""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," Rabois said."
""The culture was broken," Rabois said. "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.""
""After years of success and then hitting an all-time-high of $15.6 billion in revenue in 2022, the company has reported falling numbers every year since. Opendoor reported revenue of $5.2 billion last year, down about two-thirds from its highs in 2022.""
Keith Rabois rejoined Opendoor's board as chairman with cofounder Eric Wu and aims to restore founder DNA. He described the workforce as bloated, saying 1,400 employees are excessive and suggesting the company needs around 200. He plans layoffs, cuts to general and administrative expenses, and a push to bring employees back to the office to repair a broken culture. Opendoor peaked at $15.6 billion revenue in 2022 and fell to $5.2 billion last year. The moves align with broader tech-industry efforts to boost efficiency and reduce headcount.
Read at Fortune
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