Overview

• Keith Rabois said Opendoor has roughly 1,400 employees but needs about 200, calling the company bloated in a CNBC interview.
• He criticized a remote-first culture and DEI initiatives as causes of a “broken” culture and signaled a shift back to in-person work.
• Rabois argued that advances in AI and automation make large workforce reductions and efficiency gains more achievable.
• Opendoor named former Shopify executive Kaz Nejatian as CEO, with cofounders Rabois and Eric Wu rejoining the board.
• After a retail-driven surge that lifted shares roughly 470%–500% this year, the stock jumped around 78% on the leadership news then fell about 13% following Rabois’s comments.