Opendoor Shares Plunge Following Major Investor Exit and Scathing Critique

Opendoor Technologies Inc. saw its stock price plummet by 15.51% on Tuesday, closing at $7.08. The sharp decline was triggered by a dual blow: a substantial share sale by a major investor and a public denouncement of the company’s business model by a prominent hedge fund manager. This sell-off effectively erased the recent optimism that had surrounded a significant management overhaul.

Adding significant pressure to the stock, hedge fund manager George Noble took to the social media platform X to deliver a harsh assessment of the iBuying firm. He labeled the company “total garbage,” pointing to its persistent financial losses, what he termed “catastrophic unit economics,” and a “miserable balance sheet.” These public remarks resonated with existing investor concerns regarding the... Read more...