20VC: Opendoor's CEO on The Greatest Turnaround in Tech | OpenAI and Oracle: How Can Either Afford to Do This | How Anthropic Could Lose 50% of Their Revenue Overnight | Replit Raises at $3BN | Figure, Gemini & VIA IPOs Broken Down
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
The Twenty Minute VC
4.4 • 693 Ratings
🗓️ 18 September 2025
⏱️ 84 minutes
🧾️ Download transcript
Summary
AGENDA:
00:00 Opendoor's Potential and Market Valuation
03:32 Why Did Kaz Leave $300M on the Table to Join Opendoor
04:44 Why Does Kaz Believe OPEN Can Be a Good Business When the Market Doesn't
06:34 How does Kaz Feel About OPEN Becoming a Meme Stock?
17:25 Kaz's $0 Salary but $1BN Stock Based Compensation
23:41 Oracle and OpenAI Partnership: WTF is Going On?
42:21 Microsoft's Investment in OpenAI: A Financial Perspective & Who Has the Power
44:46 Why Sam Altman is the Greatest Politician of our Time
48:33 How Anthropic's Revenue Could Go to Zero Overnight?
50:12 Replit Raises $250M at $3BN Valuation and Higgsfield Raises $50M at $50M ARR
01:06:33 IPO Insights: Figure, Gemini, and Via All Go Public
01:11:26 Why Adobe Have Failed in an Age of AI and What Incumbents Have To Do?
01:13:20 Quick Fire Round: Adobe Up or Down by EOY? What Price Will OPEN Be EOY?
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Transcript
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| 0:00.0 | Open Door is priced in the public market for its potential. |
| 0:03.8 | And it's an incredibly fair price for the potential. |
| 0:06.3 | Look, I think the bull case for Open Door is obscene. |
| 0:10.0 | Just obscene. |
| 0:11.0 | It is hard to exaggerate how big this company can be. |
| 0:13.9 | I'm no one's idea of a professional manager. |
| 0:15.9 | We're going to create alpha. |
| 0:17.5 | I think corporate executives should basically only get paid in options. We're going |
| 0:21.4 | to launch things that won't work, but we're going to start fucking launching things. |
| 0:25.7 | This is 20 VC with me, Harry Stebbings. It is my favorite show of the week, Jason |
| 0:29.7 | Lemkin, Roryo Driscoll, and we have the hottest CEO in town, Open Doors new CEO, Kaz, who |
| 0:36.1 | just joined from Shopify. He joins for his first ever interview as CEO of Open Door. |
| 0:42.3 | He did this show when he was just 24 hours into the seat. On top of that, we talk about Open AI's relationship with Microsoft, their new deal with Oracle, we talk about the IPOs that happened last week, the busiest week of IPOs this year, |
| 0:56.3 | and so much more. But before we dive into the show today, let's talk about agents, specifically |
| 1:01.8 | Piper, the AISDR agent brought to you by Qualified, the agentic marketing era has arrived. |
| 1:08.8 | And if you're a B2B marketing leader looking to scale a pipeline |
| 1:11.7 | generation, Piper the AISDR agent, wow, it is here to help. Piper is the number one AISDR agent |
| 1:18.8 | on the market, according to G2. And hundreds of companies like Box, Asana and Brex, have hired Piper |
| 1:25.3 | to autonomously grow inbound pipeline. |
| 1:27.7 | Fucking sign me up. |
| 1:29.0 | Anyway, qualified customers see massive business impact with Piper, |
| 1:32.7 | 3x increase in meetings booked, and 2x increase in pipeline. |
... |
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