Opendoor board chair Rabois says company is ‘bloated,’ needs

Opendoor board chair Rabois says company is ‘bloated,’ needs to cut 85% of workforce

 

Keith Rabois, Opendoor’s new chairman, said the company he co-founded needs to slash its workforce by as much as 85% to fix its cost structure.
Rabois returned to Opendoor this week, when the company named former Shopify executive Kaz Nejatian as its new CEO.
“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 told CNBC.