Crypto & The Constitution 🦅

Lucid Motors, which went public via SPAC in July, shared its first-ever quarterly earnings report as a public company today. 🥂

The company de-emphasized financial results, which makes sense considering Lucid only started making deliveries of its first vehicle, the Lucid Air, last week. Instead, the company shared that it currently has over 13,000 customer reservations at the end of Q3, which are worth $1.3 billion (that figure has grown to 17,000 as of today.) 🚀 🚀

That’s a lot of money to be made, but wait, there’s more. 😁 The company “continued to invest in the business” in Q3, using $4.4 billion worth of liquidity from its SPAC merger in July. This capital will fund production, deliveries, and core operations (including R&D.) 

Lucid also flexed that its Lucid Air won the 2022 MotorTrend Car of the Year Award. High praise for the auto maker’s first production vehicle. 👏 👏 This isn’t a huge surprise since the car’s design has already received a lot of media praise and even scored an EPA mileage certification to name the car the longest range production EV ever.

$LCID rallied leading up to the earnings report today, +2.1%. The company added another 4.3% after the bell. 🔔

Oatly shares took a nosedive today after the company lowered 2021 sales expectations in its Q3 earnings, citing “supply-chain snarls and pandemic-related obstacles weighing on growth.” $OTLY got pummeled 21%. 😬

Oatly, the Swedish oak-milk maker and vegan brand, reduced its revenue outlook to $635 million (compared to $690 million in previous forecasts.) Analysts anticipated $694 million. Credit Suisse Analyst Kaumil Gajrawala said:

“I think the brand is really strong, so retailers are asking for the product. The problem is, if you can’t supply it, it doesn’t matter how strong the brand is. The market is worried they might be missing out on an opportunity to grow the business.”

Oatly’s U.S. manufacturing plant, headquartered in Utah, experienced mechanical issues during the pandemic which cut sales by $3 million. Trucking and logistics issues (which are prominent across the globe atm) have also hit the company hard — Oatly COO Peter Burgh commented “Production capacity has been a major constraint on our growth.” 👎

$OTLY shares closed at $9.36, well below the company’s $17 IPO price. $OTLY is down 0.53% after hours.

In July 2021, the sole copy of the Wu-Tang Clan’s “Once Upon A Time In Shaolin” was auctioned. The buyer was actually a group of people who joined forces in raising money to acquire the one-of-a-kind record…

PleasrDAO is the Decentralized Autonomous Organization which banded together to purchase “Once Upon A Time In Shaolin.” DAOs use blockchain apps to distribute power among stakeholders, where equity (“power“) is often represented in the form of tokenized ownership. In many ways, PleasrDAO’s $4 million purchase put the mainstream media’s spotlight on a developing ecosystem for DAOs. Now, another DAO is looking into purchasing the Constitution. 🦅 🇺🇸

Yes, you read that right. The ConstitutionDAO is pooling millions to buy one of the few remaining first-edition copies of the U.S. Constitution. They’ll probably need about $20 million to win the auction at Sotheby’s. 💰 💰

DON’T BE MISTAKEN: this is not an investment. Constitution-loving crypto maxis can contribute money to the fund, but nobody gets actual ownership over the Constitution. According to Julian Weisser, a co-founder of OnDeck and a contributor to the ContstitutionDAO core team, it represents ownership in the DAO — expressed in the $PEOPLE token — which advises an LLC.

What if the DAO loses the bid? The masses will get their money back, minus the astronomical fees for transacting on Ethereum (which can vary from $40-$100/transaction, so worst case you lose $80 for buying a share in the Constitution.)

You can read more about this event (and find out if they secure this historic document) in the Friday edition of our crypto newsletter, The Litepaper. 🥳

Mattress maker Casper Sleep is calling it a day. 💸 😴

Casper came to an agreement with Durational Capital Management on Monday to be purchased for $6.90/share, or $286 million. This price tag represents less than half Casper’s value from its public debut two years ago… tough.

$CSPR has been in the gutter throughout 2021 — shares were trading down 42.3% YTD coming into today’s session. The buyout price of $6.90/share represents a 94% premium to Friday’s closing price. You take what you can get. 🤷

Casper Founder and CEO Philip Krim will step down effective immediately to be replaced by Emilie Arel — Arel was the president of Casper for seven years. $CSPR gained a whopping 88.45% on the news.