Rick Cohen, founder of Symbotic (NASDAQ:SYM), has seen $9 billion erased from his net worth following a significant drop in his AI-powered company's stock price.
What Happened: Cohen, who owns and chairs C&S Wholesale Grocers, founded Symbotic which manufactures AI-driven warehouse robots. Symbotic went public in mid-2022 via a special-purpose acquisition vehicle and has been backed by Masayoshi Son's SoftBank Group Corp. (OTC:SFTBY) and American retail Walmart Inc. (NYSE:WMT).
Cohen's net worth was $21.4 billion at the start of January, placing him 94th on the Bloomberg Billionaires Index. However, his wealth has plummeted by 41% to $12.6 billion this year, dropping him to 178th place, Business Insider reported on Tuesday.
Symbotic's stock, which surged over 325% last year, has fallen more than 60% in 2024. According to Benzinga Pro, the stock closed at $19.20 on Monday. The company's value has now decreased to under $10 billion.
The decline is attributed to construction delays and increased implementation costs, which have squeezed profit margins. Symbotic also faces a class-action lawsuit alleging it misled the market about its growth prospects.
Why It Matters: The dramatic decline in Symbotic's stock price comes on the heels of its third-quarter financial results. Symbotic's shares plummeted in after-hours trading following the release of these results. The company reported increased costs and delays in its projects, which have significantly impacted its profitability.
These financial troubles have not only affected the company's stock but have also led to a substantial decrease in the net worth of its founder. A class-action lawsuit, filed today, further compounds the company's woes, alleging that Symbotic misled investors about its growth potential.
This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
人工智能公司Symbotic(纳斯达克:SYM)创始人Rick Cohen的净资产因该公司股价大幅下跌而蒸发了90亿美元。
发生的事情:Cohen拥有并担任C&S批发杂货的所有者和主席,他创办了制造人工智能驱动的仓储机器人的Symbotic公司。Symbotic在2022年中通过特殊目的收购公司上市,并得到了孙正义的软银集团(场外交易:SFTBY)和美国零售巨头沃尔玛公司(纽交所:WMT)的支持。
科恩的净值在一月初为214亿美元,使他排名彭博亿万富翁指数第94位。然而,据Business Insider周二报道,他的财富今年已经下跌了41%,降至126亿美元,使他从第178位下降。
Symbotic的股价去年暴涨了超过325%,而今年已经下跌了60%以上。根据Benzinga Pro的数据,该股周一收盘价为19.20美元。该公司的市值现在已经降至不到100亿美元。
这一下降归因于建设延迟和增加的实施成本,这些因素挤压了利润率。Symbotic还面临一起集体诉讼,声称其对增长前景进行了误导。
为什么重要:Symbotic股价的大幅下跌与其第三季度财务业绩的发布密切相关。这些业绩发布后,Symbotic的股价在盘后交易中暴跌。该公司报告称项目成本增加和进展滞后严重影响了其盈利能力。
这些财务困境不仅影响了公司的股价,还导致创始人的净值大幅下降。今天提起的一起集体诉讼进一步加剧了该公司的困境,指控Symbotic在增长潜力方面误导投资者。
这个故事是使用Benzinga Neuro生成并由Pooja Rajkumari编辑的