Home-buying startup Opendoor laid off more than 600 employees Wednesday, one of the deepest cuts from a private tech firm since the coronavirus outbreak sent the economy into a tailspin.
The layoffs amount to 35% of Opendoor’s staff, CEO Eric Wu said in a statement. The company halted home purchases last month, cutting off the home-selling fees that are its main source of revenue. The pause also leaves Opendoor with a number of homes that the firm will likely have to sell for a loss, or pay to maintain as they await sale.
