US-based company Opendoor to lay off nearly 550 employees

US-based property-selling firm Opendoor will lay off about 550 employees, the company's Chief Executive Officer Eric Wu said. "We're navigating one of the most challenging real estate markets in 40 years and need to adjust our business," Wu said. He added that the company earlier scaled back its capacity by over 830 positions, primarily by reducing third-party resourcing.