MULN Stock News: Mullen Automotive sinks to new all-time low to close out another losing week

Mullen Automotive (MULN) closed out the week at a fresh new all-time low price as the EV startup fell for the eighth consecutive day. On Friday, shares of MULN dropped lower by 3.8% and closed the trading session at a price of $0.23. Stocks reversed from Thursday’s post-CPI rally, as all three major averages tumbled to close out a volatile week of trading. The University of Michigan consumer report suggested that inflation was still rising and is a key indicator used by the Fed. Overall, the Dow Jones lost 1.3%, the S&P 500 fell by 2.4%, and the Nasdaq posted a loss of 3.1% during the session. 

Mullen Automotive stock news

Another electric vehicle startup rival saw its founder and former CEO found guilty of fraud. Nikola Motors (NKLA) has had a checkered past already in its short time as a public company. Much of this has stemmed from fraudulent statements Trevor Milton made while in charge of the company. Milton was founded guilty of one count of securities fraud and two counts of wire fraud. Since being ousted as CEO, Nikola has cut all ties with Milton aside from him still being a shareholder in the company.

Mullen’s own CEO, David Michery, has been making some headlines as well but none of them have been as malicious as Milton’s allegations. Michery has been actively selling his shares of Mullen for the better part of the year now. At the end of September, Michery received a stock payment from Mullen of 9.62 million shares, of which he immediately sold 750,000. Overall, Michery has sold over 2.5 million shares this year as the stock continues its free fall. 

MULN 5-minute chart 10/14/22