Kaz Nejatian is the CEO of Opendoor. In this conversation, we discuss the housing market, interest rates, and how Kaz is thinking about expanding access to homeownership. We also go inside Opendoor, including how AI is reshaping the home-buying and mortgage process, his approach to building companies, and why transparency and accountability to retail shareholders matter.

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0:00 – Intro
1:54 – Opendoor mission: tilting the world toward homeownership
8:41 – Opendoor’s next layer: AI-native mortgage & underwriting
13:34 – Shopify lessons: the “first-derivative” business model
19:48 – Retail shareholders & transparency/accountability
23:38 – Kaz’s principles: turning down money & career philosophy
29:47 – $1 CEO pay structure & aligning incentives with shareholders
37:04 – Kaz’s wife & building an independent media company
38:44 – Government policy & housing affordability
41:06 – Interest rates: where they should be & why
42:54 – Why economic data is wrong
46:25 – AI inside Opendoor: speed, efficiency, bringing jobs back
49:14 – Consultants/committees vs weekly reviews
54:12 – Message to retail shareholders

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