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Grand jury indicts Trevor Milton, Nikola founder, on three counts of fraud
- dreyfan 5y agoAnd yet NKLA still has a $5B market cap despite the entire company being 100% fraud. Amazing. [1] https://finance.yahoo.com/quote/nkla https://finance.yahoo.com/quote/nkla
- api 5y agohttps://coinmarketcap.com https://coinmarketcap.com Tether, either a scam or a criminal money laundering enterprise (or both), has a market cap of over $50B. DOGE, a joke based on an old meme of a Shiba Inu, has a market cap of over $1B. Not only is the real Tesla's market cap not irrational, at this point I'd say any company that actually has anything of value should be valued in the hundreds of billions. The pizza place around the corner should be at least $100B in that they actually make something.
- dannykwells 5y agoCame here to say this. So many good companies doing real work worth way less. Pure insanity.
- JumpCrisscross 5y agoThey have ~$900mm cash. So it’s only $80% bullshit, for whatever that’s worth.
- nickik 5y agoWell they cheated so much money in and now they are on live suppor. But since they don't have much expenses they can survive for a long run on that money.
- lotsofpulp 5y agoIt has a $5B market cap, and I was not able to confirm that the organization has every produced a working product. A cursory look at Wikipedia for the guy and the company would indicate it is a scam. Not to mention naming the company to be off brand, but related to a real company. The only source of his wealth might be Worthington Industries, but his track record indicates he has no expertise in making or managing anything, so is he related to someone high up there or something?
- belter 5y agoWell if a Deli can be worth 100 million... https://www.cnbc.com/2021/04/15/theres-a-single-new-jersey-deli-doing-35000-in-sales-valued-at-100-million-in-the-stock-market.html https://www.cnbc.com/2021/04/15/theres-a-single-new-jersey-d... Maybe all these valuations are correct and its the dollar that is going the direction of the zimbabwean dollar ? https://s.wsj.net/public/resources/images/P1-BA632_ZIMDLR_DV_20110510183741.jpg https://s.wsj.net/public/resources/images/P1-BA632_ZIMDLR_DV...
- koolba 5y agoApples and oranges. NKLA has a daily volume of 11M shares. I’m not saying there isn’t shenanigans involved, but it’s much harder to do at that scale v.s. a handful of thinly traded OTC shares.
- woodruffw 5y agoThat deli isn't "worth" $100 million: it's thinly traded on an underregulated market (OTC). The headline is eye popping and drives readers; the more mundane reality is that the deli's 60-or-so shareholders can stake whatever prices they want between each other without ever realizing an actual valuation of anywhere near $100 million. This is in contrast to Nikola, which is currently listed on Nasdaq and appears to have gone out of its way to deceive retail investors.
- rchaud 5y agoThis is exactly how startup valuations work though. Some minor chunk of equity gets bought up by an investor, so by extension the entire equity of the company is now worth billions on a per-share basis.
- woodruffw 5y ago> Some minor chunk of equity gets bought up by an investor, so by extension the entire equity of the company is now worth billions on a per-share basis. This prospective valuation is based on the assumption that the company eventually either goes public on a reputable, retail exchange or is bought for some reasonable fraction of the expected share price. Neither of these is or would be true for the deli. But I think your overarching point is an excellent one, and it's exactly why I'm skeptical of the valuations implied by fractional VC investments. Especially when they're tied to the Uber model.
- chasebank 5y agoOlder I get, more I realize the market is just a game of human psychology. Stocks, housing, crypto, etc. History says speculative 'investing' ends poorly but this time, who knows? If you happen to have the answer, I'm all ears.
- extrememacaroni 5y agoIt's a thing created by humans, used by humans, who assign value to tickers, where everyone tries to win and some have to lose for others to win. It can only be a game of cat psychology.
- snarkypixel 5y ago"The father of value investing, Benjamin Graham, explained this concept by saying that in the short run, the market is like a voting machine--tallying up which firms are popular and unpopular. But in the long run, the market is like a weighing machine--assessing the substance of a company." Boring answer, but in the long-term, great businesses go up, whereas crappy businesses go bankrupt.
- f38zf5vdt 5y agoThey used to. In the era of quantitative easing, governments just pump money into any failing major player. edit: I see I rustled some jimmies. Feel free to have a look yourself at "modern capitalism". https://money.cnn.com/news/specials/storysupplement/bankbailout/ https://money.cnn.com/news/specials/storysupplement/bankbail...
- kolbe 5y agoThank /r/WSB for that. No one can short dog companies anymore for fear of being short squeezed.
- adabyron 5y agoThat subreddit is just a scapegoat. There are so many other places people are looking for the next big return. Also you can short dog companies still. But if there are to many people shorting it, like GME had, you do run this risk. That's not any internet forum's fault. That said, it can be really hard to make money betting on stocks to go down. I believe it was Care.com where people were putting out similar reports of how terrible the company was & the horrific incidents happening. In the first half of 2018 you had articles pointing out all these issues. It's stock kept going up around 30% before it finally crashed in the beginning of 2020. Of course it is only fair to also call out all the quality companies where short investor companies try to keep the price down for ages or publish BS to profit off shorts. That was a big thing for those who were happy to short squeeze during GME.
- pvarangot 5y agoIn like, 99% of the cases where you make a bet that a ticker will go down your enemy is timing it right given the high volatility on dog companies, not a "squeeze".
- the-dude 5y agoOriginal title Grand jury indicts Trevor Milton, founder of electric carmaker Nikola, on three counts of fraud Suggested title which does fit : Grand jury indicts Trevor Milton, founder of Nikola, on three counts of fraud
- eplanit 5y agoI wondered why there is a superfluous comma in the title.
- tankenmate 5y agoThere isn't a superfluous comma, the two commas are use to delineate the relative clause "founder of electric carmaker Nikola".
- the-dude 5y agoThere was a superfluous comma.
- ternaryoperator 5y agoI could be mistaken, but I think it was a tongue-in-cheek reference to Nikola being a fraud all along. That is, Milton, the founder of the Nikola fraud.
- Aperocky 5y agoGrand jury indicts Trevor Milton, founder of Nikola fraud
- rvz 5y agoA great opportunity to short $NKLA, if you haven't already done it.
- unanswered 5y agoI wouldn't recommend it. Many of us have known for months and months that the company is 100% fraud but the market stays irrational.
- samizdis 5y agoI'm actually a little surprised that shares fell so much on this news, I'd have thought that this info - or wide expectation of it - was already discounted in the price. Is it, er, all downhill from here?
- ericmay 5y agoWell they fell only slightly (surprised they fell at all actually) because Trevor Milton was named, not Nikola. So they let him go and now he personally is getting sued, not the company.
- samizdis 5y agoThe CNBC article said 11pc in early trading. Just checked the price and it's 7.9pc down atm. That's still quite a drop, I'd say.
- vmception 5y ago> Last September, Hindenburg Research said in a paper that it was short-selling Nikola stock and labelled the company a "fraud", a charge it denied. Shorts win! Thanks for the market function
- qeternity 5y agoAnd yet, the number of people who think shorts are somehow evil (another EV CEO comes to mind) is absolutely mind boggling. I’ve heard relatively intelligent people explain to me that shorting should be illegal.
- Invictus0 5y agoIf you haven't seen the Hindenburg report, I recommend reading it for the comedic value: https://hindenburgresearch.com/nikola/ https://hindenburgresearch.com/nikola/ Notable laughs: * Nikola rolled their semi truck down a hill to show that it worked * Trevor appointed his brother Travis "Director of Hydrogen Production/Infrastructure" when his only experience was pouring concrete driveways * The infamous "HTML5 supercomputer" comment: https://www.youtube.com/watch?v=zPL-PbDUKrM https://www.youtube.com/watch?v=zPL-PbDUKrM
- typon 5y agoThis company was an obvious scam from the beginning...the EV hype brought on by Tesla swept up so many naive people. Some of my family invested in this stock and lost a lot of money.
- lesuorac 5y agoIt looks like share price was ~10$ at the start (2018 to 2020) and is currently ~13$ so presumable your family could cash out right now for a 30% profit.
- vitaliyf 5y ago$10 was the SPAC before they merged to become NKLA. The merger was announced in March 2020 (when the price jumped to low teens) and completed in June (when the hype made it go up to $60s).
- dawnerd 5y agoI invested too, doesn’t mean it was necessarily a bad investment. You gotta take risks if you want to get in early on potential huge gains. Luckily I didn’t put too much in. Let that be a lesson to anyone, don’t invest into speculative companies unless you’re willing to lose it all.
- engineer_22 5y agodon't conflate investment and speculation
- deleted 5y ago[deleted]
- raesene9 5y agoInteresting how even after this was announced, their market cap is over $5b (https://www.google.com/finance/quote/NKLA:NASDAQ https://www.google.com/finance/quote/NKLA:NASDAQ) in the same ballpark as established car companies like Mazda (https://www.google.com/finance/quote/MZDAF:OTCMKTS https://www.google.com/finance/quote/MZDAF:OTCMKTS)
- imglorp 5y agoWhat? How? Is there any potential upside at all, unless it's another pump and dump or short squeeze game?
- deleted 5y ago[deleted]
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- PragmaticPulp 5y agoI also think it’s overvalued, but the company distanced itself from the criminal founder long ago. The company also has about 3/4 of a billion dollars in the bank. It’s basically an extremely well funded startup with a bit of a head start on the EV market at this point.
- zippergz 5y agoWith the number of companies (from Tesla to Chevrolet) with large volumes actual EVs sold and on the road, I don't see how Nikola has a head start?
- ethbr0 5y agoPopular opinion around EV tech is approaching PowerPC-era Mac apologists. "Yes, it's less performant, but it has {insert special, unmeasurable and/or unproven magic here}."
- ffggvv 5y agonow do elon
- rwmj 5y agoAre you claiming that Tesla vehicles are fraudulent and only drive when rolling down hills?
- Pyramus 5y agoNo, parent is likely saying Elon could be indicted for fraud as well. He wasn't exactly exonerated by the SEC for 'funding secured', and there are a number of lawsuits outstanding, most notably the Solar City one. Just because you have an innovative and popular product doesn't mean you can't conduct fraud?
- space_rock 5y agoSounds like you think this is a non ridiculous comparison? A market moving statement comparable to theranos vaporware
- Pyramus 5y agoDid Enron just use aggressive accounting? Did Wirecard just overpay for its acquisitions and hide the losses in its balance sheet? What type of fraud is still okay - where do you draw the line?
- space_rock 5y agoSounds like you're trying to blur the fraud line and make weak comparisons when no one is in disagreement over Enron, Wildcard or Nicola
- misiti3780 5y agoThe number of Tesla haters on HN is bizarre.
- _game_of_life 5y agoThis should not be surprising to anyone. Arstechnica has followed Nikola's terrible and obvious fraud(s) for years now: https://arstechnica.com/cars/2021/02/nikola-admits-to-making-inaccurate-statements-under-disgraced-founder/ https://arstechnica.com/cars/2021/02/nikola-admits-to-making... https://arstechnica.com/cars/2020/12/nikola-stock-craters-after-cancellation-of-major-garbage-truck-order/ https://arstechnica.com/cars/2020/12/nikola-stock-craters-af... https://arstechnica.com/cars/2020/09/nikola-patented-a-stolen-truck-design-tesla-claims-in-legal-response/ https://arstechnica.com/cars/2020/09/nikola-patented-a-stole... And many more... The speculation around this stock has been insane for many years now: https://arstechnica.com/cars/2020/11/nikola-stock-soars-after-confused-investors-think-gm-deal-has-closed/ https://arstechnica.com/cars/2020/11/nikola-stock-soars-afte... Top quote: "The market can remain irrational longer than you can roll your eyes at it."
- api 5y agoEven the name screams transparent fraud, a ridiculously obvious attempt to associate with Tesla. Weren't there VCs who put money into this? What were they thinking? Were they being amoral and hoping to ride this pump and dump or did they actually buy into this shit?
- mikestew 5y agoMy first thought when hearing of the company was the J. T. Marlin "brokerage" from the movie Boiler Room. And for those viewers that didn't get the joke, the movie helpfully provides a scene where other brokers in a bar make fun of the uncanny resemblance to "J. P. Morgan". Bonus point for the ethical similarities between J. T. Marlin and Nikola.
- twelve40 5y agoThis Nikola thing looks pretty weird indeed, but to be fair, Musk's name for his company is also not very original, since he (or whoever) also just took the dude's name even though he had absolutely nothing to do with him.
- wetpaws 5y agoTheranos indictment when
- IfOnlyYouKnew 5y agoThree years ago? https://en.wikipedia.org/wiki/Elizabeth_Holmes#Criminal_charges https://en.wikipedia.org/wiki/Elizabeth_Holmes#Criminal_char...
- bornelsewhere 5y agoNikola is one of Crystal lang largest sponsors[0]. I wonder if this is going to have repercussions. It's no fault of the Crystal community but might cast a shadow nevertheless. [0] https://crystal-lang.org/sponsors/ https://crystal-lang.org/sponsors/
- fastball 5y agoUsing fraud to support interesting open source work – I'm kinda conflicted.
- simondotau 5y agoSo long as Crystal was never influenced by Nikola, I see no conflict from Crystal's perspective. Money is money. It's only tainted by the morality of its origins if you let it.
- space_rock 5y agoOddly common. Many of the crypto ponzies that lead nowhere contributed a lot to some good open source projects. Well their employees did at least
- rvz 5y agoI see Mozilla always complaining about privacy matters and violations of its largest partner, critiquing the very hand that feeds them and they still take in the money that keeps them alive and accounts for 80% of their entire revenues YoY. That partner is Google, the anti-privacy company that stands against what Mozilla is fighting for and supporting (and also funds many other open-source projects). Nothing has happened or changed and zero repercussions for Google's actions. The same for Crystal. I do not think you will find any clean hands in the tech industry and everyone knows it.
- pessimizer 5y ago80% of their revenues, but probably 200-300% percent of their profits. Google just hands them an enormous amount of money, regularly, for nothing but a token in return, and everything else they do fails.
- phekunde 5y agoLooked at the first name, not look at the last name too!
- BuffaloBagel 5y agoMy web services company built an eBay/Craigslist clone for Milton about 10 years ago. Trump level bullshitter but with an indomitable drive. Despite being a returned Mormon missionary Trevor has a loose ethical screw.
- SheinhardtWigCo 5y agoAny good stories you can share?
- BuffaloBagel 5y agoHe told us he has just cashed out of an alarm company for $1M when he engaged us. Turns out that was typical Trevor hype... he had gotten nowhere near that amount. Would sometimes pay his invoices with stacks of $50 American Express prepaid cards. Drove my bookkeeper bananas. I assume the reason was rewards related. His claims for traffic on his Upillar platform were ludicrous; made out of whole cloth. Hired Glenn Beck to shill for him. Drove a comically lifted 4WD truck with UPillar emblazoned all over it and seem to always have plenty of motorized toys... boats, ATVs, etc. All funded by investors. At the end he poached one of our employees and left us. I was glad to be rid of him; the engagement was never comfortable for me.
- cycrutchfield 5y agoThat’s hilarious! So Trevor is like a real-life Erlich Bachman from Silicon Valley, complete with an Aviato car. Meanwhile he’s churning prepaid cards to farm a few dollars per card.
- Thaxll 5y agoSo he made billions on lies and he's going to keep those right?
- tahon 5y agoEntertaining video on the downfall of Nikola https://www.youtube.com/watch?v=1oqqnkkTKVM https://www.youtube.com/watch?v=1oqqnkkTKVM
- sidcool 5y agoThis is hilarious. Very creative. Thanks for sharing.
- bjowen 5y agoIndicts != convicts, fwiw.
- sidcool 5y agoIt's hard to overstate the insane difficulty of running an automotive company profitably. Tesla is an exception. I don't sympathize with Trevor, but I can understand why he did what he did. It's a fraud, but I get it why it was done.
- Aperocky 5y agoWhat's more surprising is the incompetence to come up with a working prototype over years with so much funding! It's not like there are no electric motors or large batteries on the market. It just have to work for a good hour and they can't even do that. It's theranos level of embarrassment and fraud, maybe even worse, because theranos might have been an physical impossibility but Tesla already demonstrated that it is entirely possible to do what Nikola claims to (at least in prototyping).
- rantwasp 5y agonext startup: an electric car that analyzes your health while you drive. AI to self drive AND to predict if you’ll develop any health issues!
- lvl100 5y agoHow is this any different from what Elon Musk told his investors for the past decade?
- 6gvONxR4sf7o 5y agoI don’t think the lies are of the same type. Lying (or charitably, being unreasonably optimistic) about future timelines seems less egregious than faking a demo.
- lvl100 5y agoIn Tesla’s case, bigger the lie more they believed.
- millerm 5y agoI was wondering how soon someone would try to trash Tesla (or Elon) as it's completely off-topic and a false equivalence. I see a lot of Teslas on the road, as I also drive one. I see a lot of Superchargers around, and see (yup, I trust it) a lot of people around the world using them. I see a lot of Powerwalls getting sold and installed. I see huge Megapacks getting sold and installed. I see a lot of solar being sold and installed. I see manufacturing plants being built around the world. I see that Panasonic is selling Tesla millions upon millions of battery cells, so they must be going somewhere. I saw their earnings report for Q2 2021 and it sure seems like they are doing very well. I see they have massive data and super computing power, currently being used and being built. I see there are 70k+ people working for and getting paid to work for Tesla. Oh, FSD is late. We've all underestimated our projects. So, this is the equivalency you're looking for? I see betas of FSD in cars on the road. I know people that are actively testing it. It's a hard problem, not a lie. It's just someone being overly optimistic, not overtly optimistic. I'm an investor, I understand the problem because I know what I invest in. I am not angry nor do I believe it to be a lie.
- misiti3780 5y agoIt's not worth engaging with these idiots.
- cybert00th 5y agoHindenburg Research was right then. https://hindenburgresearch.com/nikola/ https://hindenburgresearch.com/nikola/
- teej 5y agoThey stake a lot of money on being right.
- danans 5y ago"2018: In Order to Continue the Appearance of Progress, Nikola Posted a YouTube Video of Its Nikola One “In Motion” on the Road. Text Messages from a Former Employee Reveal the Truck Was Simply Filmed Rolling Down a Big Hill." Also see their research on Lordstown Motors. They seem to have discovered a major fraud niche in upstart EV makers.
- shoo 5y agotangent: For Hindenburg Research's business model, it doesn't suffice for them to accurately detect that a company is fraud. Hindenburg also needs to get the timing of their trades right, and find a way to communicate the message that results in market demand for the stock dropping. e.g. the kind of horror story where you enter into a short position on a stock that you believe is a fraud or otherwise wildly overvalued by the market (and you're right) and the market price climbs 10x over two years, so you exit to take a huge loss, then maybe 1-3 years later the market catches up and decides the company is a failure. You were "right", but so what? Maybe another way to look at this is that there are probably a lot of other frauds or other overvalued companies out there, but the current market conditions don't make them viable targets for short sellers, so maybe no one is going to try very hard to out them.
- busymom0 5y agoThe fact that the hedge fun researching this Hydrogen powered company is named "Hindenburg" is hilarious.
- shoo 5y agonikola's demonstration truck prototype was "powered" by gravitational potential energy, not by hydrogen.
- T3RMINATED 5y agoWhite Collar crime pays well, no lofty prison sentences.
- jollybean 5y agoStill has a $5B market cap. We live in problematic times where populism often matters more than any kind of objective reality. Every stock seems to have a little bit of this factor.
- shapefrog 5y agoI thought Elon was the Electric car maker most likely to get caught perpetuating a fraud?
- beeboop 5y agoI'm amazed at the lengths people go to bring Elon in on discussions. Can we get Elon Derangement Syndrome in the DSM?
- chrisbolt 5y agoYou think there’s a big leap from Nikola -> Tesla -> Elon?
- shapefrog 5y agoThere are a number of tin-foli hat minded people that have elon as the top of the tree in a number of criminal enterprises ranging from mexican drug and people smuggling cartels to good old fashion accounting fraud. The two electric car celebrity startups have been trading blows for years, perhaps the guy who jsut got convicted is behind some of the stories?
- deleted 5y ago[deleted]
- runbathtime 5y agoHow do they define fraud? Lying? Isn't every company doing this?
- BlissWaves 5y agoSome employee gets fired because they misled in their resume and that's fine but when companies do it it's just marketing and raising hype.
- TameAntelope 5y agoImportantly, every public company is not doing this. Were it a private company, like most startups at this stage tend to be, these lies would not have been securities fraud, I don't think. IMO this would have been a negative case of misrepresentation were this a private startup, but probably not more than a single standard deviation away from the norm, at least in my admittedly fairly limited understanding of the industry. When you're from a culture of, well, presenting the best version of the truth possible (startup world), you can get into some very hot water if you play fast and loose as a publicly traded company, and Trevor Milton is finding out.
- qeternity 5y ago> Were it a private company, like most startups at this stage tend to be, these lies would not have been securities fraud, I don't think. Theranos has entered the chat Private placements are still securities.
- runbathtime 5y agoThat is exactly what I was thinking. Elizabeth Holmes. I think even if you are a private company, lying is still a type of fraud. And private companies still have shareholders. Just because they are not public companies doesn't mean they can just lie to their shareholders, although perhaps it is more difficult to prove? The only area that I can think of where you can get away with lying about an industry or asset is when it comes to crypto. You can make sky high predictions and because they aren't labeled as securities there is no victim. Because they use the word decentralized there is no one responsible.
- ricardobeat 5y ago> The SEC asked the U.S. District Court of the Southern District of New York to permanently bar him from acting as an officer at a company that issues securities, to disgorge all ill-gotten gains and pay a fine Prison? Where is the prison part?
- detaro 5y agoSentence before: > The Securities and Exchange Commission > also < filed civil securities fraud charges against Milton on Thursday. The SEC is not involved in criminal proceedings which could result in prison or other criminal penalties, so no point looking for that in the parts of the article that discuss the civil actions of the SEC.
- dls2016 5y agoThese are “civil” matters. You don’t get pepper sprayed for financial crimes, or environmental crimes, or wage theft, or…
- IlliOnato 5y agoNikola looked like a fairly obvious scam to me the first time I've read about them. I find it surprising and strange that they were able to hoodwink so many people.
- BlissWaves 5y agoYou'd be suprised how many idiots there are.
- superfunny 5y agoIt sounds a lot like Elizabeth Holmes and Theranos - some investors want to find the next Steve Jobs so badly that they get blinded by the sophistry.
- yalogin 5y agoThey even named the company to evoke Tesla and form an impression that they competing with them. This is a pure scam but now they have enough money to legitimize themselves. This is actually a great outcome for their investors, the CEO takes the blame and the company becomes legit. Just sad that this is accepted as normal. I will not be surprised if the stock sky rockets tomorrow.
- space_rock 5y ago10 billion market cap sound like a good evaluation for a company founded on complete fraud. The car experts at GM will probably give them another billion
- xwdv 5y agoBeen a long turbulent road, lots of interest payments, lots of downvotes, but soon I will be able to close out my massive short position that I opened 10 months ago against this company. Reference: https://news.ycombinator.com/item?id=24473631 https://news.ycombinator.com/item?id=24473631
- qeternity 5y agoCurious what your average borrow cost is, if you’re comfortable saying. Given the absurdity of cult bagholders that formed around this thing, I’d imagine it was reasonably hard to borrow.
- mmdoda 5y agoHow much do you stand to make?
- xwdv 5y agoIn the 6 figures
- misiti3780 5y agoi would hold out, i think it's going to zero!
- xwdv 5y agoYup, holding out.
- nikkinana 5y agoWhere's Al Gore? This is the one big company that can stop, if not reverse, global climate change.
- runbathtime 5y agoIf you want to commit fraud without any trouble from regulators, go start a decentralized crypto currency.
- nickik 5y agoLiterally when I first heard about the company, being interested in EV I started looking in to them. 10 minutes into a interview with the founder I was instantly convinced that they were a fake, fraud company. They had a very clear strategy, and as a scammer, one must give him some credit. He managed to push a company to higher evaluation then GM based on literally nothing but marketing and false claims.
- speedgoose 5y ago> He was freed on a $100 million bond secured against two of his properties in Utah. It's nice to be rich in this part of the world.
- superfunny 5y agoI doubt that he had to put up $100 million to be released - probably more like $1m to $2m. When Tom Barack was released on a $250m bond earlier this month, it was secured by $5m in cash.
- bississippi 5y agoMost Silicon Valley “CRUD” startups have fraud baked in. It’s just whose holding the bag in the end that matters. Sometimes it’s the VC funds early in the stage, sometimes it’s the late stage investors ala WeWork SoftBank and usually it’s the retail bag holders post IPO.
- haram_masala 5y agoSorry - what’s a CRUD startup? CRUD as in create, read, update, delete?
- IanClarke 5y agoYes! It refers to that all web-applications are "just" CRUD-applications in the end, reading and writing data to and from a database (e.g. Angular and React).
- fragmede 5y agoThat's a uselessly wide brush because it's all CRUD. Different companies specialize in different areas, carving out their own, highly profitable niche. Customized hardware for doing CRUD on (Apple, Juniper, Cisco), specialized software for high-performance CRUD (Oracle), selling access to systems for doing CRUD on (AWS/Azure/GCP), giving away access to custom CRUD software for free, and selling advertisement in the Read step (Facebook, Google Search), charging fees for use of custom CRUD software (AirBnB). Hell, money itself is just CRUD in various databases (bank/visa/the fed/blockchain/etc) and various companies make a killing off that (Venmo/PayPal/Square).
- 5revive 5y agoMarket cap today: 4.5 billion. Just amazing.
- busymom0 5y agoObligatory mention of hilarious breakdown on the history of Nikola motors: https://youtu.be/1oqqnkkTKVM https://youtu.be/1oqqnkkTKVM
- pverghese 5y agoA grand jury will indict a ham sandwich. So this is nothing to great.
- marvel_boy 5y agoand Elon?
- marvel_boy 5y agoAnd what about Elon?
- exikyut 5y agoNobody'll see this, but still, > Milton pled not guilty to the criminal charges in a Manhattan courtroom Thursday afternoon. He was freed on a $100 million bond secured against two of his properties in Utah. He is barred from contacting investors. I saw a story a while ago somewhere about people selling houses for "wait what" amounts obviously more than they were worth, as a way to funnel cash around. I wonder if the properties in question ($50m each?) were independently valued as such, or if the properties were deemed appropriately equitable (if that's the right way to put it) on the back of "I paid this much for this property". If the latter, it's possible the bond's value is itself tied to a payout. Which is a bit meta.
- hdanirwin 5y agoWhat value does Niokla have at this point and why? Serious question. Been wondering it since the Hindenburg Research stuff last fall.