Who knows?
Most investors are skeptical of penny stocks. Most penny stocks fully deserve that skepticism. A lot of penny stocks have crummy balance sheets. A select few of them make it through product development, get deals/contracts/partnerships in place. When they succeed in doing that, and get real dollars flowing in from real sales to real customers, the balance sheet and income statement change dramatically.
He may just have decided that either he was backing the wrong horse or fighting the wrong battle.
I hope he makes big money on the long side of SPBU! :)
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