As Opendoor’s New CEO Takes Rein, Cheerleader Eric Jackson Likens Stock To Tesla, Palantir: 'It’s A Long Term Compounder’

Hedge fund manager Eric Jackson, whose bullish comments in July sparked an incredible rally in Opendoor Technology's shares, has cast the real estate platform with the likes of Tesla and Palantir, signaling significant long-term upside.

In an X post late Sunday, Jackson said Opendoor is "a cult stock like PLTR and TSLA where it’s a long term compounder which retail saw before institutions."

Differentiating Opendoor's stock move from those of meme stocks - that swing widely on social media speculation - he said, "A meme stock is a shooting star with no differentiated business, which has zero chance of long-term success like GME and AMC and GPRO."

Tesla and Palantir have $1.2 trillion and over $400 billion market caps, respectively, compared to Opendoor's $6.7 billion market value. The latter was valued at just $500 million at the start of July.

GameStop was the top video games retailer in the U.S., and AMC was the top theater chain in the 2010s. GoPro has seen a significant rise in shares in recent months, on optimism over its plan to license its video data for training AI models.

Although Opendoor's most recent quarterly results failed to impress, a few catalysts are keeping investors' interest alive. The company appointed Shopify executive Kaz Nejatian as its CEO last week, and also reappointed co-founders Keith Rabois and Eric Wu to its board.

“$OPEN New CEO starts early Monday morning. LET’S GO!” one Stocktwtis user posted.

On Friday, Rabois told CNBC that he thinks Opendoor is "bloated," suggesting trimming the workforce by as much as 85%.

On Stocktwits, the retail sentiment for Opendoor was 'extremely bullish,' unchanged over the last week. The stock is up 467% year-to-date.

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