Faraday Future an up and coming EV maker has announced that it plans to go public by way of a SPAC. A SPAC if you don’t know, is just a shell company, it’s an office building with no floors, it’s an empty garage. A SPAC just has the space for you to park whatever shitty company you want in it. And this strategy is gaining ground. This recent trend for companies to go through Direct Listings and SPAC’s has given a rise to literal market participation awards. This shows the gullibility of investors that downloaded an App and have started trading. Electric Vehicles and 0 emissions vehicles are definitely the future but a proven concept would be nice before you try to shove the stock up our ass.
Faraday Future is a perfect company for this proving that going through the SPAC model has plenty of flaws. First and foremost, SPAC’s have only seemed to let companies get away with not having to prove shit to the investor. Didn’t Nikola come under fire for not even being able to produce a single truck?!? They just pushed that fucker down a hill and did some quirky camera tricks?!? I mean, come the fuck on, how many times must we be tricked?! WeWork, Uber, Nikola, probably fucking Faraday as well, all these companies came into the game as like a fucking teenager thinking they could handle being in the NFL. Nah son. Ya gonna get fucked up. Albeit, Uber is the only one on that list that shows any semblance of promise, but the rest, gethefuckouttaheereee.
The recent slew of SPAC’s and oddly enough, automakers wanting to go public, have shown time and time again the flaws of having a company going to the market too quickly. Unproven, unprofitable, and untrustworthy, it’s like the market left the stove on and the investors (including myself) dumb fucking asses keep shoving our hand on the red-hot coils. Like how many more times should we do this fucking dance and get burned?!?! It doesn’t make sense to me and hopefully not to you either. There is a clear problem and one that needs to come under some more scrutiny and regulation.
SPAC’s and Direct Listings aren’t always dishing out horrible endings, but there have definitely been some notable blood-baths. Hype and the number of investors begging for more “cool and edgy” stocks have led us to companies like Nikola, all looks but no fucking personality. It might feel good for a while but just like a crack-cocaine high, it’ll wear off, leaving you in a back ally next to a giant dog shit wondering where it all went wrong. It went wrong when you bought into the hype just like all these other dipshits. Be better, be smarter. Let companies prove themselves to us, not the other way around.
Anyway, that’s my take on it. Until next time. -GS
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