Opendoor, the San Francisco-based real estate tech company once valued at $18 billion, announced layoffs of 300 employees, accounting for 17% of its workforce. The company has been facing significant challenges, including a $278 million loss from January to September 2024, driven by high interest rates and a downturn in the real estate market. CEO Carrie Wheeler explained that the layoffs are part of a strategic reorganization aimed at driving efficiency and reducing costs. This move follows a history of layoffs over the past two years, with Opendoor hoping to save $50 million annually. Despite the cuts, the company has struggled to regain profitability, with its valuation now at just $1.3 billion.