A short-seller is betting against the stock of Archer Aviation — and is offering a prominent celebrity backer of the company a chance to put his money where his mouth is.
Culper Research offered “The Tonight Show” host Jimmy Fallon $1 million to take a flight on an aircraft made by a company he’s promoted on his show.
In a new report outlining its short bet, Culper said it was shorting Archer shares due to its belief that the air taxi company had misrepresented its progress to investors on developing and testing its Midnight Aircraft.
The report also claims that Fallon was being paid for promoting Archer on his TV show. Culper says Archer CEO Adam Goldstein paid “millions” to appear on The Tonight Show, referring to a recent interview Fallon conducted with Goldstein about the air taxi company’s Olympic partnership.
Culper also pointed to Fallon’s appearance at a recent promotional event held by Archer in New York.
The short-seller said it was “extending a friendly wager” to Fallon to take an FAA-compliant commercial flight on an Archer Midnight with a pilot and three other people. If Fallon accepts, the flight will need to take place before July 30,…
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