{"id":3634,"date":"2022-11-02T18:58:05","date_gmt":"2022-11-02T18:58:05","guid":{"rendered":"https:\/\/preprod.realtrends.com\/blog\/2022\/11\/02\/opendoor-cuts-18-of-its-workforce\/"},"modified":"2025-03-13T02:47:50","modified_gmt":"2025-03-13T02:47:50","slug":"opendoor-cuts-18-of-its-workforce","status":"publish","type":"post","link":"https:\/\/preprod.realtrends.com\/blog\/2022\/11\/02\/opendoor-cuts-18-of-its-workforce\/","title":{"rendered":"Opendoor cuts 18% of its workforce"},"content":{"rendered":"\n

Slowing housing market conditions are catching up with Opendoor<\/strong>. The iBuyer announced on Wednesday that it is laying off 550 employees, or about 18% of the company.<\/p>\n\n\n\n

The company\u2019s founder and CEO, Eric Wu, wrote in a blog post<\/a> that the workforce cuts were due to \u201cnavigating one of the most challenging real estate markets in 40 years\u201d and that they \u201cneed to adjust [their] business\u201d in response.<\/p>\n\n\n\n

Wu also noted that the firm had previously scaled back its capacity by over 830 positions, \u201cprimarily by reducing third party resourcing.\u201d In addition, Wu wrote that Opendoor had already eliminated \u201cmillions of fixed expenses.\u201d<\/p>\n\n\n\n

\u201cTo manage through the turbulence in the market, we\u2019ve worked quickly over the last two quarters to reduce our operating expense,\u201d Wu wrote.<\/p>\n\n\n\n

Employees were informed of their status at the company via email. Impacted workers will receive 10 weeks of severance pay plus an additional two weeks pay for every full year beyond two years of tenure. They will also receive health care benefits through the rest of the month and for three additional months along with job transition support.<\/p>\n\n\n\n

This announcement came just one day before Opendoor is set to announce its third quarter 2022 earnings<\/a>. That announcement is slated to happen on Thursday.<\/p>\n\n\n\n

According to data from YipitData<\/strong>, Opendoor lost money on 42% of its transactions in August<\/a>, as the firm\u2019s buy-to-sale premium, also known as the difference between the price it buys properties at and the\u00a0price it sells them for<\/a>, dipped below 0%. Earlier in the year it hit a peak of 12%.<\/p>\n","protected":false},"excerpt":{"rendered":"

Opendoor announced on Wednesday that it is laying off 550 employees, or about 18% of the company, due to the challenging real estate market.<\/p>\n","protected":false},"author":34740,"featured_media":4822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3255],"tags":[],"coauthors":[1760],"class_list":["post-3634","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archive"],"acf":[],"yoast_head":"\nOpendoor cuts 18% of its workforce - RealTrends - Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/preprod.realtrends.com\/blog\/2022\/11\/02\/opendoor-cuts-18-of-its-workforce\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Opendoor cuts 18% of its workforce\" \/>\n<meta property=\"og:description\" content=\"Opendoor announced on Wednesday that it is laying off 550 employees, or about 18% of the company, due to the challenging real estate market.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/preprod.realtrends.com\/blog\/2022\/11\/02\/opendoor-cuts-18-of-its-workforce\/\" \/>\n<meta property=\"og:site_name\" content=\"RealTrends - 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