Turnarounds are people stories

🏡 Turnarounds are people stories. The financials are always the last thing to change → the people change first. So read $OPEN’s people:

→ New CEO’s @nejatian salary: $1. No bonus. ~82M shares that only vest at prices from $6.24 to $33 → the $TSLA structure (performance based compensation is my preferred). He gets paid if YOU get paid, in that order. Bought $1M of stock at ~$8 anyway.

→ The founders came back → @rabois as chairman, @ericwu01 to the board, $40M of their own capital in.
→ President poached from $COIN Canada @lucmatheson
→ CEO & President both $SHOP – built.

Now read what changed since they arrived in Sept25:

→ Aged inventory: 51% of the book → 10%
→ Acquisition contracts: 5,000+ in Q1, best since 2022
→ Margin bleed per cohort: cut 3x
→ Adjusted EBITDA positive as of April. $1B cash. Bought Doma’s escrow arm → five-hour title work now takes minutes.

And the CEO published his own kill switch → if cohorts revert, contracts stall, or aged inventory creeps back, “we’re not doing what we said.” Teams that hand you their falsification criteria keep honest score.

Wall Street’s median target: $1.70. They’re pricing the old machine. The people rebuilt it → $OPEN 2.0 📈

Teams turn companies. This one shows up in the numbers first. 👀

Long $OPEN