Core Insights - Keith Rabois has returned as chairman of Opendoor, expressing concerns over the company's bloated workforce and aiming to restore its original culture and efficiency [1][4] - Opendoor's employee count stands at 1,400, with Rabois suggesting that only 200 are necessary for operations [2] - The company, founded in 2014, has seen a significant decline in revenue, dropping from a peak of $15.6 billion in 2022 to $5.2 billion last year, a decrease of about two-thirds [3] Workforce and Culture - Rabois plans to reduce the workforce and emphasizes the importance of in-office work to revive Opendoor's culture, which he describes as "broken" due to remote work practices [4] - The strategy aligns with broader industry trends where tech leaders are implementing layoffs to enhance profitability and efficiency [4] Financial Strategy - Rabois aims to cut down on general and administrative expenses to prevent costs from hindering the company's performance during market fluctuations [5] - A recent capital raise of $40 million, along with the appointment of a new CEO, Kaz Nejatian, is part of the plan to stabilize the company [5] Stock Performance - Following the announcement of executive changes and Rabois' return, Opendoor's stock surged by 80%, although it was trading down 3.5% at $9.14 shortly after [6]