Opendoor lays off 18% of staff citing 'most challenging market in 40 yrs'

San Francisco-based digital real estate platform Opendoor Technologies is laying off about 550 people (18% of staff) due to housing demand slowdown, CEO Eric Wu said on Wednesday. "The reality is...we're navigating one of the most challenging real estate markets in 40 years and need to adjust our business," Wu stated. Recently, housing firms Redfin and Zillow also announced layoffs.