O
n June 6, Opendoor's management proposed a reverse split to lift the stock price and stay listed on Nasdaq. The stock had been struggling, but after Eric Jackson, a hedge fund manager, started promoting it on X, shares soared 189% in one week, closing at $2.25. This is the best weekly performance since Opendoor's public market debut in late 2020. Jackson's firm, EMJ Capital, has taken a position in Opendoor and believes it could be a 100-bagger over the next few years.

    Jackson said his purchases came when the stock was trading in the cents, and he's also bought options for his portfolio. Despite nothing fundamentally changing for the company, which remains a cash-burning business with meager growth prospects, Jackson's online influence has grown dramatically. He now has almost 50,000 followers on X and is attracting investor interest.

    Jackson's reputation was burnished by his early promotion of Carvana, which lost 98% of its value in 2022 but rebounded 1,000% in 2023. He's now using artificial intelligence models to find "100x" opportunities, including Opendoor, IREN, and Cipher Mining. Analysts project a decline in revenue this year, followed by growth in 2026 and 2017.

    Jackson is banking on revenue growth and increased market share to lead to profitability, which would push investors to value the company with a multiple between Zillow and Carvana. At $82, Opendoor would be worth about $60 billion, roughly five times projected 2029 revenue. Jackson will continue promoting Opendoor on X, despite his fund's minimal assets under management.