The $NKLA response is typical, but just so poor. Seriously, these crisis communication firms are stealing their clients’ money. First mistake is to play the ad hominem card - and hard by repeatedly saying “manipulation”. The big problem is company / Milton credibility... 1/
But the “rebuttals” are countering statements of fact (e.g., was not a $NKLA inverter) with safe harbor protected fluff (working hard on own inverters). Effectively, this release confirms the statements of FACT. It’s taking issue w/ @HindenburgRes OPINIONS from those facts... 2/
So repeatedly accusing @HindenburgRes of manipulation while confirming facts and arguing opinions is really discrediting of $NKLA. In my experience, investors see through this. So net-net company still has same credibility issue. Esp when NKLA is parsing language re “in motion”3/
Also going ad hominem just fires up the short seller more - every time. How should company have responded? Focus on milestones achieved since these events, announce concrete steps to improve transparency, show contrition, & then say @HindenburgRes has drawn wrong conclusions
By the way, MW / I have no position in NKLA & have never had one. For those of you strapping on your tinfoil hats thinking I’m trying to “hit” the stock to make money, go ahead and take them off. I’m an activist short seller expressing an opinion on these events - nothing more.

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More from @muddywatersre

2 Sep
MW is short $INO. Stock ramped on hype around Covid vaccine. A recent court decision against INO makes it clear that INO lacks manufacturing capacity to get remotely near purported goal of 1 mm doses in ‘20 & 100 mm in ’21 1/ drive.google.com/file/d/1K4wnKD…
$INO sued its primary supplier, VGXI, for a temp injunction to force transfer of manufacturing technology to ~10 manufacturers. VGXI refuses to transfer the technology. Absent transfer, capacity doesn't exist. Injunction denied. 2/ drive.google.com/file/d/1izYYO5… drive.google.com/file/d/167XCaC…
We cannot forsee $INO competing w/ the 5 Operation Warp Speed vaccine candidates. (INO is NOT one of the candidates.) At best, INO either has to wait for final judgment (likely too long) or pay VGXI money INO likely doesn’t have. Our favorite part of temp injunction decision 3/
Read 5 tweets
14 Aug 19
$BUR is due to hold a call with bondholders in an hour. Management should answer these 7 questions:
1) Where did $BUR mark Petersen as of June 30, 2019?
2) $BUR IFRS Investment Income breakout in the Notes shows Net Realized Gains, which is Monetization minus Invested Capital. Why, if not to mislead, does BUR repeatedly discuss “Realized Gains”, (Monetizations minus Carrying Values)?
Read 8 tweets

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