspoken guy on Twitter like up to this point out of any of them in terms of sharing his thought. He he he never holds back. Like he he you know, he’s no filter. Just like what he thinks he says, you know, he’s very he was very critical of Carrie, the former CEO, who said she was like like a Skully, you know, and needed to be gone as ASAP. He was right, by the way. like uh and so I I tend to think I my personal belief is like he’s the smartest guy in tech in in Bar Nut, okay? I I agree with Keith. He’s not always 100% right. None of us is, but you know, he tends to be very, very right and and very on the money and knows how to create value. So he’s already hinted like, there needs to be major job cuts here. There needs to be like a focus on AI. He need there there needs to be an explosion of the number of sellers and buyers like on open door transacting. And this can be the Amazon of housing if they get this right. Now,
02:04 Eric Jackson
uh, now it’s been kind of validated that view because obviously he’s back on the board now. He had a major hand in in hiring Kaz, the new CEO. Keith thinks that he’s Kaz is going to be like a Travis Kalanick like in terms of how he goes goes about this. Uh, there’s apparently been a big like work from home ethos at Open Door. That’s gone, you know, everybody’s going to be in the office now. Keith said like Keith said like this company could survive with like 10% of the current workforce, uh, and the rest done through AI. Like that was
02:44 Speaker A
And how big is that workforce right now?
02:45 Eric Jackson
1407 people currently, according to Bloomberg. Uh so you he’s talking about going down to like 100 person, 150 person workforce. Um, probably, you know, so it would be a major difference. So the bearish case against Open Door before Keith and announce this 80% up day yesterday and Keith and and Kaz coming back was like, I banks never worked, therefore it will never work. And this company has failed before. Um, like no, you know, it’s a little dinky company, $3 billion dollar market cap or whatever, like why, you know, it won’t be successful. So mind you like that argument would have said that uh when Steve Jobs came back to Apple, just shut it down then, you know, like there’s no there’s no point in continuing because it hasn’t been successful to this point.
03:41 Speaker A
Which some did say by the way.
03:42 Eric Jackson
Michael Dell did say that. So, anyway, I I like but then you say like, why would the number two guy at Shopify, you know, who who probably if he played his cards right would be the CEO relatively soon, widely respected in the world of tech, you know, everyone loves him. Why would he leave Shopify and take the job as CEO of a, you know, three, I don’t know, before they before the 80% update was probably a two billion dollar, you know, market cap company. Like, obviously, like he sees the same vision that Keith does and he thinks that this can be the Amazon of housing first in the US, but then like the Uber playbook is you you blow that out worldwide international. So like obviously he sees this as a big opportunity and I agree with him. And so, you know, the bears really don’t have a leg to stand on.
