Opendoor, which has raised more than $1 billion in funding in the last few years, laid off over 600 of its employees Wednesday as the company struggles to deal with the economic impact of the coronavirus. Source: https://www.housingwire.com/articles/opendoor-lays-off-35-of-its-staff/ #layoff
Now they joined Redfin layoffs. Then we should see housing price drop following the stock drop, soon. Why are there so many new listings this week on Redfin after the âpauseâ driven by COVID-19. Homeowners want to run before the market sinks?
To be fair this is the time of year many people list their houses.
Housing prices wonât drop yet because the lack of inventory is matching the lack of demand.
Realtor.com here, should I be concerned đ±đ±
How does your company make money? Is that tap still on?
Yes
Real estate market is going to get hit hard
On God
Market is still really good right now for buyers and sellers, depending on where you're looking.
Never heard of em
No joke I had to look it up
Panic lay-off ? Most companies laying off seeing others
I might be biased, but the talent density at Opendoor really astonishing, perhaps one of the best in the bay. Having seen whoâs leaving, the crew laid off today was definitely unrelated to performance. I hope everyone is able to land on their feet.
Youâre biased.
How did the selection happen then? Were entire teams cut?
Never heard of em
Weâre going to see more of this in the real estate âdisruptorâ space. Thin margins, highly leveraged and low marketplace adoption - hard to survive when things get volatile.
Talent pool just got a whole lot stronger, but still confused as to how they decided who got cut. Godspeed to those affected
Correction: OpenDoor's employed talent pool just got a whole lot cheaper.
Never heard of it
You need to come out of your little smoke bubble!
Good one đ