What Happened: The chairman of O'Shares ETFs tried to order a new F-150 in July, but it was delivered below acceptable standards.
"It got delivered missing chips. As far as I was concerned it was uninsurable," he said.
At that time, O'Leary called out Ford CEO Jim Farley on CNBC for the company's lack of execution.
O'Leary told CNBC he was impressed by Farley after the CEO immediately texted him following the incident.
"Today I took delivery of a Ford F-150, all chipsets in it. I bought it - no lease. Three people have already come by to offer me more than I paid for it. The demand for these vehicles is insane," O'Leary said.
Since the July incident, O'Leary said he challenged the Ford executives to deliver him a truck. If they could do so, he would become a shareholder.
O'Leary said he bought one-third of a full position in the stock and if Farley continues to deliver, he will buy more.
"My thesis is this: the demand is insatiable for this brand. All they have to do is execute, so it's back on Farley. I'll buy more stock if he can start delivering," he said.
F Price Action: Ford has traded as high as $16.45 and as low as $6.41 over a 52-week period.
The stock was up 0.5% at $13.10 at the time of publication.