Sanrith Descartes
Veteran of a thousand threadban wars
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I gotta say, Musk is a funny dude. It's kinda like what if a drug addled teen nerd you grew up with became a 100 billionaire.
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Investing General Discussion
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Sanrith Descartes
Veteran of a thousand threadban wars
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Sanrith Descartes
Veteran of a thousand threadban wars
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Cross-posting this since I guess RIDE is not a SPAC now but a traded company.
RIDE
- For example, Lordstown recently announced a 14,000-truck deal from E Squared Energy, supposedly representing $735 million in sales. E Squared is based out of a small residential apartment in Texas that doesn’t operate a vehicle fleet.
- Another 1,000-truck, $52.5 million order comes from a 2-person startup that operates out of a Regus virtual office with a mailing address at a UPS Store. We spoke with the owner who acknowledged it won’t actually order any vehicles, instead describing the “pre-order” as a mere marketing relationship.
- Yet another firm that is supposedly set to buy 500 trucks from Lordstown told us: “…The letters of interest are non-binding. It’s not like you’d obligate yourself to a pre-order or that you would contractually bind yourself to buying this truck. That’s not what they are.”
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Sanrith Descartes
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Tmac
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Rajaah
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Weird, I invested in Lordstown right off the bat back in January. I talked to people from Ohio who said an entire town's economy was basically Lordstown Motors so it wasn't going anywhere. Read that they were entering production for electric vehicles in March and had secured the patents. Dropped $300 on it. Went up for a bit, then started a decline, now hovering around $200 of my initial investment. I'd sell, except we should be coming up on that electric vehicle production soon. It'll surely spike back up in the next few months.
.........so I'm pretty confused right now seeing this article. They don't actually produce anything? Da fuck? Their pre-orders are fictitious and the electric truck isn't going into production for years?
Yeah, I'm dumping this one. I'll eat the $100 loss.
Locnar
Why hold? They're months and months away from producing anything and they're probably going to lose a lot of capital in the meantime once investors realize they're being swindled.Edit: Wow, it's tanking as we speak, probably because of this article. By the time my sell went through I was down to $160 on the investment. Biggest loss since Gamestop.
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Falstaff
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Falstaff
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Jysin
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Haven’t looked at it today, but X has made me good money all year on a few swing trades. Generally a solid buy for the rotation play. On top of that, Biden had talked about a “buy American” initiative. Plus, now that the covid relief bill is out of the way, the next thing on the agenda would likely be a big infrastructure package. Our infrastructure is in shambles and it would be a big creator of jobs, which is also currently needed.
For all of these reasons, X has been a money maker swing trade.
(*edit* originally wrote "investment", not swing trade. I had only swing traded it on technical breakouts. I don't currently hold it.)
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Borzak
Bronze Baron of the Realm
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No profit and build the brand first obviously. Kind of worked for some others, someone else going to run with it. Now it's no revenue.
Sanrith Descartes
Veteran of a thousand threadban wars
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Who cares about profit. That is a 1.7 BILLION market cap on a company with 2 MILLION in sales. I am not sure you grasp how small 2 million is annual sales is for a small business let alone a publicly traded company. Two million in annual sales in one step above it being a hobby rather than a business.
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Sanrith Descartes
Veteran of a thousand threadban wars
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BRIEF-Musk, Tesla Board Sued Over Tweeting In Violation Of SEC Deal - Bloomberg Law
REUTERS 12:52 PM ET 3/12/2021
March 12 (Reuters) -
* MUSK, TESLA BOARD SUED OVER TWEETING IN VIOLATION OF SEC DEAL -
BRIEF-Musk, Tesla Board Sued Over Tweeting In Violation Of SEC Deal - Bloomberg Law
REUTERS 12:52 PM ET 3/12/2021
March 12 (Reuters) -
* MUSK, TESLA BOARD SUED OVER TWEETING IN VIOLATION OF SEC DEAL -
Tmac
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If you're referring to UBER, Facebook, AirBNB, etc. They were making hundreds of millions while scaling into the billions.
You're comparing apples and a rotten orange in regards to a company with a $1b market cap doing $2m in sales. I've heard of 15x valuations, but this would be 1000x, lmao.
That'd be like going on Shark Tank with $2,000 in sales and asking for a $1m valuation. They would laugh.