Opendoor Technologies, the real estate technology firm known for its online home buying and selling platform, is facing renewed scrutiny after its cofounder and newly appointed chairman, Keith Rabois, made blunt remarks about the company’s staffing levels.
In a recent interview on CNBC’s Squawk on the Street, Keith stated that Opendoor, which currently employs around 1,400 people, only needs about 200 to operate effectively.
“There’s 1,400 employees at Opendoor. I don’t know what most of them do,” Keith said, describing the company as “completely bloated”.
His comments have sparked widespread discussion about organizational efficiency, remote work culture, and the future of tech employment.
Opendoor Cultural Critique: Remote Work and DEI Under Fire
Keith attributed what he called a “broken” company culture to remote work policies and diversity, equity, and inclusion (DEI) initiatives.
“These people were working remotely. That doesn’t work,” he said, adding that the company had “gone down a DEI path” that he intends to reverse.
He emphasized a return to “merit and excellence,” aligning with a broader trend among tech leaders who are rolling back remote work flexibility and DEI programs.
Companies like Amazon, Google, and Meta have similarly scaled back diversity initiatives and implemented return-to-office mandates in recent months.
Strategic Realignment and New Leadership
Keith’s remarks came just one day after Opendoor announced significant leadership changes.
Alongside Keith, cofounder Eric Wu rejoined the board of directors, and Kaz Nejatian, former Chief Operating Officer of Shopify, was appointed as CEO.
Kaz has already signaled a shift in operational style, announcing plans to begin working on-site immediately.
The leadership overhaul is expected to bring a more hands-on approach to company management and a renewed focus on core business fundamentals.
Financial Performance and Market Position
Despite internal challenges, Opendoor’s stock has surged approximately 470% year-to-date, largely driven by retail investor interest and its status as a meme stock.
The company’s share price had previously dipped below $1 for much of 2024 and early 2025, prompting concerns about long-term viability.
Keith has indicated that trimming general and administrative expenses is critical to ensuring the company’s resilience through market cycles.
He also mentioned a fresh $40 million capital infusion from cofounder Wu and venture capital firm Khosla Ventures, which he manages.
Opendoor Layoffs Not Yet Confirmed, But Signals Are Clear
Keith’s comments suggest that the company may soon announce significant workforce reductions, even though no formal layoffs have been declared yet.
The chairman has not presented the idea of cutting 85% of staff as an official strategy, but his public statements have raised expectations of restructuring.
Industry observers note that such remarks often precede formal downsizing plans, especially when paired with leadership changes and cultural critiques.
For now, the company has not responded to media inquiries about potential layoffs.
Note: We are also on WhatsApp, LinkedIn, and YouTube to get the latest news updates. Subscribe to our Channels. WhatsApp– Click Here, YouTube – Click Here, and LinkedIn– Click Here.
