Opendoor board chair Rabois says company is 'bloated,' needs to cut 85% of workforce

Group 1 - The co-founder and newly appointed board chair of Opendoor, Keith Rabois, criticized the company's current workforce size, stating that the company has 1,400 employees but only needs around 200, indicating plans for significant layoffs [1] - Opendoor appointed Kaz Nejatian, a former Shopify executive, as the new CEO following the resignation of Carrie Wheeler due to investor pressure, and Rabois was named chairman [2] - Following the leadership changes, Opendoor's stock experienced a dramatic increase of 78% on Thursday, although it fell by more than 12% the following day, yet it remains up nearly 500% for the year [3]