The "SPAC King" Said Opendoor Had the Feel of "Bitcoin in 2012, Amazon in 2015, Tesla in 2016." It Crashed 96%.

Chamath Palihapitiya fancied himself the Warren Buffett of SPACs. He personally invested $100 million into Opendoor, compared it to the most legendary investments of our time, and pitched it to his army of retail followers as a "generational wealth-creating opportunity." The stock debuted at $31 in December 2020, hit $39 in February 2021, and then proceeded to crater. By early 2024, it was trading under $3 — a 96% decline from its peak. The company that was supposed to be "Amazon in 2015" lost $1.4 billion in 2022 alone when rising interest rates demolished its entire business model. Bitcoin in 2012 is now up 100,000%. Amazon in 2015 is up 700%. Tesla in 2016 is up 1,200%. Opendoor, the "generational opportunity"? Down 96%. Chamath, meanwhile, reduced his personal stake before the crash, resigned from the board of another SPAC disaster (Virgin Galactic), and is now back raising money for new SPACs. The audacity is almost admirable.