:max_bytes(150000):strip_icc()/GettyImages-2231353704-fd59b81216494046851d5e9e256a6b84.jpg "This Hedge Fund Founder Helped Fuel Opendoor’s Meme Rally. His Next Target Is Nextdoor")
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Key Takeaways
- Shares of neighborhood network Nextdoor took off Wednesday after hedge fund founder Eric Jackson posted bullish comments about the company on social media.
- Jackson’s previous comments about Opendoor Technologies and Better Home & Finance helped send shares of both skyrocketing earlier this year.
Nextdoor shares are riding a meme stock rally.
Shares of the neighborhood social network jumped nearly 50% to about $3 Wednesday before paring back some early gains after a hedge fund founder known for driving up shares of other meme stocks posted bullish comments on social media. The move helped bring Nextdoor (NXDR) stock back into positive territory for the year.
Eric Jackson, president of Toronto-based EMJ Capital, called Nextdoor “The Most Mispriced Agentic-AI Platform of the 2020s” in a post on X, indicating it could be set for significant growth. “Identity + trust + proximity + AI is a rare combination,” wrote Jackson, who suggested the market is underestimating Nextdoor’s strengths.
Nextdoor, which went public through a special purpose acquisition company merger in 2001, is a social media platform offering users a way to connect with neighbors and get local news and recommendations. Last month, the company reported rising revenues, though it has struggled to turn a profit.
Why This Is Significant
Heightened volatility in Nextdoor’s stock price could underscore lingering uncertainty about its business if Wednesday’s momentum fails to hold.
Jackson argued that in every cycle, “a few platforms stay misunderstood for years… until one moment reframes everything,” and that Nextdoor shares at about $2 each “feels like one of those moments.”
Jackson’s bullish comments earlier this year about other companies, such as online real estate firms Opendoor Technologies (OPEN) and Better Home & Finance (BETR), have also helped send their shares soaring. Shares of Opendoor are up about 370% for 2025, while Better Home & Finance has soared 460%.
Shares of video game retailer GameStop (GME), which saw record levels during the meme stock craze of early 2021, were down about 4% in recent trading after the company posted quarterly sales that missed analysts’ estimates, while shares of online pet retailer Chewy (CHWY) climbed about 2% after a strong earnings report.
