Day 79: I’m Calling for a Change at the Top of Nextdoor

Today is Day 79.

And I noticed something familiar.

Nirav Tolia is on the podcast prowl again.

Another microphone. Another conversation about Nextdoor, leadership, technology, human connection, community and the future.

Nirav recently appeared on Success Story with Scott D. Clary, discussing everything from AI and loneliness to trust, privacy, growth and building a company that can survive the AI era.

Meanwhile, I'm looking at something much simpler:

The stock price.

As of the time I'm writing this, NXDR is down another $0.02 to approximately $2.24 per share.

On August 10, NXDR closed at $2.68.

That was 22 days ago.

From $2.68 to $2.24 is a decline of:

$0.44 per share.

Or approximately:

16.4%.

That's not a number from a podcast.

That's not corporate messaging.

That's not a LinkedIn post.

That's the market.

I'm No Longer Just Asking Questions

I've spent 79 days documenting what I'm seeing happen at Nextdoor.

I've questioned communication.

I've questioned moderation.

I've questioned transparency.

I've questioned the treatment of small businesses and what I see as increasingly aggressive attempts at monetization.

I've questioned whether Nextdoor actually listens to the neighbors, businesses and shareholders it says are important.

I've requested detailed research. Nextdoor itself publicly tells readers to request it.

I've watched Communications respond without answering what I actually asked.

I've watched the CEO talk publicly about the importance of human connection.

And when I commented critically on his LinkedIn posts?

I was blocked. Again.

At some point, as an investor, I have to move beyond asking:

“What's going on?”

And say what I believe needs to happen.

I'm Calling for an Immediate Change at the Top

I'm a small shareholder.

I don't speak for every investor.

I don't speak for Nextdoor employees.

And I certainly don't control the board.

But I can speak for myself.

I no longer have confidence in Nirav Tolia's leadership of Nextdoor.

And as a shareholder, I'm calling for Nextdoor's Board of Directors to make an immediate change in leadership.

Yes, there are positive numbers.

Q2 revenue increased 15% year over year.

Adjusted EBITDA reached approximately $10 million.

And the GAAP net loss improved dramatically—from approximately $15 million a year earlier to approximately $2 million.

I acknowledge all of that.

But financial improvement doesn't automatically equal confidence in leadership.

Not for me.

Why I've Lost Confidence

It's the accumulation.

The decisions.

The communication.

The monetization choices that I believe risk alienating the very small businesses Nextdoor should be cultivating.

The moderation issues I've documented.

The questions about transparency.

The customer experience.

The inability—or unwillingness—to answer straightforward questions.

And now I'm watching a stock that closed at $2.68 on August 10 trading around $2.24.

Down roughly 16.4% in a little over three weeks.

Does Nirav Tolia personally control the daily stock price?

Of course not.

Markets don't work that way.

And I'm not suggesting a 22-day stock movement, by itself, proves whether a CEO is succeeding or failing.

But stock performance is one piece of the picture.

Investor confidence matters.

And this investor's confidence is gone.

Less Podcasting. More Fixing.

Maybe that's unfair.

CEOs promote their companies. Media appearances are part of the job.

But after watching this unfold for 79 days, every new podcast appearance makes me ask:

Who's minding the neighborhood?

I'd like to see the same enthusiasm devoted to listening to criticism.

Fixing the customer experience.

Supporting small businesses.

Improving transparency.

Examining moderation.

Answering shareholders.

And building confidence that Nextdoor's strategy is actually working.

Because there's a point where telling the story isn't enough.

The company has to deliver the story.

Day 79 Is Different

I'm not asking Nirav another question today.

I'm stating my position.

I believe Nextdoor needs new leadership.

I believe the Board should begin that process immediately.

Find someone who can take the progress Nextdoor has made financially and combine it with better communication, better execution, better stakeholder engagement, and a strategy that restores confidence in the company.

Someone who doesn't just talk about listening.

Someone who demonstrates it.

Maybe other shareholders completely disagree with me.

That's fine.

That's what markets—and shareholder discussions—are for.

But I'm putting my position on the record.

Day 79.

NXDR: approximately $2.24 as I write this.

Down approximately 16.4% from its August 10 close.

Still waiting for the detailed data.

Still blocked by the CEO on LinkedIn.

And now, as an investor:

I'm calling for a change at the top.

Read my complete continuing Nextdoor case study at NielFlamm.com/blog and subscribe at NielFlamm.com to follow what happens next.

Day 24: The Cost of Silence — Communication Is Leadership

The clock keeps ticking.

It has now been 24 days since I requested information about a study published by the Nextdoor Communications team, which listed Jacob Chavis as the contact person and included his email address.

No report.

No methodology.

No correspondence.

Not even a simple acknowledgment.

Which brings me back to the question:

What is the theory?

Nirav Tolia has discussed the importance of testing theories, learning, and understanding outcomes. So what is the theory behind not responding?

What is the goal?

What does silence accomplish that a simple one-line email could not?

Users, advertisers, and investors may want to ask a bigger question:

If this is the communication model for when someone asks for information about a published study, what happens in a true crisis?

It is easy to say:

“We would handle it differently because ______.”

Fill in the blank with any explanation.

But results are measured by what happens, not what someone says would happen.

Show me actions.

Show me consistency.

Show me accountability.

Relationships — personal and business — often break down when

expectations and reality no longer match.

In the meantime, something unexpected happened.

My following and engagement continue to grow, and ironically, I have Nextdoor to thank for part of that.

That wasn't the reason I raised questions. It is simply the result.

More people are asking questions about platforms, leadership, moderation, transparency, and accountability.

At some point, people become tired of accepting what they believe needs to change.

Nextdoor launched over 15 years ago. The question remains:

Are conversations, interviews, and future promises enough?

Or is it time to focus on measurable results?

Join the discussion on NielFlamm.com.