So is this whole SPAC fraud trend over? Is it dead? It sure should be. Lordstown Motors, which I’ve written about numerous times (and spoken about even more) is looking like the Theranos of electric car companies (joining the likes of Nikola). The CEO and CFO have fled the scene this morning, which the company hilariously portrays as a “Leadership Realignment.” Here’s what RIDE looked like when the SPAC fad was hot:
How the tide has turned, with the stock down 70% from its peak:
Wall Street Examiner Disclosure: Lee Adler, The Wall Street Examiner reposts third party content with the permission of the publisher. The opinions expressed in these reposts are not those of the Wall Street Examiner or Lee Adler, unless authored by me, under my byline. I curate posts here on the basis of whether they represent an interesting and logical point of view, that may or may not agree with my own views. Some of the content includes the original publisher's promotional messages. No endorsement of such content is either expressed or implied by posting the content. All items published here are matters of information and opinion, and are neither intended as, nor should you construe it as, individual investment advice. Do your own due diligence when considering the offerings of information providers, or considering any investment.