Opendoor CEO Eric Wu. Photo: Bloomberg
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Opendoor Lays Off About 600 Employees

Photo: Opendoor CEO Eric Wu. Photo: Bloomberg

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.

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