NateNate60@lemmy.worldtoTechnology@lemmy.world•Calif.-founded EV maker Canoo, once worth $2.4 billion, goes belly-up after moving to TexasEnglish
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6 days agoUnlike what the title would suggest, the “moving to Texas” part was basically immaterial to the company’s failure.
They never had any product to ship to begin with and were basically subsisting on loans and venture capital money to continue bullshitting with a theoretical product. Add in some dodgy regulatory practices resulting in fines from the Government and questionable business practices. When the funding dried up, they withered like a sponge in the California (or Texas) sun.
The entire point of my comment was to indicate that this had seemingly little to no impact on the company’s success. Even the best employees in the world can’t save a company that is shipping no product and run by idiots.