Opendoor lays off about 550 employees, or 18% of its workforce • ZebethMedia

Opendoor is letting go of about 550 people, or 18% of the company, across all functions, its co-founder and CEO Eric Wu announced in a blog post today.
The real estate technology company is one of many real estate tech companies that have had to lay off workers in 2022. Online mortgage lender Better.com has had multiple rounds of layoffs and in June, Redfin and Compass shed a combined 900+ workers.
Skyrocketing mortgage interest rates and inflation are largely to blame for the decreased demand that has led to slowdowns in business at such companies. For his part, Opendoor’s Wu said his company was navigating “one of the most challenging real estate markets in 40 years.”
In his blog post, the executive said that his company over the past two quarters had worked to reduce its operating expenses. He wrote: “Prior to today, we scaled back our capacity by over 830 positions – primarily by reducing third party resourcing – and we eliminated millions of fixed expenses. We did not make the decision to downsize the team today lightly but did so to ensure we can accomplish our mission for years to come.”
Impacted employees will receive ten weeks of severance pay, with an additional two weeks of pay for every full year beyond two years of tenure. All current healthcare benefits will remain active for the rest of the month, then Opendoor will pay for three months of health insurance. 
The company also plans to offer “job transition support” and launch an opt-in talent directory to help laid off team members “connect with new opportunities.”
Opendoor went public in late December 2020 after completing its planned merger with the SPAC Social Capital Hedosophia Holdings II, headed by investor Chamath Palihapitiya. The eight-year-old company first offered its stock to the public at $31.47 per share. At the time of writing today, shares were trading at $2.48, only slightly higher than the company’s 52-week low of $2.26. This means that the company is valued at just $1.56 billion, down from a valuation of $8 billion in 2021.
When it comes to venture capital, Opendoor last raised $300 million at a $3.5 billion pre-money valuation in March of 2019. Over time, it has raised about $1.3 billion in equity funding and nearly $3 billion in debt financing to finance its home purchases. Investors in the company include General Atlantic, the SoftBank Vision Fund, NEA, Norwest Venture Partners, GV, GGV Capital, Access Technology Ventures, SV Angel and Fifth Wall Ventures, along with others.
Founders include Eric Wu and Founders Fund general partner Keith Rabois.

             Disclaimer: Any Product You Buy Here, Amazon Pays me A Commission With No Additional Fee.

 

This is a must Have Software For Your Home & Business. This software will help your business and make your job Stress Free.

Business and Office Management  Category.

(Old Version) H&R Block Tax Software Deluxe + State 2023 with Refund Bonus Offer (Amazon Exclusive) (PC/MAC Download)

(4264)

20% Off $49.99 $39.97 (as of November 21, 2024 06:11 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)

Choose to put your refund on an Amazon gift card and you can get a 2% bonus. One state program download included. State e-file sold separately. Reporting assistance on income from investments, stock options, home sales, and retirement Guidance on max... read more

Acrobat Pro | 1-Month Subscription | PDF Software |Convert, Edit, E-Sign, Protect |Activation Required [PC/Mac Online Code]

(1444)

$29.99 (as of November 21, 2024 06:33 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)

Create and edit PDFs. Collaborate with ease. E-sign documents and collect signatures. Get everything done in one app, wherever you go. Edit text and images without jumping to another app. E-sign documents or request e-signatures on any device. Recipi... read more

Adobe Photoshop Elements 2025 & Premiere Elements 2025 Student & Teacher Edition | PC/Mac Code | Box with Download Code | Photo & Video Editing | 3-year term license | Activation Required

(17)

$79.99 (as of November 21, 2024 05:39 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)

Remove photo objects with AI power. Create and control photo depth with AI. Change the color of any object in your photo. Seamlessly combine multiple pics. Create dynamic video titles with text styling controls. Access free Adobe Stock video title te... read more

Adobe Photoshop Elements 2025 | Photo Editing | 3-Year Term License | PC/MAC | Box with Download Code | Activation Required

(17)

$99.99 (as of November 21, 2024 05:37 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)

Remove objects with AI power. Create and control depth with AI. Change the color of any object. Seamlessly combine multiple pictures. Create with modern textures and graphics. Be creative with the web and mobile beta apps. Get a 3-year term license f... read more

AVG Ultimate 2024 | Antivirus+Cleaner+VPN | 5 Devices, 2 Years [PC/Mac/Mobile Download]

(1124)

14% Off $34.99 $29.99 (as of November 21, 2024 06:11 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)

AVG ULTIMATE: Your all-in-one antivirus, VPN, and tuneup combo. OUR BEST SECURITY: Enjoy our advanced, real-time security for your computers, tablets, and phones. OUR BEST PRIVACY: Secure your privacy with powerful encryption so no one can see what y... read more

Bitdefender Total Security - 5 Devices | 1 year Subscription | PC/Mac | Activation Code by email

(2361)

50% Off $89.99 $44.99 (as of November 21, 2024 06:43 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)

SPEED-OPTIMIZED, CROSS-PLATFORM PROTECTION: World-class antivirus security and cyber protection for Windows, Mac OS, iOS, and Android. Organize and keep your digital life safe from hackers. ADVANCED THREAT DEFENSE: Your software is always up-to-date ... read more

Bitdefender Total Security 2024 – Complete Antivirus and Internet Security Suite – 5 Devices | 2 year Subscription | PC/Mac | Activation Code by Mail

(3511)

$74.99 (as of November 21, 2024 05:37 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)

SPEED-OPTIMIZED, CROSS-PLATFORM PROTECTION: World-class antivirus security and cyber protection for Windows (Windows 8, Windows 8.1, Windows 10, and Windows 11), Mac OS (macOS X Yosemite 10.10 or later), iOS (11.2 or later), and Android (5.0 or later... read more

Clifford The Big Red Dog Thinking Adventures CD-ROM Parent's Guide Ages 4-6

(9)

-85% Off $2.43 $4.50 (as of November 21, 2024 05:37 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)

CLIP STUDIO PAINT PRO - Version 1 - Perpetual License - for Microsoft Windows and MacOS

(3061)

$23.99 (as of November 21, 2024 06:18 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)

Create original sketches using your mouse or draw naturally with a pen tablet. Powerful coloring tools make CLIP STUDIO PAINT your all-in-one illustration, painting, manga and comic creation solution. Use an assortment of powerful art tools for illus... read more

CodaKid Roblox Coding, Award-Winning, Coding for Kids, Ages 9+ with Online Mentoring Assistance, Learn Computer Programming and Code Fun Games with Lua and Video Game Programming Software (PC & Mac)

(332)

$59.00 (as of November 21, 2024 05:32 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)

CodaKid’s Roblox Lua coding educational software provides 100+ hours of interactive student projects designed to engage and educate kids, teaching them to become creators in their own right. Students learn real Lua coding and video game design using ... read more