Opendoor to shut down its India operations and lay off nearly 250 employees

```htmlGolden Ten Data June 24｜For years, Silicon Valley's typical response to rising costs has been to outsource more business overseas. Now, this established model is being completely overturned. Online home transaction platform Opendoor Technologies, despite its growing technological ambitions, is shrinking its global business footprint. Last week, Opendoor announced it would shut down its Indian operations and lay off nearly 250 employees. Less than two years ago, the company had regarded India as a key hub for its engineering and operations. Currently, the company is undergoing a transformation led by CEO Kaz Nejatian. Nejatian joined the firm from Shopify last year and has implemented a strategy to rebuild Opendoor with a focus on software and automation, stating that the company is transitioning into a software and artificial intelligence (AI) enterprise.```