Why Shares of Solid Power Are Plunging This Week
With the S&P 500 creeping about 1.1% higher this week, Solid Power's stock (NASDAQ: SLDP) swiftly headed in the other direction. Between a shakeup in the C-suite and a bearish outlook echoing on Wall Street, the pessimism regarding the solid-state battery designer was too overpowering for the bulls to overcome.
As of the market's close on Friday, shares of Solid Power plummeted 28.6% since the end of last Friday's trading session, according to data from S&P Global Market Intelligence.
On Tuesday, investors learned that Douglas Campbell, Solid Power's CEO, is retiring, thus leaving his position at the company's helm, effective immediately. Campbell, a co-founder of the company who had served as the CEO for 11 years, will be replaced by David Jansen who will act as Solid Power's interim CEO.
Source Fool.com
