Opendoor Chairman Keith Rabois Plans Massive Layoffs: Report

According to a CNBC report, Rabois has pledged to reduce the firm’s workforce, criticizing the current team as bloated and disconnected from the company's original mission.

Opendoor Technologies Inc. (OPEN) co-founder and newly appointed board chairman Keith Rabois has reportedly pledged to reduce the firm’s workforce, describing the current team as bloated and disconnected from the company's original mission.

“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, according to a CNBC report.

 Opendoor Technologies’ stock traded over 12% lower on Friday afternoon.

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