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The new chairman of Opendoor, Keith Rabois, said that the company's workforce is 'blown up'.
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He also said that the culture of the company was 'broken', referring to external activities and dei efforts.
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OpenDoor recently emerged as a meme share, with its share price with 470% years to date.
Keith Rabois, co -founder and new chairman at OpenDoor Technologies, says that the company is so “blown up” that it can reduce the vast majority of its staff.
Rabois, whose return to the company's board was announced on Thursday, outlined various changes that are needed at OpenDoor in an interview with CNBC's “Squawk on the Street” on Friday.
“There are 1,400 employees at OpenDoor. I don't know what most of them do. We don't need more than 200,” said Rabois and added: “The company was completely blown up.”
OpenDoor, who buys and sells houses, currently makes waves like the latest meme shares that are loved by retail traders. The share received another boost on Thursday when the company announced that co -founders Rabois and Eric Wu are joining the board and that Kaz Nejatian, COO of Shopify, was appointed CEO. At Market Close on Friday, the share of years to date had risen by 470%.
Rabois, who is also director of the VC company Khosla Ventures, said that the culture of CNBC Opendoor was “broken”, referring to external activities and diversity, fairness and inclusion of efforts.
“These people worked remotely. That doesn't work,” he said, adding that the company also went a “dei -path”.
“We are all going to solve that. We are back to merit and excellence,” said Rabois.
OpenDoor did not immediately respond to a request for comment from Business Insider.
Rabois' comments are part of a larger trend of technical leaders who complain remotely and roll out return-to-office mandates, which business leaders have also noticed as a way to reduce personnel assignments without dismissals.
Various prominent technology companies have also rolled back the efforts, including Amazon, Google and Meta.
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