EV founder goes bankrupt with 1st company, makes billions on 2nd before it too goes bankrupt

Young Americans: google "Tulip mania"

There's an old Biblical saying: "By their fruits you shall know them."  Means that if someone is a thief or grifter, every other thing he or she does in their life is likely to be a scam.

There's another old saying: "A fool and his money are soon parted."  Now let's put those two together, and we get this headline from the Wall Street Journal:

“Electric-Vehicle Startup Fisker Prepares for Possible Bankruptcy Filing”

What the Wall Street Journal didn't tell you was that the EV company preparing for possible bankruptcy filing--"Fisker, Inc."--was the second EV company founded by Henrik Fisker.  His first EV venture--"Fisker Automotive"--went bankrupt in 2013.

But so many gullible investors saw EVs as the wave of the future that just seven years after his first venture went bankrupt, he was able to get gullible investors to pour billions into his second EV company, "Fisker, Inc," which went public in 2020 and achieved a market capitalization of $6 billion.  Fisker owned 40% of the company's shares, giving him an instant stake of $2.4 billion.

Just a year after the company's IPO, in 2021, Fisker sold $20 million of that stock to buy a fabulous $21 million mansion in the Hollywood Hills.


With absolutely remarkable timing, the company's founder had the foresight to sell $20 million dollars of company stock (which had cost him exactly nothing) for $9.50 per share before the price collapsed.  It's now worth 15 cents a share, and probably less if the expected bankruptcy is filed.

This is a classic case of stupid investors giving a con artist a fabulous free mansion.  It won't be the last.

If this brilliant stock-ploy scammer would like to make yet another billion or two in the EV business--before going bankrupt a third time-- all he has to do is fly to Georgia and purr into governor Brian Kemp’s ear “EVs! Jobs! Tax credits!  Money!” and Kemp will almost certainly start throwing billions of Georgia taxpayer dollars at Mr. Fisker, as he did for another EV startup, Rivian.

Kemp poured $50 million of taxpayer money into improvements on a huge parcel of land for a Rivian plant.  Nevermind that Rivian had an existing factory in Illinois producing 150,000 vehicles a year when it was only selling a third of that production.  

See, Kemp should have known that, and likely did.  He should never have committed taxpayer dollars to a new plant the company would likely never build.  But he didn't care, because it wasn't his money, and voters would never connect the dots to his stupidity or corruption.

Speaking of which: has anyone discovered who owned the land Rivian signed a contract to buy?  Was it owned by Kemp or his wife?  If not, and it was recently bought by a third party, who was it, and when?

No one wants to investigate.

I suspect Kemp is a RINO and a corrupt fraudster.

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