Opendoor’s Rabois Reboot: 78% Spike, 85% Cuts, and the Next Chapter for iBuying
Opendoor detonated back into the market narrative with a roughly 78% one-day surge after naming Kaz Nejatian CEO and reinstating co-founder Keith Rabois as board chair. Within 24 hours, Rabois delivered a blunt diagnosis: the company is bloated, remote work broke the culture, and up to 85% of the 1,400-person workforce may not be needed. In the short term, the stock pop reads as a meme-fueled vote for founder mode and operating discipline. Longer term, the reset raises the core question for iBuying: can ruthless cost control, in-person execution, and AI-first pricing convert thin spreads into durable cash flow—especially as mortgage rates ease into the mid-6% range and housing demand shows signs of life?
OpendoorKeith RaboisKaz Nejatian+10 more