Electrifying week... Nikola shares soared 40% on Tuesday after GM announced it's investing $2B for an 11% stake in the e-truck maker. Experienced GM will be producing young Nikola's electric trucks. Nikola's valuation soared to $19B (despite it never having actually sold a vehicle). Then on Thursday, Nikola's valuation plunged to $12B after a short selling research firm accused it of fraud. Nikola called it a “hit job” and is considering suing.
(Insert anxiety-inducing notification sound)... Slack's quarterly sales jumped 49% — about the same as the previous two quarters. That's yawn-worthy compared to fellow WFH'er Zoom, which 4X'd sales and 33X'd profit. Slack's steep learning curve might be stunting growth: newbies have to learn channels, bots, threads, and when not to message in #General (assume never). Now Slack's stock has fallen back to pre-pandemic levels after plunging 17% last week.