Opendoor board chair Rabois says company is 'bloated,' needs to cut 85% of workforce

1. Opendoor plans to reduce staff from 1,400 to about 200 employees. 2. New CEO Kaz Nejatian and Chairman Keith Rabois emphasize in-person work culture. 3. Stock soared 78% post-announcement but fell 12% the following day. 4. Despite significant yearly gains, the company faces cash burn challenges. 5. Rabois aims to shift strategy and improve company culture and efficiency.