Opendoor is letting go of about 550 people across all functions. The company's chief executive and co-founder Eric Wu announced the job cuts in a blog post, noting that about 18% of the company's workforce would be affected. The company had already scaled back over 830 positions earlier this year, primarily through a reduction in third-party resourcing, and eliminated "millions of fixed expenses," according to Wu. The San Francisco-based Opendoor has been viewed as a changing force in the US residential real estate market. The company uses an algorithm to price homes, offers to purchase the properties with cash, makes necessary repairs and then resells the homes.via ©Times Of India
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