That was fast

[The beef 675] [I'm an image] “Rest and vest, baby.” - Jeff Hey there carnivores, Markets were down on Monday after the financial sector had itself a wild day. Today we’re talking Nikola needing a new leader. Keep raging, Jeff & Jason [Image] [I'm an image] This is why I have trust issues Ugh, men are trash, and Nikola founder Trevor Milton is no different. $NKLA fell 30% in premarket trading Monday and dropped 19.33% on the day following the announcement that founder Trevor Milton resigned from his position as executive chairman. I mean, I didn’t want to work this week either, but damn, dude, the Sunday scaries must have been very real. The chairman seat, probably still warm from Trevor's sweaty buns, [will be filled by]( Stephen Girsky, who was formerly the vice-chairman of GM and already a board member. This comes just eleven days after a short-seller (Hindenburg) published [the report heard ‘round the world](, alleging that the electric car “maker” is a fraud, misleading investors and partners for more than decade. It’s worth noting that Hindenburg has a point… NKLA has yet to “make” a working vehicle. By this metric, Raging Bull is also an EV producer. The SEC and DOJ are looking into the claims and may investigate whether Trevor and the company made false claims and violated securities laws. So, what about that GM deal? GM must be a true ride or die (that or it stands to lose a f*ck ton of money by bailing on the deal) because the Detroit based car company is [sticking by its man](... for now. General Motors indicated that it will still work toward closing the $2B investment in Nikola, which was announced two weeks ago, and looks forward to capturing growth opportunities in the EV market. Investors were pretty disappointed by GM’s blind faith, as $GM shares dropped 7% in premarket trading and 4.76% on the day. The bottom line... Sucks to suck Trevor. You must be leaving sooo much money on the table. Wait, what’s that? You’re getting a deal that rivals Adam Neumann’s severance package? Thanks to [his separation agreement](, Trev’s walking away with 91.6M shares, which are valued at roughly $3B. The company even accelerated his vesting of 600k shares, which wouldn’t have been available til 2023. I love the smell of capitalism in the morning. [Image] RagingBull’s Most Popular Services Just Went On Sale [Alternate text]( [Come And Get Em’]( [I'm an image] ☑️Walmart-chic. The world’s largest retailer is getting into the fashion industry. Not that it didn’t sell Wrangler overalls before, but now the Waltons are [launching their own line]( of clothing. Free Assembly, the new casual clothing line for men and women will launch this week online and at 250 of Walmart's stores. Walmart bought online retailer Bonobos in 2017 and previously brought in Ellen DeGeneres (swing and a miss) and Sofia Vergara to lend credibility to apparel brands. And as unlikely as it sounds, the clothes might actually be good. Walmart is hoping to capitalize on its uptick in customers as it has been one of the few places open during the pandemic. Many retailers have gone the way of Jeffery Epstein and hung it up as pressures from ‘rona boi have forced them to shutter stores, leaving plenty of market share for Walmart to come in and scoop up. ☑️Holy grail. Grail is going back to the Promised Land. Gene sequencing company Illumina is buying Amazon’s Grail in a cash-and-stock deal worth $8B. Illumina will now own Grail outright, a company it founded four years ago and then sold to Amazon. Nothing like buying back your own creation at a premium from the evil empire. Bezos’ newest ex is currently developing a new “liquid biopsy” blood test, Galleri, that can detect early-stage cancers. Illumina [will get access]( to the research and information that Galleri has collected to continue developing early detection methods, and of course, products to sell in the liquid biopsy market, which it estimates to be $30B to $130B. But investors didn’t seem too thrilled about the news. Illumina’s stock price dropped 8.4% following the announcement due to some conflicting interests with its other clinical customers who are working on their own liquid biopsies. Sounds like a tomorrow problem... ☑️Doom’d. Microsoft is [diving deeper]( into the video game world purchasing the ‘Doom’ video game maker, ZeniMax Media. After losing out on buying a piece of TikTok last week, the Xbox maker is shelling out $7.5B to acquire the rights to the bloody, first-person shooter game. According to Satya Nadella, the deal was in the works before the TikTok purchase fell through...but the timing does seem convenient. The move comes as both Sony and Microsoft are preparing releases of new Playstation and Xbox consoles, respectively, after riding the wave of an uptick in gaming during the pandemic. ☑️New programming. Quibi’s newest content should be a show where a short-form video platform was a good idea. Clearly, it would be fiction. It’s been a rough go for Quibi as the short-form mobile-focused content creator tried to enter a saturated streaming market amidst a pandemic. Generally, not a good time to start a business venture. Jeffery Katzenberg’s brainchild [is exploring strategic options]( to keep the streaming service operating amidst struggling subscription numbers, but in all likelihood things are going to end in a sale. The other options? Well, Quibi could look to raise more money or, you guessed it, go public via SPAC. 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