Kaz Nejatian

speaker

618 appearances 1 recordings 1 series first heard Jul 2026 last heard 21 Jul

Kaz Nejatian’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.

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The Knowledge Project · Inside Kaz Nejatian’s Fight to Save Opendoor · 21 Jul 2026 podcast

So the job of a market maker is to stand between two people who want to transact,

and allow them to transact with you such that they don't have to try to look for each other and find them.

And that's our job for housing, right?

The largest problem in housing is people want to move and they can't because they have not found a buyer for their home.

And our job at Opendoor is to say, we're that buyer.

We will buy your home.

Come to Opendoor.com, type in your address, we'll buy your home at a fair price, and then we'll sell it to someone whenever that person is available.

First, we make money in each transaction, relatively thin margins on each transaction.

But we make our real money from the first derivative of the business, which is mortgage, insurance, talent escrow, all the things that go with a home.

So our job is to buy and sell the home

at fair prices as fast as we can, and make our money on the services you get.

This, by the way, is how we built Shopify.

If you look at Shopify, you can buy Shopify the software for $1.

And it's $1 because it can't possibly be less.

The credit cards won't let you charge less than $1.

And Shopify makes most of its money by you succeeding on Shopify, by its services it provides you.

And this has always been true.

People misunderstand how businesses work.

It has always been true that some of the biggest companies in the world have been built on the first derivative of the core business.

Google does not make money from you searching for things.

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