Real estate service Opendoor rallies 190% driven by social media

On June 6, online real estate service OpenDoor He was very desperate to get his share price to strike more than $ 1 and remain listed on the Nasdaq Stock Exchange so that the administration was proposed The opposite divisionIt is possible that the price of each share will be raised by up to 50 times.

The inventory has risen its way over the next five weeks.

Then Eric Jackson began encouragement.

Jackson, director of hedge funds, who was optimistic about OpenDoor years ago when the company seemed to flourish and amount to about 20 billion dollars, Books on x On Monday that his company, Emj Capital, returned to the stocks.

“@emjCapital took a position in Open dollar -We believe that it could serve as 100 strikers over the next few years, “Jackson wrote. He later added on the topic that the stock could get $ 82.

It is a long and long way for that sign.

OpenDoor shares increased by 189 % this week, to a large extent the best weekly performance since the company’s general market appeared in late 2020. The stock was closed on Friday at $ 2.25. The circulation days roaming their highest size were Wednesday, Thursday and Friday this week.

Jackson said in an interview on Thursday that the largest part of the purchases of his company Opendooor came when the stock was in the 1970s and eighties, which means cinema, and also bought options for his wallet.

Nothing has been improved mainly for the company since Jackson’s purchases. OpenDoor is still low -marginal cash with probabilities close to the short term.

What has changed greatly is the effect of Jackson on the Internet and its follow -up. The more it is spread, the higher the shares.

“There is a real hunger to buy the next big thing,” Jackson told CNBC.

It is a common thing with Jackson, based in Toronto, with OpenDoor.

When OpenDoor was published through The acquisition company for special purposes In 2020, he was riding a plumbing wave and wider gains driven by lower interest rates and the coffin of the Kofid era. Investors pumped money into the most dangerous assets, and raised the money that loses technology to astronomical assessments.

OpenDoor works included the use of technology to buy and sell homes and achieve gains. Zillow Tried to fail For competition.

OpenDoor shares reached more than $ 39 in February 2021 for a maximum market higher than $ 22.5 billion. But by the end of that year, the shares were trading less than $ 15, before 92 % collapsed in 2022 to end the year at $ 1.16.

The high interest rates in the entire technology sector increased, and OpenDoor hit the increase in borrowing costs reduced the demand for homes.

Likewise, in 2022 Jackson had a miserable, coinciding with the worst year on the Nasdaq Stock Exchange since 2008. Jackson said his main agent withdrew his money at the end of the year, and “I have been young since then.”

While his origins under management are still minimal, Jackson’s reputation to reach an early recovery story Carvana.

The e -commerce platform for cars lost 98 % of its value in 2022, when investors were wearing bankruptcy. In the middle of that year, with Carvana is still far from the bottom, Jackson expressed his rise. he CNBC said In April, he loved the arrow, then promoted his healing on a Podcast In June. He also said he loves OpenDoor at the time.

Investors who want to increase the losses in 2022 were rewarded with an increase of 1000 % in 2023, and a lot of upward trend from there. The stock closed on Friday at $ 347.52, up from $ 3.72 in December 2022, and made three times the price at the time of Jackson on CNBC in April of that year.

After the 2022 Carvana chip, “It is clear that he started an epic return,” Jackson said. Meanwhile, OpenDoor said, continued to decrease in the mountain. “

Jackson said that the repercussions of 2022 led him to follow a different way of storage. He began to employ a small team of developers, and it is now four people, to build artificial intelligence Models. The company tried many models – some of them succeeded and some did not do that – but he said that the focus now uses what he learned from Carvana to find “100x” opportunities.

In addition to OpenDoor, Jackson has been promoted IreneBitcoin mining and work burdens of artificial intelligence, and Craft miningIt is in a similar space. He saw his follow -up Elon MuskThe social networking site X, which said it was stuck for years ranging between 32000 and 34,000, to nearly 50,000. After a long calm, investors communicate with him to try to put money in his box.

Jackson has a lot of ride on OpenDoor, a company that has witnessed revenues and a number of houses sold in The first quarter Earlier, I got nearly $ 370 million of losses during the past four quarters.

In early June, OpenDoor announced plans to divide the reverse – ranging from 1 to 10 to 50 – to “giving us our option to keep our list on the Nasdak Stock Exchange.” With a share of more than one dollar, this step appears to be less necessary, as shareholders are preparing to vote on the proposal on July 28.

“I think it is a terrible idea,” Jackson said. “These things usually enhance the company’s transfer to forgetting rather than retracting some great revival.”

OpenDoor did not respond to a request for comment.

With zillow and Redvin presence out OpenDoor is only facing the immediate purchase market, a little competition in allowing homeowners to sell their property online in cash, instead of the passage of bidding, sales and closure.

Jackson, with banks, grows revenues and increases their market share to lead to a profitable work that will push investors to evaluate the company with complications somewhere between Zillow and Carvana. At $ 82, the value of OpenDoor is about $ 60 billion, which is approximately 5 times revenue 2029.

Jackson said that his model assumes that “like Carvana, OpenDoor can prove that it can manage the tide permanently and sustainable profitability” until “Market Mustructed” is reassessed.

Meanwhile, it will continue to publish on X.

On Friday, Jackson wrote a thread consisting of 11 jobs, narrating the challenge of disappearing “99.5 % of my AUM” overnight after the withdrawal of his primary investor in 2022.

Jackson wrote: “The translation: He released me for losing a lot of money,” Jackson wrote. He said he had almost closed the box, and even was encouraged to do so by his wife and accountant.

Now, Jackson uses his last momentum on social media to try to attract investor money, with expectations that he might lose them.

“All I have is my reputation,” Books, “and I did not continue to choose good stocks, it will disappear.”

He watches: I don’t know yet whether the public subscription market has returned to full health