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.