He sure is posting a lot this morning about the company this morning…materially misleading info? Securities lawyers watching?
@meiselasb Maybe I don't understand math, but if his company has $200 million in cash and no debt, how did they lose $58 million last year? How is a company with literally zero assets and an income of $4 million suddenly worth billions?
@johndrewsmom @meiselasb They have the cash from the SPAC merger. They used that money to retire debt and bank the rest. However, they are on a -$60m / year glidepath with only $4m ARR, so they have ~3 years of runway with no change. It won't last 3 years though. As soon as he sells stock, it's done.
@johndrewsmom @meiselasb "The math isn't mathing"
@johndrewsmom @meiselasb The Math is easy (these aren't the exact numbers, but close): Annual Revenues: $4M Expenses: $62M Cash infusion as part of deal to go public: $300M. So, it's true they have lots of cash on hand, but they lose money every day, so that cash pile is dwindling.
@johndrewsmom @meiselasb And on your last question: "Why is it worth billions?" The answer is the obvious one: it isn't
@johndrewsmom @meiselasb It’s not. It’s a pump and dump stock like game stop.