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Investor and podcast host Anthony Pompliano is pushing back against the narrative that Opendoor Technologies Inc. (NASDAQ:OPEN) is just another “meme stock,” arguing that retail investors have evolved into a powerful and coordinated force in today’s markets.
OPEN is feeling the pressure from bearish momentum. Get the complete analysis here.
On Tuesday, in a post on X, Pompliano defended the recent retail frenzy surrounding Opendoor, saying, “The people calling $OPEN a meme stock don’t understand what is happening.”
He said this while describing retail investors as a “hive mind” that is working together to “identify opportunities,” take financial positions, and then advocating for improvements at target companies. “Think of it as a decentralized hedge fund,” he says, but one where each investor directs their own capital, while loosely collaborating “to surface the best ideas.”
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Pompliano cites Opendoor as a clear example of how retail investors are actively shaping companies rather than just trading their shares.
“Look at the hundreds of product suggestions that people have sent to Opendoor executives,” he says, adding that investors have also provided “feedback on company communications,” while helping with “the identification of potential M&A opportunities.”
For those who are still dismissive of this trend, Pompliano highlights the investor activism that got Opendoor’s CEO, Carrie Wheeler, to step down last week. “If you think this is not worth paying attention to, remember the CEO of a multi-billion dollar public company just quit in response to retail pressure,” he says.
Pompliano believes that this is just the beginning. “My expectation is that Opendoor is the first of many situations like this where the hive mind is able to move faster to opportunities than traditional investors,” he said, adding that “the power of the crowd can not be underestimated.”
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Pompliano echoed the views of hedge fund manager Eric Jackson, who has been at the forefront of Opendoor’s 875% rally since the beginning, and who has since shrugged off the “meme stock” tag, saying that it was “a real business.”
