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Opendoor Soars as Traders Flock to New Meme Stock
Posted
July 22, 2025
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July 22, 2025
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32:54
7:17Now PlayingEric Jackson, founder and president of EMJ Capital, talks about Opendoor's wild week, what led him to invest in the company and why he doesn't consider it to be a real 'meme stock.'
Stocks are at all-time highs. Chatter on WallStreetBets is surging. Retail traders are flooding into low-priced shares.
It’s not 2021, and the shares of the moment aren’t GameStop Corp., AMC Entertainment Holdings Inc. or the now-bankrupt Bed Bath & Beyond. In 2025’s meme stock mania, the companies du jour are Opendoor Technologies Inc. and Kohl’s Corp.
The similarities are clear: Like the episode four years ago, which famously led Gabe Plotkin to shutter his hedge fund Melvin Capital Management, amateur traders are piling into heavily shorted companies with low share prices in a bid to strike quick riches. And, as was the case back then, it comes at a time of broad market euphoria: the S&P 500 is at an all-time high, Bitcoin has doubled in less than year and blank-check companies are all the rage again.
“I’ve been seeing signs of a ‘flight to crap’ recently,” said Steve Sosnick, chief strategist at Interactive Brokers. “The recent rally, which was largely powered in its initial phase by individual investors buying large cap stocks and major indices, has emboldened many to engage in more risky types of investing.”
The latest day-trader darling is Kohl’s. The retailer’s share price more than doubled at one point on Tuesday, coming after tech-powered home flipper Opendoor skyrocketed last week. The Campbell’s Co., Aehr Test Systems, Polaris Inc. and Wendy’s Co., which also have relatively high short interest, are also attracting buyers.
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