Digital turnarounds take time, and are not guaranteed in a world where Google is dropping AI summaries on the web, Meta’s Mark Zuckerberg is spending hundreds of millions of dollars to attract top AI talent, and OpenAI is upending how the very internet works. Still, many digital founders hope for the best when trying to bring a meandering platform back to life. Yahoo Finance Executive Editor Brian Sozzi discusses the Opening Bid Unfiltered podcast with Nextdoor co-founder and CEO Nirav Tolia.
Tolia co-founded Nextdoor in 2008 and led the company until 2018, when he reportedly left over a board disagreement regarding an acquisition. He returned to the company as CEO in May 2024, finding a social media platform struggling to grow, a weak product, and a sliding market cap.
Tolia has since aimed to refocus the organization on the user experience, with initial signs of success in increasing weekly average users. But he concedes the turnaround has a long way to go, and investors are unsure what a complete turnaround will look like. Nextdoor’s market cap has dwindled from $4.3 billion during its SPAC IPO in 2021 to $636 million. Tolia dives deep into his turnaround strategy for Nextdoor, the decision to return as CEO, and what’s next for the digital platform.
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