Ride Gapping down 45 Ride is getting absolutely slaughtered. Let's talk about Lordstown Motors Ticker Symbol R-i-d-e If you've never heard of this before, it was a retail stock darling. Circa 2020. I'm talking before Dodeshiba AMC and Jamie that all kind of got going in 2021 In 2020.

Still, when we were locked inside and the Federal Reserve was doing quantitative easing and people were getting stimulus checks, there were certain bubbles in that time that were ripping and really, it's everything that related to EV. So yeah, you might be thinking of things such as Tesla which obviously ripped in that time period, but there was a lot of other smaller guys that were doing really, really well in that time period and one of them was Ride Ride was actually associated with Workhorse That one had a huge following and unfortunately it did not go well. I Remember when I started my content creation career I tried to follow it because I had a huge following and everyone's trying to understand. Would it or would it not be getting the USPS contract? Everyone was betting heavily that it would.

They didn't get it. The main people following the stop just all left. It was horrific. If you look at the chart, it went down down.

they cross over a management and like there was a lot of relations with another company. Lord Sam Motors Ticker Symbol Ride and apparently even though it was ripping higher in Circa 2020, now that we're here three years later, it seems to have met its downfall. U.S Trucks startup Lord Sound files for Bankruptcy after Foxconn Deal falls through Foxconn plan to manufacture Lordstown EVS Ohio plant EV Maker warned it may it may fail on Foxconn dispute Lordstown Motor shares plummeted after the EV maker once hailed by former U.S President Donald Trump for saving automaking jobs filed for bankruptcy. The move to seek Chapter 11 protection from creditors follows a protracted dispute with iPhone maker.

Foxconn Technology Group over a deal to make pickup trucks for Lord sound at an assembly plant in Ohio So the Taiwanese manufacturer has said it was prepared to pull out of their production partnership, prompting the EV startup to warn it could fail if it was unable to resolve the conflict. Lortab Motors Files for Bankruptcy sues Foxconn Over 170 million funding dispute alerts have Motors Filed for Chapter 11 bankruptcy protection early Tuesday June 27th Lordstown Also sued Taiwanese Contract Manufacturing Giant Foxconn alleging it breached a deal to provide the EV startup with additional funding Foxconn which bought Lordstown's Ohio Factory for 230 Million last year that had been proceeding in good faith, but it will now consider legal action of its own. right now it's down 45 as I'm filming this but if you look at the daily chart and just kind of zoom out, you can see yeah, at one point 2020 2021 it was crushing it. This is when a lot of Evie was crushing it.

A lot of SPAC was crushing it. and then the fundamentals just never really improved. It really never caught a break, got crushed, popped a little a bit across, more, and then in fact, it's been dying so much they had to do a reverse stock split and that's just basically a last ditch effort to not get delisted because you're below whatever the requirements are going to be from the NASDAQ. Typically around a dollar and even that got a little bit of a pop, but on this news, it's done.

So this is a death spiral. If you're in Ride I'm sorry to be the bearer of bad news, but the chance of surviving this is Slim to freaking none. And it's kind of just interesting for me to see this story that three years ago everyone was hyped up about this was obviously a bubble s thing, especially in 2020. the EVs and the specs and it's all just coming down now and this one unfortunately came down so much that it's done so and let's just check out its sister company Workhorse Look at doing the exact same thing.

20 20 things got nuts. Everyone's like it's gonna get the USPS contract and then you can pretty much see right where it was announced that it didn't and then blend even more. bounced a little bit and ever since then once again, just another death spiral and you're gonna find this with a lot of the companies from that exact period. Highland Another one in this world ripped in 2020 Dead dead dead dead dead Once again, this is just three examples of it.

You're going to be able to find many ones if you look at the EVS that ripped in that time period or the spacks that ripped in the time period, or especially the EV spec plays that ripped in that time period. Pretty much none of them doing well. In fact, if you look at this whole related ecosystem, the one that's held up the best and I'm not really calling it a spack I'm just calling it an EV Automaker truly is Tesla Tesla has a had a very different trajectory from that time period. Yeah, it ripped a bit, but because this company has you know legitimate fundamentals and is uh, has a little bit I would argue more of critical mass.

It's been able to survive and obviously recently You could argue that it's actually even thriving. So unfortunately for Ride, it's not dead yet. But it does seem to be what we'll refer to as I guess a a zombie company on its way to death store. And maybe it could get some sort of win against Foxconn and the legal proceedings.

but I would not be holding my breath on that. This is the CEO this is Stephen Burns Lordstown Motors Founder and former CEO Four days ago, four days ago blew up today. but four days ago he disclosed that he dumped his entire stake in the company, earning an estimated 3.85 million. This morning Lord Sound declared bankruptcy.

That's the definition of insider trading. How it's I don't understand how it's legal? It probably isn't I don't know if anyone looks into it. This is absolutely disgusting.