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Robert F. Kennedy Jr.s speech is warbling, crackling, scratchysort of like Marge Simpsons. His voice, he told me, is fucked up. The official medical diagnosis is spasmodic dysphonia, a neurological disorder that causes involuntary spasms in the larynx. He didnt always sound this way; his speaking style changed when he was in his 40s. Kennedy has said he suspects an influenza vaccine might have been the catalyst. This idea is not supported by science.
He was telling me about his life with one arm outstretched on the velvet sofa of his suite at the Bowery Hotel in Lower Manhattan. It was the end of May, and a breeze blew in through the open doors leading to a private terrace. Two of his aides sat nearby, typing and eavesdropping. A security guard stood in the hallway.
Kennedy was finishing a plate of room-service risotto, and his navy tie was carefully tucked into his white button-down shirt. Hes taller, tanner, and buffer than the average 69-year-old. He is, after all, a Kennedy. His blue eyes oscillate between piercing and adrift, depending on the topic of discussion.
He told me that hes surrounded by integrative medical peoplenaturopaths, osteopaths, healers of all sorts. A lot of them think that they can cure me, he said. Last year, Kennedy traveled to Japan for surgery to try to fix his voice. Ive got these doctors that have given me a formula, he said. Theyre not even doctors, actually, these guys.
I asked him what, exactly, he was taking.
The stuff that they gave me? I dont know what it is. Its supposed to reorient your electric energy. He believes its working.
When he was 19, Kennedy jumped off a dock into shallow water, which he says left him nearly paralyzed. For decades, he could hardly turn his head. Seven years ago, at a convention of chiropractors, a healer performed a 30-minute manipulation of energymaking chanting noises while holding his hands six inches over Kennedys body. The next morning, his neck felt better. I dont know if they had anything to do with each other, but, you know, it was weird, he said.
Though hes been a member of the premier American political dynasty his whole life and a noted environmentalist for decades, most people are just now discovering the breadth and depth of Kennedys belief system. He has promoted a theory that Wi-Fi radiation causes cancer and leaky brain, saying it opens your blood-brain barrier. He has suggested that antidepressants might have contributed to the rise in mass shootings. He told me he believes that Ukraine is engaged in a proxy war and that Russias invasion, although illegal, would not have taken place if the United States didnt want it to.
Kennedy reached a new level of notoriety in 2021, after the publication of his conspiratorial treatise The Real Anthony Fauci: Bill Gates, Big Pharma, and the Global War on Democracy and Public Health. It has sold more than 1 million copies, according to his publisher, despite censorship, boycotts from bookstores and libraries, and hit pieces against the author. The book cemented his status as one of Americas foremost anti-vaxxers. It also helped lay the foundation for his Democratic presidential primary campaign against Joe Biden.
Read: The 2024 U.S. presidential race: A cheat sheet
On the campaign trail, he paints a conspiratorial picture of collusion among state, corporate, media, and pharmaceutical powers. If elected, he has said he would gut the Food and Drug Administration and order the Justice Department to investigate medical journals for lying to the public. His most ominous message is also his simplest: He feels his country is being taken away from him. Its a familiar theme, similar to former President Donald Trumps. But whereas Trump relies heavily on white identity politics, Kennedy is spinning up a more diverse web of supporters: anti-vaxxers, anti-government individuals, Silicon Valley magnates, freethinking celebrities, libertarians, Trump-weary Republicans, and Democrats who believe Biden is too old and feeble for a second term.
So far, Kennedy is polling in the double digits against Biden, sometimes as high as 20 percent. What had initially been written off as a stunt has evolved into a complex threat to both Biden and the establishment wing of the Democratic Party. Put another way: Kennedys support is real.
He is tapping into something burrowed deep in the national psyche. Large numbers of Americans dont merely scoff at experts and institutions; they loathe them. Falling down conspiratorial internet rabbit holes has become an entirely normal pastime. Study after study confirms a very real epidemic of loneliness. Scores of people are bored and depressed and searching for narratives to help explain their anxiety and isolation. Scroll through social media and count how many times you see the phrase Burn it down.
Even though Kennedy remains a long-shot candidate, his presence in the 2024 race cannot be ignored. My goal is to do the right thing, and whatever God wants is going to happen, Kennedy told me. He now earnestly believes that in 12 months, he will be the Democratic nominee for president.
Every individual, like every nation, has a darker side and a lighter side, Kennedy told me. And the easiest thing for a political leader to do is to appeal to all those darker angels.
He was talking about George Wallace, the segregationist Alabama governor and subject of Kennedys senior thesis at Harvard.
Most populism begins with a core of idealism, and then its hijacked, he said. Because the easiest way to keep a populist movement together is by appealingyou employ all the alchemies of demagogueryand appealing to our greed, our anger, our hatred, our fear, our xenophobia, tribal impulses.
Does Kennedy consider himself a populist? He considers himself a Democrat, his communications director, Stefanie Spear, told me in an email. The most charitable spin on Kennedys candidacy is that he aims to be the iconoclastic unifier of a polarized country. He looks in the mirror and sees a man fighting for the rights of the poor and the powerless, as his father did when he ran for president more than half a century ago.
Kennedy markets himself as a maverick, someone outside the system. But hes very much using his lineageson of Attorney General Robert F. Kennedy, nephew of President John F. Kennedy and Senator Ted Kennedyas part of his sales pitch. Now living in Los Angeles with his third wife, the actor Cheryl Hines, he nonetheless launched his campaign in Boston, the center of the Kennedy universe. The phrase IM A KENNEDY DEMOCRAT is splashed across the center of his campaign website. Visitors can click through a carousel of wistful black-and-white family photos. There he is as a young boy with a gap-toothed smile, offering a salute. There he is visiting his Uncle John in the Oval Office.
Alan Brinkley: The legacy of John F. KennedyRobert F. Kennedy and his wife, Ethel, with their seven children, in February 1963. (Ethel was expecting their eighth child in June.) The boys, from left, are Robert Jr., 8; David, 7; Michael, 4; and Joe, 10. The girls, from left, are Kathleen, 11; Kerry, 3; and Mary Courtney, 6. (AP)
In reality, his relationship with his family is more complicated. Several of his siblings have criticized his anti-vaccine activism around COVID. Last year, at an anti-vaccine rally in Washington, D.C., Kennedy suggested that Jews in Nazi Germany had more freedom than Americans today. In response, his sister Kerry Kennedy tweeted, Bobbys lies and fear-mongering yesterday were both sickening and destructive. I strongly condemn him for his hateful rhetoric. (He later issued an apology.) In 2019, a trio of notable Kennedys wrote an op-ed in Politico pegged to a recent measles outbreak in the United States. RFK Jr., they said, has helped to spread dangerous misinformation over social media and is complicit in sowing distrust of te science behind vaccines. Several Kennedys serve in the Biden administration, and othersincluding RFK Jr.s younger sister Rory and his first cousin Patrickare actively supporting Bidens reelection effort.
Multiple eras of Kennedys life have been marked by violence and despair. He was just 14 years old when his father was assassinated. His second wife, Mary Richardson Kennedy, struggled with mental illness and died by suicide while the couple was estranged and in the process of divorcing. He told me he believes that almost every American has been exposed, mostly within their own families, to mental illness, depression, drug addiction, alcoholism. In 1983, Kennedy himself was arrested for heroin possession and entered rehab. He recently told The Washington Post that he still regularly attends 12-step meetings.
Kennedy maintains a mental list of everyone hes known who has died. He told me that each morning he spends an hour having a quiet conversation with those people, usually while out hiking alone. He asks the deceased to help him be a good person, a good father, a good writer, a good attorney. He prays for his six children. Hes been doing this for 40 years. The list now holds more than 200 names.
I asked him if he felt that his dad or uncle had sent him any messages encouraging him to run for president.
I dont really have two-way conversations of that type, he said. And I would mistrust anything that I got from those waters, because I know theres people throughout history who have heard voices.
He laughed.
Its hard to be the arbiter of your own sanity. Its dangerous.
The morning before we met, I watched a recent interview Kennedy had given to ABC News in which he said, I dont trust authority. In our conversation, I asked him how he planned to campaign on this message while simultaneously persuading voters to grant him the most consequential authority in the world.
My intention is to make authority trustworthy, he said, sounding like a shrewd politician. People dont trust authority, because the trusted authorities have been lying to them. The media lies to the public.
I was recording our conversation on two separate devices. I asked him if the dual recordings, plus the fact that he could see me taking notes, was enough to convince him that whatever I wrote would be accurate.
Your quotes of mine may be accurate, he said. Do I think that they may be twisted? I think thats highly likely.
I wondered why, if that was the case, he had agreed to talk with me at all.
Ill talk to anybody, he said.
That includes some of the most prominent figures in right-wing politics. He told me that hed met with Trump before he was inaugurated, and that he had once flown on Trumps private plane. (Later he said he believes Trump could lead America down the road to darkness.) He told me how, as a young man, he had spent several weeks in a tent in Kenya with Roger Ailesthey were filming a nature documentaryand how they had remained friends even though Kennedy disapproved of Ailess tactics at Fox News. He also brought up Tucker Carlson. I asked if hed spoken with the former Fox News host since his firing earlier this spring.
Ive texted with him, Kennedy said.
Whats he up to? I asked.
Hesyou know what hes up to. Hes starting a Twitter thing. Yeah, Im going to go on it. Theyve already contacted me.
Kennedy told me hes heard the whispers about the nature of his campaign. Some people believe his candidacy is just a stalking-horse bid to help elect Trump, or at least siphon support away from Biden.
One week before Kennedy entered the race, the longtime Trump ally and self-proclaimed dirty trickster Roger Stone wrote a curious Substack post titled What About Bobby? in which he suggested the idea of a Trump-Kennedy unity ticket. In a text message to me, Stone said his essay was nothing but a whimsical piece of writing, noting that the idea had legal and political obstacles. A photo of the two menplus former National Security Adviser Michael Flynn, a notable conspiracy theoristhad been circulating on the internet; Stone called it opposition research from Bidens team. Contrary to Twitter created mythology, I dont know Robert Kennedy, he texted. I have no role in his campaign, and certainly played no role in his decision to run.
I asked Kennedy about a recent report that had gotten some attention: Had Steve Bannon encouraged him to enter the race?
From the July/August 2022 issue: American Rasputin
No, he said. I mean, let me put it this way: I never heard any encouragement from him. And I never spoke to him. He then offered a clarification: He had been a guest on Bannons podcast during the pandemic once or twice, and the two had met a few years before that.
When I asked Bannon if he had urged Kennedy to challenge Biden, he said, I dont want to talk about personal conversations. He told me he believes Kennedy could be a major political figure. I was pleasantly surprised when he announced, he said.
Hes drawing from many of those Trump votersthe two-time Obama, onetime Trumpthat are still disaffected, want change, and maybe havent found a permanent home in the Trump movement, Bannon said. Populist left, populist rightand where that Venn diagram overlapshes talking to those people. Bannon told me the audience for his podcast, War Room, loves Kennedy. I think Tuckers seeing it, Rogans seeing it, other peoplethe Tucker-Rogan-Elon-Bannon-combo-platter right, obviously some of us are farther right than othersI think are seeing it. Its a new nomenclature in politics, he said.
And obviously the Democrats are scared to death of it, so they dont even want to touch it. They want to pretend it doesnt exist.Photograph by Chris Buck for The Atlantic
Perhaps more than anyone in politics, Kennedy is the embodiment of the crunchy-to-conspiracist pipelinethe pathway from living a life honoring the natural world to questioning, well, everything you thought you knew. For much of his life, he was a respected attorney and environmentalist. In the 1980s, Kennedy began working with the nonprofit Riverkeeper to preserve New Yorks Hudson River, and he later co-founded the Waterkeeper Alliance, which is affiliated with conservation efforts around the world. Like many other environmentalists, he grew distrustful of government, convinced that regulatory agencies had fallen under the thrall of the corporations they were supposed to be supervising.
I asked Kennedy if there was a link between his earlier work and his present-day advocacy against vaccines. The most direct and concrete nexus is mercury, he said.
In the 2000s, Kennedy said, he read a report about the presence of mercury in fish. It struck me then that we were living in a science-fiction nightmare where my children and the children of most Americans could now no longer engage in this seminal primal activity of American youth, which is to go fishing with their father and mother at their local fishing hole and come home and safely eat the fish, he said.
As an environmentalist, Kennedy traveled around the country giving lectures, and about two decades ago, mercury poisoning became a focal point of these talks. He soon noticed a pattern: Mothers would approach him after his speeches, telling him about their childrens developmental issues, which they were convinced could be traced back to vaccines that contained thimerosal, a mercury-based preservative. They all had kind of the same story, Kennedy said. Which was striking to me, because my inclination would be to dismiss them.
Read: Inside the mind of an anti-vaxxer
He said that one of these women, a Minnesotan named Sarah Bridges, showed up on his front porch with a pile of studies 18 inches deep, telling him, Im not leaving here until you read those. Kennedy read the abstracts, and his beliefs about vaccines began to shift. He went on to become the founder of Childrens Health Defense, a prominent anti-vaccine nonprofit.
When I contacted Bridges, she noted that she is a college friend of Kennedys sister-in-lawand clarified that she had approached Kennedy while visiting his familys compound in Hyannis Port, Massachusetts. Nevertheless, she confirmed that she gave Kennedy a stack of documents related to thimerosal, and that this likely was the beginning of his anti-vaccine journey.
Bridgess family story is tragic: One of her children ended up in the hospital after receiving the pertussis vaccine. He now lives with a seizure disorder, developmental delays, and autismconditions Bridges believes were ultimately caused by his reaction to the vaccine, even though studies have shown that vaccines do not cause autism. Bridges says she received compensation from the National Vaccine Injury Compensation Program, colloquially known as vaccine court, for her sons brain damage.
Bridges doesnt consider herself an anti-vaxxer. She told me that she still talks with Kennedy once in a while, but that she was surprised to learn he was running for president. Shes a lifelong Democrat, and declined to say whether she would support him in the election. She did tell me that she has received two doses of the COVID vaccine. She views the extremity of her sons reaction as the exception, not the rule. I think the American public is smart enough that we can have a nuanced conversation: that vaccines can both be a public good and there can beand there, I think, isa subset of people who dont respond to them, she said.
Kennedys campaign manager, the former Ohio congressman and two-time presidential candidate Dennis Kucinich, strongly objects to anyone labeling his candidate anti-vax. When I used the term to describe Kennedy, Kucinich told me that such a characterization was a left-handed smear and a clipped assessment that has been used for political purposes by the adherents of the pharmaceutical industry who want to engage in a sort of absurd reductionism. Kennedy, he said, stands for vaccine safety.
I asked Kucinich to specify which vaccines Kennedy supports. He seemed flummoxed.
No! he said. This is no. Were notlook, no.
At one point, Kennedy looked me dead in the eye and asked if I knew where the term conspiracy theory came from. I did not. He informed me that the phrase was coined by the CIA after his uncles assassination in 1963 as part of a larger effort to discredit anyone who claimed that the shooter, Lee Harvey Oswald, hadnt acted alone. This origin story is not true. A recent Associated Press fact-check dates the terms usage as far back as 1863, and notes that it also appeared in reports after the shooting of President James Garfield in 1881.
JFKs assassination and Kennedys fathers, just five years apart, are two of the defining moments of modern American life. But they are difficult subjects to discuss with surviving family members without feeling exploitative. Kennedy doesnt shy away from talking about either murder, and embraces conspiracy theories about both.
I think the evidence that the CIA murdered my uncle is overwhelming, I would say, beyond a reasonable doubt, he said. As an attorney, I would be very comfortable arguing that case to a jury. I think that the evidence that the CIA murdered my father is circumstantial but very, very, very persuasive. Or very compelling. Let me put it that wayvery compelling. And of course the CIA participation in the cover-up of both those murders is also beyond a reasonable doubt. Its very well documented. (In a written statement, a CIA spokesperson said: The notion that CIA was involved in the deaths of either John F. Kennedy or Robert F. Kennedy is absolutely false.)
Two years ago, hundreds of QAnon supporters gathered in Dealey Plaza, the site of JFKs assassination. They were convinced that JFK Jr., who died in a plane crash in 1999, would dramatically reappear and that Donald Trump would be reinstated as president. I asked Kennedy what he made of all this.
Are you equating them with people who believe that my uncle was killed by the CIA? he asked. There was pain in his voice. It was the first time in our conversation that he appeared to get upset.
From the June 2020 issue: The prophecies of QRobert F. Kennedy Jr. as pallbearer during his fathers funeral (Photo by Fairchild Archive / Penske Media / Getty)
Unlike many conspiracists, Kennedy will actually listen to and respond to your questions. Hes personable, and does not come off as a jerk. But he gets essential facts wrong, and remains prone to statements that can leave you dumbfounded. Recently, the Fox News host Neil Cavuto had to correct him on air after he claimed that weas in the United Stateshad killed 350,000 Ukrainian kids.
I brought up the QAnon adherents whod flocked to Dallas because I wanted to know how he felt about the fact that so many disparate conspiracies in America were blending together. I asked him what he would say to Alex Jones, the conspiracist who spent years lying about the 2012 massacre at Sandy Hook Elementary School.
Theres only so many discussions that you can have, and only so many areas where you can actually, you know, examine the evidence, Kennedy said. Id say, Show me the evidence of what youre saying, and lets look at it, and lets look at whether it is conceivably real. He told me he didnt know exactly what Jones had said about the tragedy. When I explained that Jones had claimed the whole thing was a hoaxand that he had lost a landmark defamation suitKennedy said he thought that was an appropriate outcome. If somebody says somethings wrong, sue them.
I mean, he said, I know people whose children were killed at Sandy Hook.
Who will vote for Kennedy?
He was recently endorsed by the Clueless star Alicia Silverstone. Earlier this month, Jack Dorsey, the hippie billionaire and a Twitter co-founder, shared a Fox News clip of Kennedy saying he could beat Donald Trump and Ron DeSantis in 2024. He can and will, Dorsey tweeted. Another tech mogul, David Sacks, recently co-hosted a fundraiser for Kennedy, as well as a Twitter Spaces event with him alongside his PayPal mafia ally Elon Musk. Sacks, whose Twitter header photo features a banner that reads FREE SPEECH , has an eclectic history of political donations: Mitt Romney, Hillary Clinton, and DeSantis, to name a few.
Kennedy continues to win praise from right-wing activists, influencers, and media outlets. While some of this support feels earnest, like a fawning multithousand-word ode from National Review, others feel like a wink. The New York Post covered his campaign-kickoff event under the headline Never Seen So Many Hot MILFs: Inside RFK Jrs White House Bid Launch.
So far, Kennedy hasnt staged many rallies. He favors long, winding media appearances. (Hes said that he believes 2024 will be decided by podcasts.) He recently talked COVID and 5G conspiracy theories with Joe Rogan, and his conversation with Jordan Peterson was removed from YouTube because of what the company deemed COVID misinformation. The day we met, Kennedy told me that he had just recorded a podcast with the journalist Matt Taibbi.
I asked Taibbi, who wrote for me when I was an editor at Rolling Stone and who now publishes independently on Substack, if he could see himself voting for Kennedy next year.
Yeah, its possible, Taibbi said. I didnt vote for anybody last time, because it was He trailed off, stifling laughter. I just couldnt bring myself to do it. So if he manages to get the nomination, I would certainly consider it.
Years ago, in a long Rolling Stone article, Kennedy falsely asserted that the 2004 election had been stolen. The article has since been deleted from the magazines online archive.
Ive never been a fan of electoral-theft stories, Taibbi said. But I dont have to agree with RFK about everything, he added. Hes certainly farther along on his beliefs about the vaccine than I am. But I think he is tapping into something that I definitely feel is legitimate, which is this frustration with the kind of establishment reporting, and this feeling of a lack of choice, and the frustration over issues like Ukraineyou know, that kind of stuff. I totaly get his candidacy from that standpoint.
Kennedys campaign operation is lean. He told Sacks and Musk that he has only about 50 people on the payroll. Hes beginning to spend more time in the early-voting state of New Hampshire. I asked Kucinich about Kennedys plans for summer: large-scale rallies? A visit to the Iowa State Fair? He could offer no concrete details, and told me to stay tuned.
Read: The case for a primary challenge to Joe Biden
Despite the buzz and early attention, Kennedy does not have a clear path to the nomination. No incumbent president in modern history has been defeated in a primary. (Kennedys uncle Ted came close during his primary challenge to Jimmy Carter in the 1980 election.) Following decades of precedent, the Democratic National Committee wont hold primary debates against a sitting president.
Were not spending much time right now thinking about the DNC, he said. Were organizing our own campaign.
Spokespeople for the DNC, the Biden campaign, and the White House did not offer comment for this article.
Democrats know RFK Jr. isnt actually a Democrat, Jim Messina, who led Barack Obamas 2012 reelection campaign and is in close touch with the Biden 2024 team, said in a statement. He is not a legitimate candidate in the Democratic primary and shouldnt be treated like one. His offensive ideas align him with Trump and the other GOP candidates running for president, and are repellent to what Democrats and swing voters are looking for.
I asked Kennedy what he thought would be more harmful to the country: four more years of Biden or another term for Trump.
I cant answer that, he said.
He paused for a long beat. He shook his head, then pivoted the conversation to Russia.
I think that either one of them is, you know, I mean, I can conceive of Biden getting us into a nuclear war right now.
Kennedys 2024 campaign, like Trumps, has an epic We are engaged in a final showdown tenor to it. But maybe this sentiment runs deeper than his current candidacy. These are the opening lines of Kennedys 2018 memoir, American Values:
From my youngest days I always had the feeling that we were all involved in some great crusade, that the world was a battleground for good and evil, and that our lives would be consumed in that conflict. It would be my good fortune if I could play an important or heroic role.
Read: The martyr at CPAC
Since meeting Kennedy, Ive thought about what he said about populismhow it emerges, how its exploited and weaponized. He seems to believe that he is doing the right thing by running for president, that history has finally found him, as it found his uncle and father. That he is the manthe Kennedyto lead America through an era of unrelenting chaos. But I dont know how to believe his message when its enveloped in exaggeration, conspiracy, and falsehoods.
The United States has grown only more conspiratorial in the half century since the publication of Richard Hofstadters The Paranoid Style in American Politics. There are those who refuse to get the COVID vaccine because of the slim potential of adverse side effects, and then there are those who earnestly fear that these innoculations are a way for the federal government to implant microchips in the bodies of citizens. The line between fact and fantasy has blurred, and fewer and fewer Americans are tethered to something larger or more meaningful than themselves.
Kennedy was raised in the Catholic Church and regularly attended Mass for most of his life. These days, he told me, his belief system is drawn from a wide array of sources.
The first line of the Tao is something to the effect that If it can be said, then its not truththat the path that is prescribed to you is never the true path, that basically we all have to find our own path to God, and to enlightenment, or nirvana, or whatever you call it, he said.
Hes now walking his familys path, determined to prevail in the battle of good against evil. Hes said hes running under the premise of telling people the truth.
But as with so many of the stories he tells, its hard to square Kennedys truth with reality.

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An independent review of the water industry is to recommend sweeping changes to the way the sector is managed, including the potential replacement of Ofwat with a strengthened body combining economic and environmental regulation.
Former Bank of England governor Sir Jon Cunliffe will publish the findings of the Independent Water Commission on Monday, with stakeholders across the industry expecting significant changes to regulation to be at its heart.
The existing regulator Ofwat has been under fire from all sides in recent years amid rising public anger at levels of pollution and the financial management of water companies.
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Campaigners and politicians have accused Ofwat of failing to hold water operators to account, while the companies complain that its focus on keeping bills down has prevented appropriate investment in infrastructure.
In an interim report, published in June, Sir Jon identified the presence of multiple regulators with overlapping responsibilities as a key issue facing the industry.
While Ofwat is the economic regulator, the Environment Agency has responsibility for setting pollution standards, alongside the Drinking Water Inspectorate.
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Sir Jon’s final report is expected to include a recommendation that the government consider a new regulator that combines Ofwat’s economic regulatory powers with the water-facing responsibilities currently managed by the EA.
In his interim report, Sir Jon said options for reform ranged from “rationalising” existing regulation to “fundamental, structural options for integrating regulatory remits and functions”.
He is understood to have discussed the implications of fundamental reform with senior figures in industry and government in the last week as he finalised his report.
Environment Secretary Steve Reed is expected to launch a consultation on the proposals following publication of the commission report.
The commission is also expected to recommend a “major shift” in the model of economic regulation, which currently relies on econometric modelling, to a supervisory approach that takes more account of individual company circumstances.
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How water can teach Labour a much-needed lesson
On Monday, the government’s long-awaited review into the UK’s water industry will finally report.
The expectation is that it will recommend sweeping changes – including the abolition of the regulator, Ofwat.
But frustrated customers of the water companies could rightly complain that the process of taking on this failing sector and its regulator has been slow and ineffective.
They may be forgiven for going further and suggesting that how Labour has dealt with water is symbolic of their inability to make an impact across many areas of public life, leaving many of their voters disappointed.
This is an industry that has been visibly and rapidly declining for decades, with the illegal sewage dumping and rotting pipes in stark contrast with the vast salaries and bonuses paid out to their executives.
It doesn’t take a review to see what’s gone wrong. Most informed members of the public could explain what has happened in a matter of minutes.
And yet, despite 14 years in opposition with plenty of time to put together a radical plan, a review is exactly what the government decided on before taking on Ofwat.
Month after month, they were asked if they believed the water industry regulator was fit for purpose despite the obvious disintegration on their watch. Every time the answer was ‘yes’.
As in so many areas of government, Labour, instead of acting, needed someone else to make the decision for them, meaning that it has taken over a year to come to the simple conclusion that the regulator is in fact, not fit for purpose.
As they enter their second year in office, maybe this can provide a lesson they desperately need to learn if they want to turn around their fortunes.
That bold decisions do not require months of review, endless consultations, or outside experts to endlessly analyse the problem.
They just need to get on with it. Voters will thank them.
Sir Jon has said the water industry requires long-term strategic planning and stability in order to make it attractive to “low-risk, low-return investors”.
The water industry has long complained that the current model, in which companies are benchmarked against a notional model operator, and penalised for failing to hit financial and environmental standards, risks a “doom loop”.
Thames Water, currently battling to complete an equity process to avoid falling into special administration, has said the imposition of huge fines for failing to meet pollution standards is one of the reasons it is in financial distress.
Publication of the Independent Commission report comes after the Environment Agency published figures showing that serious pollution incidents increased by 60% in 2024, and as Thames Water imposes a hosepipe ban on 15m customers.
Ofwat, Water UK and the Department for the Environment all declined to comment.
Politics
Bitcoin becomes 5th global asset ahead of “Crypto Week,” flips Amazon: Finance Redefined
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July 18, 2025By
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Technology
The investor behind Opendoor’s 190% run nearly shut down his fund
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3 hours agoon
July 18, 2025By
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Courtesy: Opendoor
On June 6, online real estate service Opendoor was so desperate to get its beaten-down stock price back over $1 and stay listed on the Nasdaq that management proposed a reverse split, potentially lifting the price of each share by as much as 50 times.
The stock inched its way up over the next five weeks.
Then Eric Jackson started cheerleading.
Jackson, a hedge fund manager who was bullish on Opendoor years earlier when the company appeared to be thriving and was worth roughly $20 billion, wrote on X on Monday that his firm, EMJ Capital, was back in the stock.
“@EMJCapital has taken a position in $OPEN — and we believe it could be a 100-bagger over the next few years,” Jackson wrote. He added later in the thread that the stock could get to $82.
It’s a long, long way from that mark.
Opendoor shares soared 189% this week, by far their best weekly performance since the company’s public market debut in late 2020. The stock closed on Friday at $2.25. The stock’s highest-volume trading days on record were Wednesday, Thursday and Friday of this week.
Jackson said in an interview on Thursday that the bulk of his firm’s Opendoor purchases came when the stock was in the 70s and 80s, meaning cents, and he’s bought options as well for his portfolio.
Nothing has fundamentally improved for the company since Jackson’s purchases. Opendoor remains a cash-burning, low-margin business with meager near-term growth prospects.
What has changed dramatically is Jackson’s online influence and the size of his following. The more he posts, the higher the stock goes.
“There’s a real hunger for buying the next big thing,” Jackson told CNBC, adding that investors like to find the “downtrodden.”
It’s something Jackson’s firm, based in Toronto, has in common with Opendoor.

When Opendoor went public through a special purpose acquisition company in 2020, it was riding a SPAC wave and broader gains driven by low interest rates and Covid-era market euphoria. Investors pumped money into the riskiest assets, lifting money-losing tech upstarts to astronomical valuations.
Opendoor’s business involved using technology to buy and sell homes, pocketing the gains. Zillow tried and failed to compete.
Opendoor shares peaked at over $39 in Feb. 2021 for a market cap just above $22.5 billion. But by the end of that year, the shares were trading below $15, before collapsing 92% in 2022 to end the year at $1.16.
Rising interest rates hammered the whole tech sector, hitting Opendoor particularly hard as increased borrowing costs reduced demand for homes.
Jackson, similarly, had a miserable 2022, coinciding with the worst year for the Nasdaq since 2008. Jackson said his key client withdrew its money at the end of the year, and “I’ve been small ever since.”
‘Epic comeback’
While his assets under management remain minimal, Jackson’s reputation for getting in early to a rebound story was burnished by the performance of Carvana.
The automotive e-commerce platform lost 98% of its value in 2022 as investors weighed the likelihood of bankruptcy. In the middle of that year, with Carvana still far from bottoming out, Jackson expressed his bullishness. He told CNBC that April that he liked the stock, and then promoted its recovery on a podcast in June. He also said he liked Opendoor at the time.
Investors willing to stomach further losses in 2022 were rewarded with a 1,000% gain in 2023, and a lot more upside from there. The stock closed on Friday at $347.52, up from a low of $3.72 in Dec. 2022, and almost triple its price at the time of Jackson’s appearance on CNBC in April of that year.
After Carvana’s 2022 slide, “then obviously began an epic comeback,” Jackson said. Opendoor, meanwhile, “continued to roll down the mountain,” he said.
Jackson said that the fallout of 2022 led him to pursue a different method of stockpicking. He started hiring a small team of developers, which is now four people, to build out artificial intelligence models. The firm has experimented with several models —some have worked and some haven’t — but he said the focus now is using what he’s learned from Carvana to find “100x” opportunities.
In addition to Opendoor, Jackson has been promoting IREN, a provider of power for bitcoin mining and AI workloads, and Cipher Mining, which is in a similar space. He’s seen his following on Elon Musk‘s social media site X, which he said was stuck for years between 32,000 and 34,000, swell to almost 50,000. And after a lengthy lull, investors are reaching out to him to try and put money into his fund, he said.
Jackson has a lot riding on Opendoor, a company that saw revenue and number of homes sold slip in the first quarter from a year earlier, and racked up almost $370 million in losses over the past four quarters.
In early June, Opendoor announced plans for a reverse split — ranging from 1 for 10 to 1 for 50 — to “give us optionality in preserving our listing on Nasdaq.” With the stock now well over $1, such a move appears less necessary, as shareholders prepare to vote on the proposal on July 28.
“I think it’s a terrible idea,” said Jackson. “Those things usually further cement a company’s move into oblivion rather than hail some big revival.”
Opendoor didn’t respond to a request for comment.
Banking on growth
Analysts are projecting a more than 5% drop in revenue this year, followed by 20% growth in 2026 and 12% expansion in 2017, according to LSEG. Losses are expected to narrow over that stretch.
Jackson said his analysis factors in projections of $11.5 billion in revenue for 2029, which would be well over double the company’s expected sales for this year. He looked at the multiples of companies like Zillow and Carvana, which he said trade for 4 to 7 times forward revenue. Opendoor’s forward price-to-sales ratio is currently well below 1.
With Zillow and Redfin having exited the instant-buying home market, Opendoor faces little competition in allowing homeowners to sell their property online for cash, rather than going through an extended bidding, sales and closing process.
Jackson is banking on revenue growth and increased market share to lead to a profitable business that will push investors to value the company with a multiple somewhere between Zillow and Carvana. At $82, Opendoor would be worth about $60 billion, which is roughly 5 times projected 2029 revenue.
Jackson said his model assumes that “like Carvana, Opendoor can prove that it can permanently turn the tide and get to sustained profitability” so that the “market multiple would get reassessed.”
In the meantime, he’ll keep posting on X.
On Friday, Jackson wrote a thread consisting of 11 posts, recounting the challenge of having “99.5% of my AUM” disappear overnight after his primary investor pulled out in 2022.
“Translation: he fired me for losing him too much money,” Jackson wrote. He said he almost shut down the fund, and was even encouraged to do so by his wife and accountant.
Now, Jackson is using his recent momentum on social media to try and attract investor money, while still reminding prospects that he could lose it.
“All I have is my reputation,” he wrote, “and, unless I keep picking good stocks, it will be gone.”

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