Massive Layoffs: Company Cuts 85% of Workforce

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* CEO Change at Opendoor: Carrie Wheeler resigned as CEO of opendoor‍ last month. Keith⁢ Rabois has been named the new CEO, ⁢and Eric Wu‍ (former CEO) is returning to the board as chairman.
* Stock Market Reaction: Opendoor’s stock initially jumped 78% on Thursday following the proclamation, but then fell over⁢ 12% on Friday. Despite the recent dip, the stock is still ⁢up nearly 500% this year.
* Meme Stock status: The stock price surge was⁢ fueled by a wave of retail investors who pushed it up after hedge fund manager ⁤Eric Jackson began promoting the company.
* Company Background: Opendoor is based in San Francisco.