TuSimple, founded in 2015 to create mass autonomous or remote driven trucks is in serious trouble.
It's CEO, Xiaodi Hou, was just fired because the FBI, the SEC and the Committee on Foreign Investment in the U.S. (CIFUS) started an investigation into TuSimple over the improper exchange of intellectual property with another Chinese backed company. The board of directors must know something concrete because they removed the CEO quickly. American investors will not put money into a company being investigated for sharing tech with China so this company is effectively toast until the remnants are bought by some other salesman selling huge profits and none of the difficult realities of Autonomous Trucks.
TuSimple Fires Co-founder As CEO Amid Federal Probes, Board Inquiry | ZeroHedge
TuSimple stock (TSP) is down 91.40% for the year.
Another one bites the dust.