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

"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 said, adding, "the company is completely bloated."

""These people were working remotely. That doesn't work," he said, adding that the company also went down a "DEI path.""

""We're going to fix all that. We're back to merit and excellence," Rabois said."

Opendoor operates with about 1,400 employees and could function with roughly 200, indicating a potential large-scale workforce reduction. Company culture is characterized by concerns about remote work and diversity, equity, and inclusion initiatives. Leadership changes include cofounders rejoining the board and the appointment of Kaz Nejatian as CEO. The company's stock has risen about 470% year-to-date amid retail trading interest as a meme stock. Planned actions emphasize returning to office, prioritizing merit and excellence, reducing DEI focus, and implementing substantial headcount cuts to improve operational efficiency.

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