(Exclusive HQ Tour) Inside Opendoor on Earnings Day

**Kaz Nejatian** (0:00)
Modern companies become very unique. They're afraid of themselves, like it's wartime. Public markets were created such that average Americans could have a say in the companies and could actually pick companies and invest their dollars in capitalism. And most companies do this thing where they use the word retail investor, as though it's a swear word. We're deeply proud, genuinely deeply proud that Open Door is one of the most broadly held companies.

**Michael Judd** (0:25)
Not many companies really get a chance at a second or third birth like this. This mission matters so much. What's kept people who have been here for a while is recognizing how broken the existing process is and the fact that we believe that our solution is not just important to our customers, but to America, like, generally.

**Molly O'Shea** (0:42)
If you were a door, what kind of door would you be?

**Michael Judd** (0:44)
I'd be open, Molly, come on.

**Molly O'Shea** (0:56)
Kaz, welcome to Sourcery.

**Kaz Nejatian** (0:58)
Thanks for coming by, let me show you around.

**Molly O'Shea** (1:01)
Long time coming.

**Kaz Nejatian** (1:02)
It's been, I'm a fan, I'm actually a fan. I'm really excited to have you here. Welcome to Opendoor San Francisco.

**Molly O'Shea** (1:09)
So where are we going? What's the plan?

**Kaz Nejatian** (1:10)
I'm gonna show you, first of all, I'm gonna show you my messy desk. But also we do the merch for every earnings call. My assistant literally packs them and sends them out. This is literally them, we try to get them out before the earnings call because I wear a new t-shirt on every earnings call.

**Molly O'Shea** (1:29)
So your team is literally physically packing this right now.

**Kaz Nejatian** (1:33)
It's like, do we have any other merch? Is there like a?

**SPEAKER_4** (1:38)
We threw that on the merch.

**Molly O'Shea** (1:40)
But there's some over there.

**Kaz Nejatian** (1:42)
That's actually, that's my desk. You can actually see my desk because there's like-

**Molly O'Shea** (1:45)
This is your desk?

**Kaz Nejatian** (1:45)
Yeah, it's like-

**Molly O'Shea** (1:46)
In the middle of the open office.

**Kaz Nejatian** (1:47)
Yeah, no, it's like, like the actual desk, you can see it, because like there's always random books on it. It's like, it's like this shirt. I'm going to wear- That's my shirt that I'm wearing at earnings call and the open- Oh, yeah. We have like more-
It's actually hilarious because like everyone has seven jobs here. Like everyone has like multiple jobs.

**Molly O'Shea** (2:11)
All right, we're merch shopped today.

**Kaz Nejatian** (2:12)
We're merch shopped. They're like, open door caps. We have the OPEN Army. Oh, wow.

**Molly O'Shea** (2:17)
You guys are making lasers?

**Kaz Nejatian** (2:18)
Yeah. The merch is cool. Yeah. I'll take you to- don't look there.

**Molly O'Shea** (2:26)
Okay. Is that not legal?

**Kaz Nejatian** (2:29)
No. When I got here, there were no dashboards on the wall. I'm like, fuck that. Lots of dashboards, please. So we bolted. That's the actual model that is running one of our war rooms right now. It's hilarious because our Chief Growth Officer tracks them and has them sticky. He says, grow more. He puts them under one of our charts. He's like, I'm focusing on that gear week. It's a hilarious thing.

**Molly O'Shea** (2:59)
Just for context, this is day of earnings. This is earnings day, your financial open house.

**Kaz Nejatian** (3:03)
Yeah, it's our earnings day. We're actually going up in a couple of hours. That's our head of engineering with his dog.

**Molly O'Shea** (3:11)
Wow, very intense.

**Kaz Nejatian** (3:16)
Our lawyers were all, I think these guys were in a room last night. I think literally these three people have not left the office in a week. I'm not kidding.
I'm actually being relatively serious. When did the deal get done?

**SPEAKER_5** (3:32)
2 a.m.?

**Kaz Nejatian** (3:33)
Yeah, and I think they've been up, I'm not kidding, for like three or four days.

**Molly O'Shea** (3:36)
You guys look good.

**Kaz Nejatian** (3:38)
And then, here, I'll show you. This is my conference room. They're not going to hang out that long. My sword.

**Molly O'Shea** (3:47)
You actually have a sword?

**Kaz Nejatian** (3:48)
No, I'm not kidding. I wasn't kidding. As an homage to Elon, we all have swords.

**SPEAKER_4** (3:55)
That's so funny.

**Kaz Nejatian** (3:58)
Yeah, I was kidding.

**SPEAKER_6** (3:59)
I'm not kidding.

**Kaz Nejatian** (4:00)
It's actually like, it's like real.

**Molly O'Shea** (4:02)
That's great.

**Kaz Nejatian** (4:03)
And you keep it in years?

**SPEAKER_6** (4:05)
I mean, you know what the hilarious thing is?

**Kaz Nejatian** (4:07)