Real EstateUS

Opendoor Layoffs

April 2020

Opendoor announced a layoff affecting 600 employees (35% of its workforce) in April 2020. The company operates in the Real Estate sector.

People Affected

600

Percentage

35%

Announced Date

Apr 15, 2020

About

Opendoor, a San Francisco-based startup that operates an online platform for buying and selling homes, laid off 600 employees yesterday, representing 35% of its workforce. The cuts affected all departments and mark one of the largest layoffs among pre-IPO companies since the pandemic began, following only Toast's recent reduction of 1,300 staff. The company cited broader economic challenges as it scales back operations, offering affected employees eight weeks of pay and 16 weeks of health insurance reimbursement. This move reflects the significant pressures facing the real estate tech sector amid shifting market conditions.