Opendoor Lays Off 18% of its Employees Due to Housing Cutbacks

According to recent reports, Opendoor has fired 18% of its employees due to housing cutbacks. Chief Executive Officer Eric Wu announces job cuts amid ‘one of the most challenging real estate markets in 40 years.’ Read the entire article to find out more about this news.

About the firing

“The reality is, we’re navigating one of the most challenging real estate markets in 40 years and need to adjust our business,” Chief Executive Officer Eric Wu wrote. “To manage through the turbulence in the market, we’ve worked quickly over the last two quarters to reduce our operating expenses.” “We did not make the decision to downsize the team today lightly,” Wu said.  The company had to make this decision because the company had to sell its homes for less than it paid for, which led to losses. The housing market along with other markets has been hit badly due to the bad shape of the economy and consumer demand. Opendoor is not the only company that has had to lay off employees to cut down losses. Many social media companies like Snapchat Inc. and Meta have had to do the same. Even companies like Microsoft were compelled to take such a step to decrease their losses.

About Opendoor

For people who do not know anything about Opendoor, this article will give you all the necessary information. It is basically a digital platform a residential real estate platform. In simple words. you can buy and sell a house using this platform. The app has basically made life easy for people who are looking to buy or sell a house by helping them do it through their mobile phones. The company understands the lack of time everyone has nowadays due to professional and personal commitments therefore, this app has been made for them to select their house while they are doing their other chores. Opendoor is operating in numerous cities and has its headquarters in San Francisco. The company has made a name for itself and has a lot of users across several countries.

Eric Wu
Source- Twitter

About Eric Wu

Eric Wu is the CEO of Opendoor and he is also the co-founder of the company. He is an experienced and skilled individual and the founder of many other companies as well. Before working in Opendoor, he co-founded and Both these companies are extremely successful. The CEO of one of the popular real estate companies has studied at the University of Arizona.