Opendoor's new chairman wants to slash 85% of 'bloated' workforce: 'I don't know what most of them do'

Opendoor’s new chairman Keith Rabois blasted the company as “bloated” on Friday — vowing to cut up to 85% of its employees.

“There’s 1,400 employees at Opendoor. I don’t know what most of them do. We don’t need more than 200 of them,” Rabois told CNBC’s “Squawk on the Street” on Friday.

Rabois — a member of Silicon Valley’s famed “PayPal Mafia” that includes Elon Musk, Peter Thiel and Reid Hoffman — returned to the online real estate company this week after it installed former Shopify executive Kaz Nejatian as CEO.

Nejatian replaced Carrie Wheeler who resigned on Aug. 15 after Rabois and hedge fund manager Eric Jackson led a pressure campaign to remove her after a three-year stint as chief executive. 3

The ousted CEO said in a post on X that accelerating her succession plan was