Assertion Partly supported AI assessment confidence: 88% certainty 4/5 debate potential 2/5

Rabois: Kaz Nejatian cut Shopify's G&A from 14% to 4%

Keith Rabois · Keith Rabois on Opendoor ($OPEN) Activist Turnaround · Sourcery with Molly O'Shea · Sep 15, 2025 · at 4:28

Keith Rabois explains why he recruited Kaz Nejatian to become Opendoor's CEO, citing Nejatian's cost-cutting record at Shopify.

0:00 / 0:08exact quote · 9.0s

▶ Watch the full episode on YouTube → 720p mp4 · rendered on demand · StarZero watermark

“One of the things he did at Shopify when he got promoted to be COO was cut their GNA as a fraction of revenue from 14% to four percent, and I think they're on target next year to be at one percent.”

quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →

The claim, plainly

When Kaz Nejatian was promoted to COO at Shopify, he reduced the company's G&A as a fraction of revenue from 14% to 4%, on track to hit 1% the following year.

a quote alone can be ambiguous, so this restates it with the references and context of the conversation around it resolved. AI-written; the tape below the player is the source.

Assessment

The claim bundles two assertions. The first assertion is accurate: after Kaz Nejatian was promoted to COO in September 2022, Shopify's GAAP G&A expenses dropped from 12.64% (~13-14%) of revenue in FY 2022 to 4.62% in FY 2024 and 4.08% in FY 2025 (reaching 3.98% in Q4 2024 and Non-GAAP adjusted G&A of ~3-4%). The second assertion fails: Shopify was not on track to hit 1% G&A expense, with filings through the first half of 2026 showing GAAP G&A stabilizing between 3.6% and 3.8%. Under the ledger's multi-leg rule, the failing leg renders the claim partially true.

Shopify's FY 2022 SEC filings report GAAP G&A expenses of $708 million on $5,600 million in revenue (12.64%).
Shopify's FY 2024 and FY 2025 filings show GAAP G&A dropped to 4.62% ($410 million) and 4.08% ($471 million), respectively (with Q4 2024 at 3.98%).
Filings through Q2 2026 show G&A stabilized at 3.63% (Q1 2026) and 3.80% (Q2 2026), with no indication of reaching 1%.

Checked against

[1] shopify.com [2] opendoor.com [3] valueaddedresource.net [4] stockanalysis.com [5] edgar-online.com [6] sec.gov [7] sec.gov [8] makerstations.io

assessed as of 2026-09-05

This assessment is an AI reading of a public statement, made against the cited references with the confidence shown. It can be wrong. The quote, the tape and the references are all on this page; if something is off, use report an error below. full disclaimer →

Mentioned

Kaz Nejatian Keith Rabois Shopify

⚑ Spot an error? Report it

More from Keith Rabois

Opinion

Rabois: Opendoor should cut headcount from 1,400 to 200–300 max

“There's 1400 employees. There should be like more like 200 or 300 max”

Keith Rabois Sep 15, 2025 ▶ 4:27 Keith Rabois on Opendoor ($OPEN) Activist Turnaround · Sourcery with Molly O'Shea

Opinion

Rabois: Homebuyers should replace real estate agents with ChatGPT

“Instead of using a real estate agent, there's no reason they can't use ChatGPT or an equivalent product.”

Keith Rabois Sep 15, 2025 ▶ 13:44 Keith Rabois on Opendoor ($OPEN) Activist Turnaround · Sourcery with Molly O'Shea

Insight

Rabois: Every successful startup is a cult with a non-consensus worldview

“Every successful company is a cult. And what a cult really means is you have a view about the world that's different than other normal people. And you're right to be successful. Like a cult doesn't have to be right, but the startup is a cult. That's right. And…”

Keith Rabois Sep 19, 2025 ▶ 17:12 Keith Rabois: Lessons from PayPal Mafia, $OPEN, & Investing · Sourcery with Molly O'Shea

Insight

Rabois: A company's CEO determines 99% of its success or failure

“99% of everything that matters is the CEO. The most important lesson for me over the last 25 years is if you have the right CEO, things that people believe to be impossible, Or very possible, sometimes probable. If you have the wrong CEO, almost nothing else m…”

Keith Rabois Sep 15, 2025 ▶ 1:58 Keith Rabois on Opendoor ($OPEN) Activist Turnaround · Sourcery with Molly O'Shea

Assertion Not checkable as stated

Rabois: Opendoor's SG&A has been bloated and out of control since 2015

“And then the company at a kind of tactical level just has too much of a bloated GNA. It's always had too much of a GNA that was Way out of control since 2015.”

Keith Rabois Sep 15, 2025 ▶ 4:14 Keith Rabois on Opendoor ($OPEN) Activist Turnaround · Sourcery with Molly O'Shea

What-if

Rabois: He and Eric Wu could have easily bought out Opendoor

“It would have been easy to buy out the company ourselves and just own the whole thing if we'd paid attention a month earlier which probably would have been a better thing to do, truthfully.”

Keith Rabois Sep 15, 2025 ▶ 5:50 Keith Rabois on Opendoor ($OPEN) Activist Turnaround · Sourcery with Molly O'Shea

Rabois: Kaz Nejatian cut Shopify's G&A from 14% to 4%

More from Keith Rabois

Turn any episode into a week of clips.