Opendoor Co-Founder’s Candid Critique Triggers 13.6% Stock Plunge

Opendoor Technologies shares tumbled 13.59% to $9.09 following co-founder Keith Rabois' unvarnished assessment of the company's operations during a CNBC interview. The iBuying pioneer didn't mince words, labeling the workforce as "bloated" and questioning the productivity of its 1,400 employees.

The newly appointed chairman announced immediate restructuring plans, including cutting over 200 positions and terminating remote work policies. "I don't know what most of them do," Rabois stated bluntly, describing the company culture as "broken." This stark reality check came just 24 hours after shares soared 80% on news of leadership changes.

Despite the dramatic selloff, Opendoor's stock remains one of 2024's most remarkable turnaround stories - still up more than 1,300% over three months. The volatility underscores the market's struggle to price a company caught between pandemic-era excesses and a painful return to fundamentals.