"There's 1,400 employees at Opendoor. I don't know what most of them do. We don't need more than 200 of them,"
"These people were working remotely. That doesn't work. This company was founded on the principle of innovation and working together in person. We're going to return to our roots."
"We're gonna fix all that,"
Keith Rabois became Opendoor board chair and pledged aggressive workforce reductions to address cash burn and a perceived bloated organization. Kaz Nejatian was appointed CEO and Eric Wu returned to the board as part of leadership changes. Opendoor's shares surged on the announcements and a retail-driven rally but the company remains a cash-burning, low-margin business with limited near-term growth. Rabois identified remote work and a broken culture as major problems and linked headcount cuts to restoring in-person collaboration and operational efficiency. Rabois also criticized DEI initiatives and signaled a return to the company's original principles.
Read at www.cnbc.com
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