Ka-blooie!

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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: