My favorite scandals are always corporate frauds like Theranos or Nikola.
Stumbled upon a new one.
Basically, there is a solid-state battery start-up called QuantumScape which went public via an SPAC last year (SPACs are a slightly shady way of going public; it involves a blank-check company....some people think there will be a reckoning in the market soon with a recent deluge of possibly sh*tty companies entering the markets this way). My understanding (gleaned from the article) is if they were able to achieve solid-state batteries it would basically be a huge leap forward in battery technology with extended charges, fast charging. (Please feel free to correct me, I'm not an engineer). An article from June describes the technology and its potential and mentions the company hit a valuation greater than Ford in December 2020. It has since plummeted.
A hedgefund called Scorpion released a presentation basically accusing the company of being a pump and dump scheme. They say the CEO kept going on CNBC to pump his stock so that it wouldn't fall before the lock-up period ended (ie, he isn't allowed to sell his shares right after they first go public, so he needs the stock price to stay high until he can cash out).
The presentation: https://scorpioncapital.s3.us-east-2.amazonaws.com/reports/QS1.pdf
It's a bit dry but there are some hilarious quotes from former employees at the beginning.
Meme stock r-slurs who have seen the stock go from a peak of around $131 to $21 today are absolutely livid about the report: https://old.reddit.com/r/QuantumScape/comments/mrhtxc/scorpion_capital_is_fake_news/
There is also this subreddit as well: https://old.reddit.com/r/QUANTUMSCAPE_Stock/ featuring cope such as this: https://old.reddit.com/r/QUANTUMSCAPE_Stock/comments/pawsg8/patience_will_let_us_win_this_game_and_get_huge/
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Dear Sub-Human Filth,
I'm appealing to all of you stupid idiots to vote Democrat in 2020. That is if you have the basic education enough to read a ballot, anyway. I understand the majority of you racist rednecks can't even read this post, though. But those who can, please pass my message on to the rest of your inbred family.
We Democrats are morally, culturally and intellectually superior to you in every way. I will qualify myself by noting that I have a Liberal Arts degree from a college, which you obviously have never been to, if you even know what one is. I also have a black friend. I have been told by several professors that everything you hold dear is terrible. Therefore you, personally, are also terrible.
I don't know you, but I know that you're racist. I also know that you hate gay people and still get scared during lightning storms.
The religion which you hold closely, greatly believe in, and which brings you comfort--you are wrong because I'm smarter than you and I'm telling you so. It is one of the many reasons why you are stupid and I'm better than you.
You see, us Democrats want a system which helps everyone in the world. Our system is designed around love and kindness to everyone. If you don't agree, I hate you.
It's not too late to change. If you knew your history, which of course you don't, you'll remember a time in America when Indians were dragged away from their homes and forced to assimilate into white society. Well, we want to change that kind of behaviour (sorry for my spelling, as I'm not from your country) by making sure you go to college and have a small apartment in a big, busy coastal city, where you belong. That will help you rid yourselves of your backward, incorrect culture and way of thinking. We'll do everything we can to make sure you agree with us and say all the right things and not be brainwashed against thinking the same way we do. All of you stupid, backward, redneck, racist, homophobic, uneducated yokels need to realize we're trying to build a classless society where we all get to live in harmony with each other, where we're all equal. If you only understood that you wouldn't be so much worse of a person than I am.
So please vote Democrat. Help me help you, you worthless motherlovers.
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I love this classic.
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