Opendoor is crowdsourcing its way to a higher stock price

Shares of meme stock/online real estate company Opendoor Technologies are up 7% as of 10:15 a.m. ET after President Shrisha Radhakrishna outlined after the close on Wednesday the launch of a community hub to “provide consistent and transparent updates about Opendoor’s business, leadership, and strategy” as well as source questions from its passionate investor base.

Last week, we discussed how Opendoor had a new strategy: embrace and interact with its retail shareholders, who self-affiliate as being part of the “$OPEN Army” and often share their strong feelings on social media about how the company can do better.

This “community hub” is the latest in a series of moves in that direction.

Eric Jackson, head of EMJ Capital and the architect of the rally in the online real estate company, said he met with members of the company earlier this week during a trip to San Francisco at their request.

Board member Adam Bain went on to quote-tweet Jackson’s post, writing, “Grateful for what the retail community has done for @Opendoor and very thankful for @ericjackson’s efforts. The relentless hive mind of ideas and suggestions from him and the OpenArmy are focused from a place of thinking about how to win.”

If there’s a signal in how much traders seem to value the new approach compared to the old leadership, former CEO (and current adviser) Carrie Wheeler has filed notice of her intent to sell 7 million shares (or a little less than half her position) in the company, and it hasn’t even made a dent in the stock price this week.