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| bdunham7:
--- Quote from: fourfathom on January 06, 2022, 04:57:02 pm --- I am surprised that the investors let this go on as long as they did, but they may have hoped that there would at least be some useful technology being created, which could be sold to reduce their losses. This is best done by acquisition, rather than after a company is shuttered -- when you have a "fire sale" situation. Honestly, if the investors were aware of the scam being perpetrated on the customers/victims then the investors themselves should also be prosecuted.) --- End quote --- Part of the ugly underbelly of the VC world is the art of polishing the turds so that they can be pawned off by various means--rigging mergers with other unsuspecting companies or having a company (that the VC has sway over) 'acquire' them. I'm sure they let it go on as long as they did because they were looking for a less costly exit for themselves, and yes, if the board or main investors had knowledge of providing patients with faulty test results they should all go down. |
| N0NB:
--- Quote from: magic on January 04, 2022, 06:03:55 pm ---They all wanted to believe :D --- End quote --- I think that was really a large part of the story as well. For quite some time the story resembled a 21st Century Hollywood script. |
| DrG:
--- Quote from: N0NB on January 06, 2022, 10:26:58 pm --- --- Quote from: magic on January 04, 2022, 06:03:55 pm ---They all wanted to believe :D --- End quote --- I think that was really a large part of the story as well. For quite some time the story resembled a 21st Century Hollywood script. --- End quote --- Yes, it certainly had (and has) some interesting aspects, but I don't know how much was simply a desire to believe. https://www.cnbc.com/2022/01/04/verdict-in-fraud-case-of-theranos-founder-elizabeth-holmes-has-lessons-for-investors.html ....Holmes raised $945 million from high-profile investors including the family of former Education Secretary Betsy DeVos, Rupert Murdoch and the Walton family of Walmart fame. Given the amounts raised and the net worth of some of these investors, I'm not even sure that they were in touch with the details at that level. I don't know this to be sure, but I think it is at least possible that others were handling their funds and they were simply trusted by the cash holders...until they were not. |
| thm_w:
--- Quote from: tom66 on January 06, 2022, 11:33:32 am ---We see a similar issue with Nikola, who have defrauded investors to the tune of billions, with a truck rolling down a hill. For some reason, no one actually ever investigated whether they had feasible hydrogen fuel cell technology, despite the likes of GM pouring money into the company? It's really bloody weird. I probably spent a day's research on buying a £300 phone, yet a $500 million investment is agreed on the basis of napkin maths and a body-in-white. --- End quote --- GM didn't pour any money into Nikola, not sure where you got that information from, they are not stupid. --- Quote ---Under the proposed agreement, GM would have provided battery and fuel-cell technology to Nikola and manufactured Nikola's planned Badger electric pickup. In exchange, GM was to take an 11% stake in Nikola, as well as cash payments for its services. The deal would also have given GM a stronger foothold in the emerging zero-emissions vehicle market. --- End quote --- https://fortune.com/2020/11/30/nikola-gm-deal-collapses-devastating-news/ |
| fourfathom:
--- Quote from: thm_w on January 07, 2022, 10:31:52 pm ---GM didn't pour any money into Nikola, not sure where you got that information from, they are not stupid. --- End quote --- I do think GM was stupid to even let their name be associated with Nikola. I can just imagine GM's engineers saying "WTF did our marketing and lawyers just do???" |
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