The firm stated that it believes the latest pump in stock value was based on “fake orders, a rebadged Chinese minivan and a tsunami of lies” intended to induce retail investors to buy.
Wolfpack Research announced on Thursday its short position in EV maker Faraday Future (FFAI) and opined that it would likely revert to being a penny stock before eventually delisting.
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The firm stated that it believes the latest pump in stock value was based on “fake orders, a rebadged Chinese minivan and a tsunami of lies” intended to induce retail investors to buy.
FFAI’s stock jumped on July 22 after Nature’s Miracle announced a preorder of 1000 EV minivans. However, Wolfpack noted that the company does not have the cash to make such a purchase and added that the founder of Nature’s Miracle and Faraday Future CEO Jia Yueting were classmates in business school.
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