I was thumbing through /wsb and noticed a post entitled “I’m the biggest idiot on Earth“. Since I figured someone must be cutting in on my turf with a line like that, I checked out the post.

Upon closer examination, it seems this fellow had gone “all in” on an electric vehicle manufacturer by the name of Mullen USA whose performance, it seems, has been rather dismal. This chap’s account went from $64,484.84 to, well, zero.

It was difficult for me to believe just one stock could be capable of such damage. A year’s worth of 0DTE trades? Sure! But……….one stock? Yet a glance at MULN confirms that this thing has got to be one of the most horrible financial instruments ever introduced to the planet in human history.

As the stock was plummeting into its Marianas Trench formation, they had to reverse split the stock again, and again, and again.  If this data is to be believed, way back in the year 2012 when it just started trading, Mullen Automotive was trading at $130 quadrillion dollars, give or take a quadrillion. It boggles the mind, since this sort of number typically is reserved for scientific notation, and when I checked the web to see what the market cap of this disaster is, the figure came back as $130,000. That’s right. One hundred and thirty thousand dollars. [Ed. note: $115K at time of publication.]

Glancing at the company’s website, one would think it was a fairly impressive operation.

Incredibly, in spite of the stock chart you’ve just witnessed, there is still a prominently-featured Investor Relations Page on the Mullen site. I cannot imagine being the person who has to answer emails at that address.

I took a look at their “management”. The CEO of the place is experienced with “distressed assets” (yeah, no kidding) yet his key strength is apparently being “fiscally responsible.” Ohhhhhhhh-kay.

I’ve got to say, when I looked at this schlub’s photo, I figured he was just some dork who was trying to keep his company from going totally bankrupt. I didn’t expect to get angry, but, yeah, after a bit of digging, I did. I offer you the following tidbits from Wikipedia:

• They haven’t shipped a SINGLE car of their own in their entire history;
• The cars that they HAVE shipped they proudly declare as being “Made in America” when in fact they were vehicles purchased from a bankrupt Chinese EV maker on which they literally slap their own logo;
• Michery has continued with a base salary of $750,000 per year and received a number of performance awards totaling over $40,000,000 as of September 2023;
• They are blaming the problems with their stock on – – you guessed it – – short sellers.

Check out this interview, and try not to barf at Michery’s stupid, devilish grin during the whole thing.

The funniest bit is at the four-minute mark when Michery is asked about his huge salary, and he stammers and stutters with nonsense, and ultimately, Mark Mineverni style, they go into audio troubles.

A bit more about this very suspect-looking CEO, garnered from this article:

David Michery is a con artist, plain and simple.

He lists no educational experience in engineering or any field that would benefit him in running an automotive business, and he has no experience working in the industry.

His background is in the entertainment sector, where he was the CEO or founder of at least five different failed businesses.

In 1999, he was the CEO of American Music Corporation, which later merged with a gold mining company that let its corporate registration lapse.

In 2004, he was the CEO of American Southwest Music Distribution, which underwent legal litigation because Michery allegedly transferred the assets of the company to one that he personally controlled.

In 2012, Seven Arts Entertainment appointed David Michery as a Director and the CEO of a subsidiary… the stock fell 99% after Michery got involved and then terminated its securities registration in 2015.

In 2013, Primco Management performed a reverse merger with a company that Michery controlled, made a variety of random and failed investments, then had its securities registration revoked by the SEC.

Thus, what started off as a curious little entry of a ruinous investment for some stranger turned into a total rabbit hole. I’d better stop researching this before I get any more upset, but I will say this: any time you face a company that blames its problems on short-sellers, I guarantee that the problem isn’t the short-sellers. If you want to do a deep dive into just how slimy this organization is, here’s an excellent video on the topic!

The bad guys are winning.

More By This Author: