"Opendoor, which buys and sells homes, is currently making waves as the latest meme stock beloved by retail traders. The stock got another boost on Thursday when the company announced cofounders Rabois and Eric Wu were rejoining the board and that Kaz Nejatian, COO of Shopify, was appointed CEO. At market close on Friday, the stock was up 470% year-to-date."
"Rabois, who is also managing director at the VC firm Khosla Ventures, told CNBC Opendoor's culture was "broken," citing remote work and diversity, equity, and inclusion efforts. "These people were working remotely. That doesn't work," he said, adding that the company also went down a "DEI path." "We're going to fix all that. We're back to merit and excellence," Rabois said."
Keith Rabois returned to Opendoor's board as chairman, alongside cofounder Eric Wu, with Kaz Nejatian appointed CEO. Opendoor buys and sells homes and currently has about 1,400 employees. Leadership views the headcount as severely bloated and plans to reduce staff to roughly 200 roles. Company culture is characterized as broken, with remote work and diversity, equity, and inclusion (DEI) initiatives singled out as problems. Leadership intends to reverse remote work norms and roll back DEI efforts in favor of merit and excellence. The stock has surged about 470% year-to-date amid meme stock interest.
Read at Business Insider
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