Observe with me the stock chart of Luminar, a company ostensibly making self-driving automobile technology, which has lost about 90% of its value and is present at never-before-seen lows:
The happy young man you see picture with the chart is Austin Russell, who’s merely in his mid-20s and founded Luminar as a college-dropout when he was 19. Sort of like Elizabeth Holmes. But, unlike Elizabeth Holmes, who actually sold $0 in Theranos stock, Mr. Russell managed to dump HUNDREDS OF MILLIONS of dollars onto a blinkered, ignorant retail public who wanted in on the sweet, sweet electric car action and saw stars in their eyes. They got the shit kicked out of them. Austin, on the other hand, did just peachy.
Thus, even in the face of a shameful instance of financial Armageddon, young Austin is kickin’ it in his $83 million house, which he bought with the proceeds of the aforementioned bag-holding retail investors. I suspect the consequences of his actions will be roughly zilch.
