Story perspectives

Opendoor Chairman Plans 85% Workforce Cut Amid Leadership Shakeup

9/12/2025

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Summary

Story summary

Keith Rabois, Opendoor's new chairman, labeled the company “bloated” and plans to reduce its workforce by up to 85% from 1,400 employees, suggesting a need for only 200.
He emphasized a return to in-person work and core company values.
His remarks came after Kaz Nejatian replaced Carrie Wheeler as CEO amid investor pressure.
Following the leadership changes, Opendoor's stock initially surged 78% but dropped over 12% the next day.
The company has experienced nearly a 500% stock value increase in 2025, fueled by retail investor interest.

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Story summary

Keith Rabois, Opendoor's new chairman, labeled the company “bloated” and plans to reduce its workforce by up to 85% from 1,400 employees, suggesting a need for only 200.
He emphasized a return to in-person work and core company values.
His remarks came after Kaz Nejatian replaced Carrie Wheeler as CEO amid investor pressure.
Following the leadership changes, Opendoor's stock initially surged 78% but dropped over 12% the next day.
The company has experienced nearly a 500% stock value increase in 2025, fueled by retail investor interest.