Opendoor chair says the company currently has 1,400 employees but only needs 200 of them

Core Insights - Opendoor Technologies is facing significant operational inefficiencies, with cofounder Keith Rabois stating that the company is "bloated" and could reduce its workforce from 1,400 employees to around 200 [1][2] - The company has recently gained attention as a meme stock, with its stock price increasing by 470% year-to-date following the announcement of leadership changes [1] - Rabois criticized the company's culture, particularly regarding remote work and diversity, equity, and inclusion (DEI) initiatives, indicating a shift back to a focus on merit and excellence [2][7] Company Overview - Opendoor Technologies specializes in buying and selling homes, and it has recently seen a surge in stock performance, attributed to the rejoining of cofounders Rabois and Eric Wu on the board and the appointment of Kaz Nejatian as CEO [1] - The company currently employs 1,400 individuals, but Rabois believes that the majority of these positions are unnecessary, suggesting a drastic reduction in workforce [1] Cultural and Operational Changes - Rabois described the company's culture as "broken," emphasizing the ineffectiveness of remote work and the need to move away from DEI-focused initiatives [2][7] - The shift in focus will prioritize merit and excellence, indicating a potential restructuring of company values and operational strategies [2]