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
Symbotic(納斯達克股票代碼:SYM)的創始人裏克·科恩在其人工智能驅動的公司的股價大幅下跌後,他的淨資產減少了90億美元。
發生了什麼:擁有並主持C&S批發雜貨商的科恩創立了生產人工智能驅動的倉庫機器人的Symbotic。Symbotic於2022年年中通過特殊用途收購工具上市,並得到了孫正義旗下的軟銀集團公司(場外交易代碼:SFTBY)和美國零售業沃爾瑪公司(紐約證券交易所代碼:WMT)的支持。
1月初,科恩的淨資產爲214億美元,在彭博億萬富翁指數中排名第94位。但是,據《商業內幕》週二報道,他的財富今年下降了41%,至126億美元,跌至第178位。
Symbotic的股票去年飆升了325%以上,在2024年已經下跌了60%以上。根據Benzinga Pro的數據,該股週一收於19.20美元。該公司的價值現已降至100億美元以下。
下降歸因於施工延誤和實施成本增加,這擠壓了利潤率。Symbotic還面臨集體訴訟,指控其在增長前景方面誤導了市場。
爲何重要:Symbotic股價的急劇下跌是在其第三季度財務業績公佈之後發生的。這些業績公佈後,Symbotic的股價在盤後交易中暴跌。該公司報告說,成本增加和項目延誤,這嚴重影響了其盈利能力。
這些財務問題不僅影響了公司的股票,還導致其創始人的淨資產大幅下降。今天提起的集體訴訟進一步加劇了該公司的困境,指控Symbotic在其增長潛力方面誤導了投資者。
這個故事是使用 Benzinga Neuro 創作的,由 Pooja Rajkumari 編輯