The investor behind Opendoor's 190% run nearly shut down his fund

The stock inched its way up over the next five weeks, considering recent developments

At the same time, Then Eric Jackson started cheerleading

On the other hand, "@EMJCapital has taken a position in $OPEN — and we believe it could be a 100-bagger over the next few years," Jackson wrote

However, It's a long, long way from that mark

What the re reveals is s highest-volume trading days on record were Wednesday, Thursday and Friday of this week

In contrast, Jackson said in an interview on Thursday that the bulk of his firm's Opendoor purchases came when the stock was in the 70s and 80s, meaning cents, and he's bought options as well for his portfolio

Nothing has fundamentally imved for the company since Jackson's purchases

Opendoor remains a cash-burning, low-margin with meager near-term growth spects

In contrast, What has changed dramatically is Jackson's online influence and the size of his ing

On the other hand, The more he posts, the higher the stock goes (something worth watching). "There's a real hunger for buying the next big thing," Jackson told CNBC, adding that investors to find the "downtrodden. "It's something Jackson's firm, based in Toronto, has in common with Opendoor, given the current landscape

Furthermore, Investors pumped money into the riskiest assets, lifting money-losing upstarts to astronomical valuations

Opendoor's involved using nology to buy and sell s, pocketing the gains

Zillow tried and failed to compete (an important development)

Rising interest rates hammered the whole sector, hitting Opendoor particularly hard as increased borrowing costs reduced demand for s

Jackson said his key client withdrew its money at the end of the year, and "I've been small ever since

Furthermore, "'Epic comeback'While his assets under management remain minimal, Jackson's reputation for getting in early to a rebound story was burnished by the performance of Carvana, in today's market environment

In the middle of that year, with Carvana still far from bottoming out, Jackson expressed his bullishness

Moreover, He told CNBC that April that he d the stock, and then moted its recovery on a podcast in June

Additionally, Moreover, He also said he d Opendoor at the time

Moreover, After Carvana's 2022 slide, "then obviously began an epic comeback," Jackson said

Nevertheless, Opendoor, meanwhile, "continued to roll down the mountain," he said, in today's market environment

Jackson said that the fallout of 2022 led him to pursue a different method of stockpicking

He started hiring a small team of developers, which is now four people, to build out artificial intelligence models

On the other hand, Additionally, The firm has experimented with several models —some have worked and some haven't — but he said the focus now is using what he's learned from Carvana to find "100x" opportunities, in this volatile climate

In addition to Opendoor, Jackson has been moting IREN, a vider of power for bitcoin mining and AI workloads, and Cipher Mining, which is in a similar space

He's seen his ing on Elon Musk's social media site X, which he said was stuck for years between 32,000 and 34,000, swell to almost 50,000

However, And after a lengthy lull, investors are reaching out to him to try and put money into his fund, he said, in light of current trends

In early June, Opendoor announced plans for a reverse split — ranging from 1 for 10 to 1 for 50 — to "give us optionality in preserving our listing on Nasdaq, given current economic conditions. " With the stock now well over $1, such a move appears less necessary, as holders prepare to vote on the posal on July 28

At the same time, "I think it's a terrible idea," said Jackson. "Those things usually further cement a company's move into oblivion rather than hail some big revival, amid market uncertainty

Nevertheless, "Opendoor didn't respond to a request for, in this volatile climate

Banking on growthAnalysts are jecting a more than 5% drop in revenue this year, ed by 20% growth in 2026 and 12% expansion in 2017, according to LSEG

Nevertheless, Losses are expected to narrow over that stretch

Jackson said his analysis factors in jections of $11 (this bears monitoring). 5 billion in revenue for 2029, which would be well over double the company's expected sales for this year

Conversely, He looked at the multiples of companies Zillow and Carvana, which he said trade for 4 to 7 times forward revenue, given current economic conditions

Opendoor's forward price-to-sales ratio is currently well below 1, given the current landscape

With Zillow and Redfin having exited the instant-buying market, Opendoor faces little competition in allowing owners to sell their perty online for cash, rather than going through an ext bidding, sales and closing cess

Jackson is banking on revenue growth and increased market to lead to a fitable that will push investors to value the company with a multiple somewhere between Zillow and Carvana

Jackson said his model assumes that " Carvana, Opendoor can ve that it can permanently turn the tide and get to sustained fitability" so that the "market multiple would get reassessed. "In the meantime, he'll keep posting on X

Furthermore, On Friday, Jackson wrote a thread consisting of 11 posts, recounting the challenge of having "99

Furthermore, 5% of my AUM" disappear overnight after his primary investor pulled out in 2022. "Translation: he fired me for losing him too much money," Jackson wrote (quite telling), amid market uncertainty

Moreover, He said he almost shut down the fund, and was even encouraged to do so by his wife and accountant

Now, Jackson is using his recent momentum on social media to try and attract investor money, while still reminding spects that he could lose it. "All I have is my reputation," he wrote, "and, unless I keep picking good stocks, it will be gone

Moreover, "WATCH: Don't yet know if IPO market is back to full healthwatch now4:3304:33Don't yet know if IPO market is back to full health, says Raymond James' Sunaina Sinha HaldeaClosing Bell: Overtime.