Opendoor Board Chair Thinks the Company Should Cut Its Workforce by 85 Percent

If you work for OpenDoor, the online real estate platform, you may consider polishing your CV. The company’s board chairman recently left that he believed the company could lose almost all of its employees.

During the recent appearance of “Squawk on the Street” from CNBC, Keith Rabois, a former member of PayPal, told him that he felt that the majority of people in his company were concerned. “There are 1,400 employees in OpenDoor. I don’t know what most of them do. We don’t need more than 200 of them.” He added that “the emergence of artificial intelligence and other technologies” made reducing the workforce “a simple problem” to solve it.

Rabois’s apparent lack of interest in maintaining the majority of the workforce in OpenDoor is somewhat humor in view of the company’s recent performance. In fact, the shares of the company increased by 500 percent this year. However, the stock performance may be largely as a result of a wave of retailers who are interested in the company because of the online advice that is spread by the hedge fund manager. As a result, the company was named as “MIM shares”, which Rabua opposes.

It is not clear whether Rabua’s cruel comment is just an attempt to inspire confidence in the company’s profitability. After all, if you shoot almost everyone in a company, there is a much greater chance, you will make a profit.

The stock rose this week, but other developments also helped stimulate the investor’s confidence – any previous appointment Shopify CEO Kaz Al -Najbiya as a new executive head. CNBC notes that the pressure of the “investor” stimulated the exit of former CEO of Carrie Wheeler. On Thursday, the company’s share increased by 78 percent, before a decrease of 13 percent on Friday, the port noticed.

Rabua had more to say about his efforts to convert the real estate platform online: “Culture has been broken”, about the previous administration of the company. “These people were working remotely. This is not working. This company was established on the principle of innovation and work together. We will return to our roots.”

Rapuis also seized the opportunity to get out of the company’s diversity, fairness and inclusion initiatives, noting that, under its previous leadership, the company had “below this path Dei”, and that Rabua intends to “fix all of this.” Gizmodo has communicated with OpenDoor for more information about its clear plan to raise its working power.