Opendoor’s new chairman Keith Rabois has raised sharp concerns over the company’s staffing levels, saying the home-selling platform is far larger than it needs to be. The co-founder, who rejoined the board this month, argued that the company’s headcount has become “bloated” and that operations could be run by a much smaller group.
Rabois’s comments come as part of a wider leadership shake-up at the iBuyer. Alongside his return, fellow co-founder Eric Wu also rejoined the board, while former Shopify executive Kaz Nejatian took over as chief executive. The company also secured $40 million in fresh investment from Khosla Ventures and Wu, adding financial backing to the restructuring effort.
The chairman’s workforce critique places cost control at the centre of Opendoor’s turnaround. He suggested that the company’s general and administrative spending had ballooned and that a streamlined organisation would deliver greater accountability and faster execution. His remarks also pointed to a preference for office-based work, noting that company culture had eroded during years of remote operations.
While no formal job cuts have been announced, the statements have fuelled speculation that a significant downsizing could be on the horizon. Opendoor currently employs about 1,400 people, but Rabois indicated that only a small fraction of that number may ultimately be necessary to keep the business running.
Investors responded strongly to the governance overhaul and Rabois’s blunt assessment. Shares in Opendoor jumped more than 30 per cent in pre-market trading after the leadership announcements, reflecting optimism that a leaner structure could stabilise margins and revive growth. For employees, however, are wondering about the future of the organisation.
