Four stocks collapsed by over 90% from highs. Others not far behind. SPAC-hype-boom leaves trail of SEC & DOJ investigations and class-action lawsuits.
All of the nine EV makers and EV-battery makers featured here are losing enormous amounts of money. All of them compete with the hugest companies out there: global auto, truck, and battery makers. The shares of four of them have collapsed by over 90% from their highs. The one that collapsed by the least was still down 60%. Some of them will likely go to $0.
These are not small amounts of dollars either. For example, Nikola, one of the minus-90%-ers, was once worth $34 billion. Now it’s worth $3.2 billion – over $30 billion gone up in smoke.The Collapse of the EV SPACs: Retail Investors Got Fleeced Swiftly and Spectacularly | Wolf Street