Steve Burns, the ousted founder, chairman and CEO of bankrupt EV startup Lordstown Motors, has settled with the U.S. Securities and Exchange Commission over misleading investors about demand for the company’s flagship all-electric Endurance pickup truck.
The SEC charged Lordstown Motors in February 2024 with misleading investors about the sales prospects of its Endurance electric pickup truck.
Lordstown Motors was founded in April 2019 as an offshoot of Burns’ other company, Workhorse Group.
During and after the merger, Lordstown received $780 million from investors, according to the SEC.
Lordstown Motors attracted the attention and investment of GM and even acquired the 6.2 million-square-foot assembly plant in Lordstown, Ohio from the automaker.
The ousted founder of bankrupt EV startup Lordstown Motors has launched a new company called LandX Motors, that prominently displays the same electric pickup truck he once promised would beat Tesla, Ford and General Motors to market.
While LandX Motors doesn’t explicitly refer to the trucks as the Endurance, a video on the website shows EV trucks that have the Lordstown badge.
A LandX Motors spokesperson responded to an email, but didn’t provide any further information and declined to answer questions.
He founded Lordstown Motors in 2019 after leaving a different struggling EV startup, Workhorse.
Of the 16 employees who list LandX Motors as their employer on LinkedIn, 13 of them used to work at Lordstown Motors.
Here, a fractional short-term vacation rental marketplace, has shut down after just over two years of operation.
In a statement on its website, the company said its goal was to sell all of the properties that it holds within the next six months.
According to the publication ShortTermRentalz, the marketplace gave investors a way to acquire partial ownership of vacation rentals.
Just last week, TechCrunch broke the news that Frontdesk, a short-term rental provider, had laid off its entire staff and was on the verge of shutting down.
Last November, we reported on Zeus Living reportedly shutting down after raising $150 million in debt and equity.
The troubled space company said it was unable to secure additional funding to keep it afloat and has subsequently laid off around 85% of its workforce. Virgin Orbit has done…
