IONQ Stock Falls 10% Following Scorpion Capital Short Report. 11 Things to Know.
IonQ (NYSE:IONQ) stock is down about 7% today after Scorpion Capital released an 183-page short report on the company. IonQ operates as a quantum-computing company, claiming to have “the world’s most powerful quantum computer.” Last year, it also became publicly traded through a special purpose acquisition (SPAC) transaction.
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However, through interviews with industry experts and former employees, Scorpion believes the company’s claims of a 32-qubit machine are a “brazen hoax.” The firm points out that past employees have stated the technology “doesn’t exist” and that “it was totally made up.”
Scorpion even goes as far as comparing IonQ’s quantum computer with Nikola’s (NASDAQ:NKLA) rolling truck catastrophe. The firm characterizes the quantum computer as IonQ’s “claim to fame as well as the basis of its SPAC.”
Shares of IONQ stock are down over 50% year-to-date (YTD). So, with that in mind, let’s get into the details of the short report.
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