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Expand chart
Data: FactSet; Chart: Axios Visuals

Another day, another development in the Lordstown Motors saga.

  • What's new: The buzzy electric vehicle company's CEO and CFO are out.
  • The abrupt exits come days after the company warned it could go out of business.

Why it matters: Lordstown — which has no revenue (and no product!) — could be a poster child for the downside of Wall Street's SPAC boom.

Also new today ... a board investigation found there were inaccuracies in the way Lordstown counted pre-orders — a claim that short seller Hindenburg Research made in March, which Lordstown initially disputed.

  • "On several occasions" the company stated its pre-orders came from commercial fleets, but in reality the orders were from "influencers" who said they would try to secure pre-orders, as well as from fleet management companies who showed interest, the company wrote.

Go deeper

The "remarkable" business investment recovery

Data: U.S. Census Bureau; Chart: Axios Visuals

Businesses are investing in themselves.

Why it matters: Core capital goods orders, or those for durable goods that aren’t aircraft or defense-related, are a proxy for business investment.

Manhattan, Westchester prosecutors request evidence from Cuomo investigation

Gov. Cuomo during a press conference in New York City on Aug. 2. Photo: Lev Radin/Pacific Press/LightRocket via Getty Images

The district attorneys for Manhattan and Westchester County on Wednesday requested evidence related to New York Attorney General Letitia James' investigation into sexual harassment allegations against Gov. Andrew Cuomo (D), according to a letter obtained by NBC News.

Why it matters: The district attorneys are investigating if alleged conduct highlighted in an independent report published by James' office that occurred in their jurisdictions was criminal in nature.

Scoop: Buzzy media startup Puck launches in beta

Puck.news

Puck, a splashy new digital media company, is coming out of stealth mode, Axios has learned. The company debuted its landing page, puck.news, on Wednesday, and will officially launch its website in September.

Why it matters: The company has been quietly building a roster of top talent, but hadn't confirmed its branding or exact business plans up until now.