‘I don’t know what most of them do’

Opendoor’s newly appointed chairman, Keith Rabois, criticized the company as being “bloated” and announced plans to reduce its workforce by up to 85%.

“There’s 1,400 employees at Opendoor. I don’t know what most of them do. We don’t need more than 200 of them,” Rabois stated in an interview with CNBC’s “Squawk on the Street”.

Rabois, a member of Silicon Valley’s renowned “PayPal Mafia,” which includes Elon Musk and Peter Thiel, returned to Opendoor following the appointment of Kaz Nejatian as the new CEO.

Nejatian took over from Carrie Wheeler, who resigned in August after pressure from Rabois and hedge fund manager Eric Jackson.

Following Wheeler’s departure, Opendoor’s stock saw a significant increase, attracting retail investors and activist attention.

Rabois’s return and Nejatian’s appointment as CEO led to a surge in the company’s stock price, followed by a slight decline.

Despite the fluctuations, Opendoor’s stock has seen a substantial increase in value in 2025.

Rabois emphasized the importance of in-person collaboration at Opendoor, stating that the company’s culture had been disrupted by remote work.

He also criticized Opendoor’s diversity, equity, and inclusion efforts, vowing to address them.

Opendoor operates as an “iBuyer,” offering homeowners quick cash sales without the need for traditional listings.

In addition to buying and reselling homes, Opendoor provides related services such as mortgage lending and title services.

The company is known for using proprietary algorithms and AI to manage risk and streamline its operations.

Salaries at Opendoor range from $180,000 for entry-level positions to $728,000 for senior roles, with an average total compensation of $287,000.

Comparably lists the average pay at Opendoor as $143,000, with department medians ranging from $170,000 to $177,000.

The Post has reached out to Opendoor for comment on the recent developments.