DALTX Real EstateDALTX Real EstateDALTX Real Estate
  • Home
  • Guest Post
  • Agents
  • Contact Us
  • About
  • Advertise With Us
Reading: Real Estate Disruptor Opendoor Slashes Its Staff by 35 Percent
Share
Font ResizerAa
DALTX Real EstateDALTX Real Estate
Font ResizerAa
  • Home
  • Guest Post
  • Agents
  • Contact Us
  • About
  • Advertise With Us
  • Home
  • Guest Post
  • Agents
  • Contact Us
  • About
  • Advertise With Us
Follow US
© DALTX. All Rights Reserved.
DALTX Real Estate > quarantine economy > Real Estate Disruptor Opendoor Slashes Its Staff by 35 Percent
quarantine economy

Real Estate Disruptor Opendoor Slashes Its Staff by 35 Percent

3 Min Read
SHARE
640x425-5

The quarantine economy is hitting iBuyers hard as Inman reported today that real estate disruptor Opendoor has laid off 35 percent of its staff, approximately 600 employees, citing COVID-19’s unforeseen impact on the U.S. economy and housing.

“Given the shelter-in-place guidelines, we’ve seen declines in the number of people buying, selling, and moving during this time of uncertainty,” CEO Eric Wu said in a statement.

Laid-off staff will receive 16 weeks of benefits coverage and eight weeks of severance pay. Wu announced he would donate his 2020 salary to establish an employee relief fund.

The San Francisco-based based company employs approximately 1,800 individuals nationwide, Inman reported. Opendoor suspended homebuying in mid-March, citing safety concerns, as did their competitors, Zillow, Offerpad and Redfin.

Opendoor attracted big bucks as a real estate startup, raising more than $1 billion in equity, including a significant stake from Softbank and its embattled Vision Fund, which is expected to report a total loss of $24 billion. Softbank stock closed at $19.73 today, down just 3.66 percent from the start of trading.

Softbank-backed Compass recently laid off 15 percent of its staff, or 375 people, on March 23.

Back in January, Daltxrealestate.com broke the story about another real estate disruptor, Door.com, which laid off 37 employees in its Dallas headquarters.

Here’s Wu’s entire statement:

“COVID -19 has had an unforeseen impact on public health, the US economy, and housing. Given the shelter-in-place guidelines, we’ve seen declines in the number of people buying, selling, and moving during this time of uncertainty. In response, we’ve announced to the company that we’ve made the difficult decision to reduce our team by 35%. This was necessary to ensure that we can continue to deliver on our mission and build the experience consumers deserve.

“We are doing everything we can to support our teammates who will be leaving us, including 8 weeks of pay and reimbursement of 16 weeks of health insurance coverage. Also, I’ll be donating my 2020 salary to our Opendoor Employee Relief Fund to help those who may be in more challenging financial or health circumstances due to COVID-19. A number of our executives will also be contributing to the fund to help our impacted teammates.

“I want to thank all of our teammates who’ve shown up every day for our mission, to help our customers, and to change an industry. They’ve helped 75,000 families, couples and individuals move and made our customers’ lives a lot less stressful because of their hard work.

“Though this was difficult news to deliver, our focus here at Opendoor remains the same. We continue to work passionately to simplify the customer experience, transform the entire category, and empower millions of homeowners with the freedom to move.”

Quarantine Like A Rock Star In This Keller Rental
Title Companies Are Still Open For Closing Despite Coronavirus
What Turns Off DFW Homebuyers Could Be Costing You Thousands
DFW Market Could be Among Least Affected by COVID-19, Northeast Most Affected
Some Spring Home Tours Postpone Amid Coronavirus Concerns
TAGGED:COVID-19Disruption in real estateOpendoorReal estate disruptors
Share This Article
Facebook Email Copy Link Print
Previous Article Jenkins Tells Residents to ‘Stay The Course’ Amid Pandemic Concerns
Next Article Abbott To Talk Re-Opening the State Today: Is Texas Ready?
Popular News
Ebby Halliday Real Estate

Tuesday Two Hundred: Junius Heights Prairie House Charms With Vintage Aesthetic

Californians’ Migration to Texas Looks Like the Dot-Com Rush in Reverse
It’s Election Day: If Nobody Votes, ‘Nobody’ Wins
This Fairmount Craftsman Channels Stevie Nicks With Its Bohemian Vibe
That Seventies House on Bellaire Park Court
about us

DaltxRealEstate.com is the largest real estate blog and the only one in North Texas.

Links

  • Privacy Policy
  • Terms of Service
  • Contact Us
  • Paid Guest Post Submission
  • Real Estate Glossary

Categories

  • Commercial Real Estate
  • Home Inspection
  • East Dallas
  • Monday Morning Millionaire

Get Involved

  • Advertise With Us
  • Write for Us: Submit Guest Post

Find Us on Socials

© DALTX. All Rights Reserved.
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?