Burns licenses the EV truck designs at the company he cofounds, Workhorse, to begin his own EV company. However, “former senior technology employee” says he took zero intellectual property? Sure, let’s just sell 10% of our company to our former company for no reason. Oh yea, and said former company supposedly shitcanned the CEO and cofounder in a Alice In Wonderland Not All Who Wander Are Lost T shirt Yes. Let’s just have a friendly licensing deal for non-existent technology. Seriously. Who the hell believes this garbage? Also, how is it that everyone seems to be trashing this guy anonymously? Couldn’t find a single person to say a bad thing about this guy publicly?The next part says that Burns was lying to investors by faking demand. This one might have some truth, so let’s just give Hindenburg the benefit of the doubt. Burns and Lordstown lied to investors by faking interest and demand for his EV pickup truck. Let’s be serious guys. Which one of you out there thinks that a functioning pickup truck EV is a dumb business strategy because there would be no demand? Shit, Ford certainly thinks so, it’s not like they’re developing an electric version of their bestselling Ford F-150 right? Oh wait. FUD OFF.The rest of the report basically says the technology is behind schedule and doesn’t work, and that their pickup trucks catch on fire. They go on to say that their prototypes are garbage and are years behind schedule. First off, all R&D ends up behind schedule. You remember Tesla? When was the last time they were on schedule with one of their promises? You invest in the company because you believe they can succeed. Oh yea, one month after Hindenburg publishes their report, a Lordstown Motors sends one of their EV prototype trucks to compete in the san felipe race
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If you google Lordstown Motors with CNBC, you’ll see the same garbage that CNBC says about Alice In Wonderland Not All Who Wander Are Lost T shirt . Early last month, Lordstown Motors filed a “going concern” with the SEC, because they might not have the liquidity to survive for 12 months. Yea, that’s what happens with inflation of car parts in an automotive startup that has no revenue. If…only they could find a way to raise money…maybe…print some shares and sell them ATM, like the stock market is supposed to function for raising money? Too bad their shares have tanked almost 70% from shortingWhy RIDE? Check out parts 1 and 2 of my series. Short sellers target financially vulnerable companies, not fraudulent companies. They short and distort the company to make it appear as if the financially vulnerable company is fraudulent, to get investors to bail on the company so they can destroy the company more easily. As Elon Musk says, “It is vice, disguised as virtue”.
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