BREAKING: Exclusive BTS Opendoor HQ Tour + Live Product Meeting

CEO Kaz Nejatian | Michael Judd, Investor Relations

EXCLUSIVE Earning’s Day BTS

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.

→ Listen on X, Spotify, YouTube, Apple

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, $OPEN Investor Relations, 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.

𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒

(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

---

Brought to you by:

Brex—The intelligent finance platform: cards, expenses, travel, bill pay, banking—wrapped into a high-performance stack. Built for scale. Trusted by teams that move fast. visit → brex.com/sourcery

Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance, and enable enterprises to turn those models into powerful, production-ready systems. Visit: 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: 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. Try it today: public.com/sourcery

---

Inside Opendoor on Earnings Day

“Welcome to Opendoor San Francisco. Let me show you around.”

Kaz’s desk sits in the middle of the open floor plan. Earnings merchandise was being packed on-site ahead of the livestream. Legal and finance teams were preparing final materials. Dashboards were mounted prominently throughout the office.

“When I got here, there were no dashboards on the wall. I’m like, lots of dashboards, please.”

One war room model was live and running in real time. A sticky note under a performance chart read “grow more,” reflecting internal focus on output and iteration. Kaz described the team structure directly:

“It’s actually hilarious because everyone has seven jobs here. Everyone has multiple jobs.”

Reinventing the Earnings Call

A central change under Kaz has been the structure of investor communication. Michael Judd, Head of Investor Relations and one of Opendoor’s longest-standing employees, described the shift after Kaz became CEO.

“Kaz came in and day one was like, guys, we’re doing video livestream. I want to stream it on Robinhood… we’re getting rid of the shareholder letter. We are going to do Q&A.”

Opendoor became the first company other than Robinhood itself to livestream earnings on the Robinhood platform. The goal, as Judd explained, was to align distribution with audience behavior.

“Meeting those believers where they are rather than forcing them into old Wall Street corners.”

Retail ownership is acknowledged openly within the company. Kaz stated:

“We’re deeply proud that Opendoor is one of the most broadly held companies in America.”

The decision to livestream earnings and eliminate the traditional shareholder letter format reflects that approach. The company has also launched Accountable as a public accountability channel.

Opendoor 2.0

Judd joined Opendoor in 2016 when it operated in just two markets. He has seen the company expand, contract, and reset.

“Not many companies really get a chance at a second or third birth like this.”

He described the through-line as mission continuity.

“This mission matters so much… recognizing how broken the existing process is and the fact that we believe that our solution is not just important to our customers but to America generally.”

When discussing the shift in internal execution, he noted:

“We’re all probably a little more capable than we sometimes give ourselves credit for.”

The acceleration of earnings format changes in a matter of weeks was cited as one example of that compressed capability.

Wartime Posture

In his conference room, Kaz keeps a sword. Yes, a sword. One of the most important tools for steering a public company on offense. When asked about it, he explained:

“Modern companies become very meek. They’re afraid of themselves. It’s wartime.”

He referenced other public CEOs who have adopted similar symbolism:

“Elon has one. Alex [Karp] has one. I have one. I’m not gonna say we’re all the same. I’m not saying that we’re all similar people with similar styles and similar companies — other people might say that.”

The sword is a reminder that leadership requires conviction and urgency. It connects directly to his broader operating principle:

“Is the founder chair taken?”

→ Listen on X, Spotify, YouTube, Apple

---

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

---

The material presented on Molly O’Shea’s website are my opinions only and are provided for informational purposes and should not be construed as investment advice. It is not a recommendation of, or an offer to sell or solicitation of an offer to buy, any particular security, strategy, or investment product. Any analysis or discussion of investments, sectors or the market generally are based on current information, including from public sources, that I consider reliable, but I do not represent that any research or the information provided is accurate or complete, and it should not be relied on as such. My views and opinions expressed in any website content are current at the time of publication and are subject to change. Past performance is not indicative of future results.

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.