There is a whole conspiracy theory element to naked shorting.
Many CEO’s mostly OTC types lean into it blame their falling stock price even though it is entirely explainable by dilution alone.
That is the case for Mullen as the stock price drop aligns mathematically with the amount of dilution.
There isn’t really any basis for the lawsuit, he just needs his believers to be distracted by it as he heavily dilutes.
He was doing EXACTLY the same thing with the buyback. It was a distraction. He made a big deal out of buying back 6-8 million shares…and it was posted about endlessly here…
…and then he turns around and dilutes another 100 MILLION shares!!!
On what planet does that make sense?
As long as people are willing to buy the stock he will just keep doing it.
And do I have to remind people that Michery cashed in close to $10 MILLION in stock BEFORE the dilution started and the stock dropped over 99.9%!!!
It’s a damn cult with this guy.
Some people have lost pretty much their entire investment and still believe he is going to be their savior!
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