Lordstown executives sold millions of dollars in stock before problems became public
CNN
Lordstown Motors, the embattled electric truck startup, is facing more scrutiny after several of its top executives sold off millions in dollars of stock prior to its dismal first-quarter earnings report.
Regulatory filings show five Lordstown executives, including its former chief financial officer and its current president, sold more than $8 million in stock in early February. The Wall Street Journal first reported the transactions. In one instance, John Vo, who oversees Lordstown's propulsion division, sold 99.3% of his vested shares, netting himself more than $2.5 million. Lordstown's president, Rich Schmidt, sold 39% of his vested shares and made $4.6 million, according to filings. Other executives sold off hundreds of thousands of dollars worth of stock, too.
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