OPEN 0.00%↑ ARMY
Keith Rabois, Opendoor ($OPEN) co-founder & newly appointed Board Chair, Managing Director at Khosla Ventures, & a core member of the PayPal Mafia, joins Sourcery to discuss the activist turnaround being led at Opendoor.
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Opendoor just named former Shopify executive Kaz Nejatian as CEO, with Rabois returning to reshape the company’s cost structure and culture. In his words to CNBC: “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.” aka the business must slash its workforce by as much as 85% to achieve long-term viability.
The announcement sent Opendoor stock soaring 78% in a single day before retreating 13% the next — still up nearly 500% year-to-date, fueled by retail investors and hedge fund manager Eric Jackson’s campaign.
In this conversation, Rabois breaks down:
Why he returned to Opendoor as Chairman & what went wrong
The decision to appoint Kaz Nejatian as CEO & why the right CEO changes everything
How AI will be the biggest unlock in making housing transactions faster, cheaper, & more affordable
The long-term mission to transform a $289 trillion real estate market
Lessons from PayPal, Square, and decades of building & backing companies at scale
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