Opendoor Technologies Inc. (OPEN) shares continued their downward spiral, plummeting 9.43% in pre-market trading on Tuesday. This sharp decline follows a significant 12.43% drop during Monday's regular trading session, as the company faces mounting criticism and concerns about its business model and valuation.

The sell-off appears to be driven by several factors. Hedge fund manager George Noble publicly criticized Opendoor, labeling it as "total garbage" and questioning the viability of its business model. Noble's comments highlighted the company's consistent losses since its founding and cast doubt on the effectiveness of recent cost-cutting measures. Adding to the negative sentiment, KBW analyst Ryan Tomasello reiterated a Sell rating on the stock with a price target of $1.00, further fueling investor concerns.

This recent plunge marks a stark reversal for Opendoor, which had seen its stock soar by over 1,000% in recent months. The market now appears to be reassessing whether the company's fundamentals justify its recent valuation surge. As Opendoor faces ongoing scrutiny, all eyes will be on the new management team, including recently appointed CEO Kaz Nejatian, as they attempt to address these challenges and turn the business around in an increasingly difficult real estate environment.