Second Act: Lessons from a Near-Delisting

On Q4’25 earnings day, I went inside Opendoor’s San Francisco headquarters for an exclusive behind-the-scenes look at how the company operates in real time.

CEO Kaz Nejatian gave us a full office tour — from dashboards and war rooms to earnings prep and the team packing merch ahead of the livestream. We sat in on a product discussion, watched the team prepare their live earnings broadcast, and saw firsthand how the culture operates under pressure.

I also spoke with Michael Judd, Head of Investor Relations, $OPEN investor relations lead, and one of the longest-standing Opendoor employees (joined in 2016). He shares what it’s been like to see Opendoor move through multiple chapters — from early markets, to stock decline, to what the team calls a “second birth.”

In this episode, we cover:

• Why Opendoor livestreams earnings — including streaming on Robinhood

• How the $OPEN Army became part of the company’s public narrative

• Innovating on investor relations in a digital market • Weekly velocity and compressed execution cycles

• What a public company “second act” looks like internally

• The mission behind making homeownership more accessible

This is a rare inside look at earnings day inside a public company — the people, the pace, the pressure, and the product.

If you want more, check out our full interview with Kaz.

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

Michael Judd: https://x.com/michaeljudd321 

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

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(00:00) Inside Opendoor HQ

(00:57) Earnings day energy with CEO Kaz

(03:42) Why is there a sword in the conference room?

(04:58) Retail investors, capitalism, and leading in wartime

(08:08) Michael Judd on a decade of rise and reset

(10:25) Reinventing earnings with live streams

(13:38) Keeping up with Kaz

(14:16) The $Open Army

(15:07) From $0.50 share price to resurrection

(18:07) Closed doors at Opendoor?

(19:38) Inside a live product meeting with Kaz & team