Sam Altman-Backed Oklo Slumps After Kerrisdale Says It’s Shorting Stock

Bloomberg11-21 00:08

(Bloomberg) -- Shares of Oklo Inc., the nuclear fission reactor company backed by OpenAI Inc’s Sam Altman, tumbled Wednesday after Kerrisdale Capital said it is shorting the stock. The report alleges...

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Advocates say the approach will make it faster and cheaper to build nuclear power plants, but the technology is unproven. Only a handful have been developed, and only in Russia and China.\nOklo has said it expects its first system to go into service in 2027, but the Kerrisdale report highlights numerous technical and regulatory hurdles that may delay that schedule. Oklo is pursuing a new technology that it said will make its design safer and cheaper than conventional reactors in use today. The company’s design doesn’t have approval from the US Nuclear Regulatory Commission, a process that typically takes years.\nWall Street is split on the company thus far. Of the four analysts covering Oklo, two have buy-equivalent ratings and two are neutral. The average price target implies about 5% return from where shares are trading. \nBesides Altman and Thiel, the company has another potentially high-profile connection. Board member Chris Wright was nominated by President-elect Donald Trump to lead the Energy Department last week.\n©2024 Bloomberg L.P.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"Shareholding Changes","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2485423111"}