Property-selling platform Opendoor Technologies is laying off about 550 employees, Chief Executive Officer Eric Wu said on Wednesday.
“We’re navigating one of the most challenging real estate markets in 40 years and need to adjust our business,” Eric Wu said in a blog post. The job cuts will result in an 18 percent reduction of Opendoor’s workforce.
Federal Reserve Chair Jerome Powell said in September the U.S. housing market will go through a correction after a period of red hot price increases that have put home ownership out of reach for many Americans.
Opendoor had already reduced its workforce by more than 830 positions, according to Eric Wu.
The company, which was earlier backed by SoftBank Group, went public via a reverse merger with a SPAC in 2020.
