Steve Burns left Lordstown Motors after inflating order numbers in 2021 but has just purchased its remaining assets
The founder and former chief executive of Lordstown Motors, Steve Burns, has agreed to spend $10 million to purchase the assets of the bankrupt truck manufacturer. Burns originally founded Lordstown in 2018 and led its IPO with a special purpose acquisition company in 2020. However, he was forced to leave the automaker in 2021 after it was found that he had grossly overestimated order numbers for the Endurance pickup truck.
Read: Lordstown To Settle Trade Secret Theft Lawsuit With Karma For $40 Million Burns held a 25% stake in Lordstown when it went public and sold many of his shares as soon as the lockup period expired. Freight Waves reports that he made more than $60 million from the sale of his shares and also sold off many shares in the days leading up to Lordstown’s bankruptcy filing. It’s unclear if Burns has any plans to somehow resurrect the company.
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