Opendoor Technologies CEO Eric Wu said in a letter to employees: “I mentioned that the best leaders lead with their head and their heart. It’s with a heavy heart that I share this news today. For those who missed the Open House, we’ve made the difficult decision to reduce our team by ~550 people across all functions – approximately 18% of the company. The reality is, we’re navigating one of the most challenging real estate markets in 40 years and need to adjust our business. To manage through the turbulence in the market, we’ve worked quickly over the last two quarters to reduce our operating expenses…Everyone leaving will receive ten weeks of pay, with an additional two weeks of pay for every full year beyond two years of tenure…We want to provide clarity on next steps as quickly as possible. We’ll be sending an email to everyone at Opendoor within the next hour, which will let you know whether your role has been impacted or not.”
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