I dont know what most of them do | Latest Tech News
Opendoor’s new chairman Keith Rabois blasted the company as “bloated” on Friday — vowing to cut up to 85% of its staff.
“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’s “Squawk on the Street” on Friday.
Rabois — a member of Silicon Valley’s famed “PayPal Mafia” that contains Elon Musk, Peter Thiel and Reid Hoffman — returned to the online real estate company this week after it put in former Shopify government Kaz Nejatian as CEO.
Nejatian changed Carrie Wheeler who resigned on Aug. 15 after Rabois and hedge fund supervisor Eric Jackson led a stress marketing campaign to take away her after a three-year stint as chief government.
Opendoor chairman Keith Rabois called the company “bloated” and vowed to slash 85% of its 1,400 staff. Bloomberg via Getty Images
The ousted CEO said in a post on X that accelerating her succession plan was “the best thing I can do for Opendoor now.”
Her exit adopted a surge in Opendoor’s stock — up more than sixfold since June — as retail traders piled in after Jackson touted the shares as a potential “100-bagger.”
Opendoor’s stock — which went public in 2020 via a SPAC before crashing 99% from its peak — has roared back this yr, fueled by retail traders and activist stress.
But investor unrest intensified when Opendoor’s latest earnings confirmed declining home acquisitions and no clear turnaround.
Shares soared 78% on Thursday after Rabois’s return and Nejatian’s set up as CEO had been announced, before sliding more than 12% on Friday.
“We don’t need more than 200 of them,” Rabois told CNBC about Opendoor’s workers. Getty Images for Hill & Valley Forum
Even with the pullback, the stock stays up practically 500% in 2025.
Rabois said Opendoor’s tradition was “broken” by distant work, insisting the company must return to in-person collaboration.
“This company was founded on the principle of innovation and working together in person. We’re going to return to our roots,” Rabois told CNBC.
Rabois also criticized Opendoor for going “down this DEI path,” including, “We’re gonna fix all that.”
Opendoor is a real estate technology company recognized as an “iBuyer,” offering householders immediate money provides to promote their properties rapidly without the standard itemizing course of.
Its main business model is shopping for houses straight, making repairs, and reselling them for a revenue, while also charging service charges related to real estate commissions.
Opendoor is an “iBuyer” that provides householders fast money gross sales without conventional listings. Tada Images – stock.adobe.com
The company has expanded into associated providers such as mortgage lending, title, escrow and warranties to seize more of the transaction.
It is also developing new merchandise like “Cash Plus” and partnerships with local brokers to present more versatile promoting choices.
Opendoor depends closely on proprietary algorithms and AI to price houses and handle risk, making data central to its strategy.
Opendoor software program engineer compensation ranges from $180,000 at entry stage to $728,000 at senior ranges, with a median of about $240,000, according to Levels.fyi.
The average whole compensation at the company stands at $287,000, with most salaries between $225,000 and $619,000, and top roles reaching $747,000, 6figr estimates.
The web web site Comparably lists average pay at $143,000, with division medians of $170,000 in operations and $177,000 in product.
The Post has sought remark from Opendoor.
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