Redfin Laysoff 13% of Staff and Closes I-Buy program

Redfin Trims Staff by 13%. It's Closing Its iBuying Business. Redfin RDFN –11.26% has laid off 13% of its employees and is closing Redfin Now, its iBuying business, chief executive Glenn Kelman wrote in a company blog post Wednesday. “We plan to keep increasing our share of the market, but that market in 2023 is likely to be 30% smaller than it was in 2021. Redfin’s (ticker: RDFN) staffing cut follows a similar one by OpendoorOpendoor Cuts 18% of Staff as Redfin stock had fallen 8.3% to $3.41 Wednesday. Zillow (ticker: Z) had dipped 2.6% to $32.25 and Opendoor OPEN –4.57% (ticker: OPEN) had fallen 2.1% to $1.61.

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