12:51 PM EDT, 09/12/2025 (MT Newswires) -- Opendoor Technologies ( OPEN ) has to reduce its headcount by as much as 85%, its co-founder and new chairman Keith Rabois said in an interview with CNBC on Friday.

Rabois said the online real estate platform has 1,400 employees and "I don't know what most of them do. We don't need more than 200 of them," according to the report.

Rabois said company's "culture was broken" due to remote working and a "bloated" workforce.

Opendoor ( OPEN ) shares were down more than 13% in recent trading.

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