Opendoor stock slumps following reports that 22% of workforce will be laid off

Opendoor Technologies Inc.
OPEN,
-3.43%
shares fell late Tuesday following reports the online real estate company was laying off 22% of its workforce, or about 560 jobs. Opendoor shares fell as much as 5% in late trading. Reports from CNBC and Reuters said the company announced cuts via an internal email Tuesday, citing a declining housing market.