Khosla Ventures’ Keith Rabois is back as chairman at Opendoor, and he doesn’t understand why the company’s workforce has gotten so “bloated.”
“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.
Founded in 2014, Opendoor helps people buy and sell their homes online and eliminates the need for a real estate agent by combining the buying, selling, and closing process into one platform. After years of success and then hitting an all-time-high of $15.6 billion in revenue in 2022, the company has reported falling numbers every year since. Opendoor reported revenue of $5.2 billion last year, down about two-thirds from its highs in 2022.
“The culture was broken,” Rabois said. “These people were working remotely. That doesn’t work. This company was founded on the principle of innovation and working together in person. We’re going to return to our roots.”
