Well, everyone’s new favorite meme stock, Opendoor, is trending higher once again… Shares are up 50%+ after poaching a Shopify executive as their commander in chief. But before we break down what's going on, let's rewind a little bit.

(Source: CNBC)

For some reason, everyone seems to think the recent Opendoor meme stock rally was sparked by a bunch of WallStreetBets traders or was just some random coincidence of retail investors trying to save a wildly unprofitable business. But it actually all started when one Toronto-based hedge fund manager jumped on Twitter and wrote out a detailed thread about how Opendoor wasn’t roadkill at all… it was Carvana 2.0.

Now keep in mind, at the time the realtor stock was trading for $1 a share, was down 80% from its 52-week high, and was flirting with potentially being delisted from the stock market altogether. On top of that, short sellers were circling like a flock of bloodthirsty vultures (roughly 22-24% of the float was sold short).

But even still, Eric Jackson fired off a thread on X saying Opendoor wasn’t done. In fact, he argued it could be the next Carvana. You remember Carvana… the used car company with vending machine towers that crashed more than 95% from its highs, was drowning in debt the size of Mt. Everest, and looked one bad earnings call away from a bankruptcy auction. Then, somehow, it ripped back into one of the nastiest comeback stories of the decade… clawing its way from $4 a share to today’s $358, an 8,850% gain.

Not only did Jackson compare the two. He threw out a number you only ever see on Reddit or in a crypto group chat full of basement dwellers… a potential 100-bagger. That’s the line that took his thread from “interesting contrarian take” to “light your torches, boys, we ride at dawn.” And boy, did they ride.

Reddit lit up and X turned into a battlefield of laser-eyed Open Army memes. And Jackson, usually more of a Bloomberg Terminal guy, became a meme stock messiah overnight. And to be fair? He earned it. Not only because the stock’s currently up about 500% since he wrote that infamous twitter thread. But because this wasn’t Jackson’s first rodeo.

The Carvana reference wasn’t random, he was also one of the earliest and loudest bulls on Carvana, back when it was trading for scraps and analysts were tripping over themselves to downgrade it.

(Source: Bloomberg)

And now Opendoor’s ripping 60% after announcing it poached Kaz Nejatian from Shopify to take over as CEO. This wasn’t some random boardroom decision either… Eric Jackson had been publicly hammering the need for new leadership, and sure enough, the board listened. Out went Carrie Wheeler, in came Nejatian, with Keith Rabois sliding back in as chairman.

So yeah, Jackson wasn’t just the meme-stock hype man this time… he was part of the reason the house got remodeled. And after Carvana and now Opendoor, let’s just say people will be paying a lot closer attention the next time he claims he’s found the next 100x stock… with his meme army right behind him, laser eyes locked and loaded.

At the time of publishing this article, Stocks.News doesn’t hold positions in companies mentioned in the article.