On the day of earnings, Opendoor CEO Kaz Nejatian joins Molly O’Shea on Sourcery to break down the public turnaround of a company that was trading around $0.50 per share, facing delisting risk, and fighting for survival in full view of the market, with the backing of the $OPEN army behind it.

Kaz stepped in after Opendoor’s market cap had collapsed to the low hundreds of millions and the iBuying model was widely written off. Instead of managing optics, he focused on fundamentals. He reviewed every employee and every invoice, cut millions in consulting spend including a $5M engagement he believed degraded quality, restructured workflows that once required 11 human touchpoints, brought the company back in person within days, and rebuilt incentives around a $1 salary and a performance based equity package worth up to $2.8B if long term targets are met.

This conversation is primarily about what it actually takes to attempt a public company turnaround in real time. We discuss speed as a learning mechanism, the power of a founder mentality, conviction under scrutiny, and the discipline required to build something durable when the stock price is disconnected from the underlying business.

In this episode, we cover:

• The psychology of running a turnaround with quarterly earnings pressure • What it means to optimize for what things are, not what they look like

• Why most public companies misprice long term growth

• The loneliness and pressure of being a founder type CEO

• Lessons from Toby Lütke at Shopify on applying a near zero discount rate to future growth

• Refusing to sacrifice long term compounding for short term stock movements

• How to build conviction while everyone is watching in public markets

If you enjoy these deep dives, subscribe to Sourcery for weekly interviews with the founders, CEOs, and investors shaping technology and markets.

Kaz Nejatian: https://x.com/nejatian

Molly O’Shea: https://x.com/MollySOShea

Sourcery: ⁠https://x.com/sourceryy

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊𝐒

YouTube: https://youtu.be/lifm020YjcU

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒

• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

• Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery

• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒

(00:00) Kaz Nejatian, CEO Opendoor

(01:11) Near delisting and stepping in at a $0.50 share price

(04:20) Obsessing over Opendoor and planning to take it private

(07:00) Running a Public company without playing the Headline Game

(09:09) The $1 salary and being fully levered to the mission