Opendoor co-founder and newly minted board chair Keith Rabois said remote work and a "bloated" workforce have been a drag on the company's culture, as he vowed to slash headcount.
"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 told CNBC's "Squawk on the Street" on Friday.
The online real estate platform on Wednesday appointed former Shopify executive Kaz Nejatian as its new CEO after investor pressure caused his predecessor, Carrie Wheeler, to resign last month. Opendoor also named Rabois as chairman and said Eric Wu, who served as the company's first CEO before stepping down in 2023, would return to the board.
The announcement sent Opendoor shares soaring 78% on Thursday, before the stock slid more than 12% on Friday. It's still up almost 500% this year, after an army of retail investors pushed up the stock price when hedge fund manager Eric Jackson began touting the company.