Tuesday, July 18, 2023

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

June

May

January

2022

2021
GET ME REWRITE: Yes, Foxconn's $100 milion pledge to UW-Madison was nothing more than a cynical election ploy by Scott Walker.  (8/11)
The mysteries of Foxconn (season 2).  (5/12)
The collapse of Donald Trump's '8th Wonder of the World'.  (4/20)

2020
GET ME REWRITE: Two gullible guys from Racine County still believe anything Foxconn tells them.  (10/23)

Keeping tabs on Foxconn Place in

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