CEO and co-founder of the company
“We’ve made the difficult decision to reduce our team of 550 people in all positions — about 18 percent of the company,” Wu said late Wednesday.
Affected employees will receive 10 weeks of severance pay, with an additional two weeks’ pay for each full year after more than two years of service.
“All current health care benefits will remain active for the rest of the month, after which we pay three months of health insurance,” Wu says.
Opendoor went public at the end of December 2020 after the completion of the merger with the
The company was last valued at just $1.56 billion, up from a valuation of $8 billion in 2021.
Opendoor said it will provide job switching support and launch an opt-in talent list to help outgoing team members connect with new opportunities.
The company last raised $300 million against a pre-money valuation of $3.5 billion in March 2019.
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