Company needs to cut 85% of its workforce
Opendor Founding Partner and Chairman of the Board of Directors, Keith Rabois, said that a “swollen” labor force is a drag because he promised to cut the culture of the staff.
Rabois said CNBC’s “Squawk on the street” on Friday.
Online Real Estate Platform formerly appointed on Wednesday Do shopping Following the investor pressure, the new CEO led to his predecessor Carrie Wheeler to resign last month. Openoor in San Francisco also called Rabois as president and said that Eric Wu, the first CEO of the company before he resigned in 2023, said he would return to the board of directors.
The announcement sent Opendoor shares by 78% on Thursday before shifting more than 13% on Friday. When a retail investors army began to start the company Eric Jackson, a Risk Protection Fund Manager, this year has increased by about 500% this year after increasing the stock price.
Opendoor stock graph from the year.
Opendoor’s job involves using technology to buy and sell houses, and to use the gains pocket.
Since Jackson bought Openoor shares in July, nothing has developed on a basis for the company. Opendoor continues to be a low -margin business with short -term growth expectations.
Rabois said that it has a “high -level appearance of the strategy” to transform Openoor, and that headcount discounts are required to solve the company’s cash burning.
“Culture broke, Rab Rabois said. “These people were working from a distance. This does not work. This company was based on innovation and personally working principle. We will return to our roots.”
Opendoor’un diversity, equality and referring to the inclusion of “this varied path”, he added.
“We will fix all of this, Rab Rabois said.
Nejatian one Send it to x It is ready to start personally on Friday at the beginning of next week.
“Yes. I will be the first job on Monday morning, and every Monday morning will be the first job.”
