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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.

Updated 8 hours ago - World

UK government: Kremlin has plan "to install pro-Russian leadership" in Ukraine

British Foreign Secretary Elizabeth Truss. Photo: Gints Ivuskans / AFP via Getty Images

The United Kingdom's Foreign Secretary on Saturday night said the government has "information that indicates the Russian Government is looking to install a pro-Russian leader in Kyiv as it considers whether to invade and occupy Ukraine."

Driving the news: U.S. National Security Council spokeswoman Emily Horne called the intelligence "deeply concerning" in a statement to Axios. The Biden administration has said Russia is actively manufacturing a pretext for invasion and warned that Putin could use joint military exercises in Belarus as cover to invade from the north.

Updated 10 hours ago - Science

This powerful new accelerator looks for keys to the center of atoms

Illustration: Eniola Odetunde/Axios

Nuclear physicists trying to piece together how atoms are built are about to get a powerful new tool.

Why it matters: When the Facility for Rare Isotope Beams begins experiments later this spring, physicists from around the world will use the particle accelerator to better understand the inner workings of atoms that make up all the matter that can be seen in the universe.