Retiring Guy's Digest: Lordstown Motors debacle: Take the money and run

Screenshot from 2020 video by Retiring Guy

Headline: Business Journal Daily, 7/17/2023

Between Nov. 16, 2021, and June 21, 2023, Burns liquidated all 46,351,745 shares that at one point comprised more than 26% of the company.
The stock value of the company plunged in the months following the management shake-up at Lordstown.
Burns’ first sell-off on Nov. 12, 2021, constituted jettisoning 3,204,000 shares worth $18.8 million at $5.88 per share.
On June 16, approximately 10 days before the company he founded filed for Chapter 11 bankruptcy, the former CEO sold off his remaining 591,752 shares for a total of $3.9 million.
A complete analysis of Lordstown Motors’ insider stock sales show that Burns’ total sell-off amounted to $66.8 million.
In all, Lordstown Motors insiders cashed in for a sum of $95,078,089 between October 2020 and June of 2023, records show.

Other Foxconn and Foxconn/Lordstown posts:

2023

July

Lordstown Motors corporate welfare debacle in Ohio. (7/17)

Wisconn Valley. Voltage Valley. File under 'Foxconned'. (7/16).

Read a review of an EV truck you'll never drive. (7/12)

Add India to the list of places where Foxconn has pulled out. (7/11)

Lordstown Motors debacle: Sounds like Foxconn has more mischief up its sleeve. (7/11)

Lordstown Motors continues to swirl down the toilet. (7/10)

June

Embattled Lordstown continues to make headlines. (6/29)

It's another Foxconn debacle as Lordstown Motors files for bankruptcy. (6/27)