Solana reserve company Forward Industries ( stock code FORD) chairman and Multicoin Capital co-founder Kyle Samani has sparked controversy again. Yesterday, he attempted to demonstrate buying coins with Phantom via mobile, but ended up selling coins instead, provoking public outrage with his flippant attitude. Meanwhile, the company’s stock price has fallen 73% from its peak, and mNAV has long been below 1.
VC Ulong PR Show: Samani's Promotion Turns into a Controversial Joke
Samani posted yesterday, wanting to shoot a video to showcase the convenience of “even when the U.S. stock market is closed, Solana continues to operate.” In the video, he simply opens his Phantom wallet and demonstrates how to purchase $10 worth of SOL, repeatedly treating selling as buying, and finally converting the SOL into USDC.
Interestingly, the video was not only not re-shot, but was also directly uploaded to the community, immediately provoking ridicule from the crypto community: “These investors have never even used the products they invested in.”
They criticize these sharply dressed baby boom VC's for only knowing how to market to retail investors, especially since Samani is generally regarded as a crypto native user, which makes this blunder even more disheartening.
(Solana adds another heavyweight institution, with Multicoin partner Kyle Samani taking on the role of chairman of the board)
SOL DAT FORD stock price fell sharply, with coin holders experiencing a floating loss of over 500 million dollars.
At the same time, the SOL reserve company led by Samani, (DAT) Forward Industries, with the stock code FORD(, is facing severe losses, with its share price dropping more than seventy percent from its historical peak.
Today, due to submitting a resale prospectus to the SEC ), allowing previous private investors to resell their shares, the stock price fell by 25.3% in a single day.
According to the latest data, FORD holds approximately 6.82 million SOL, with an average cost of about 232 USD, and the current unrealized loss has reached 540 million USD, a fall of 34%.
At the same time, although the company holds about 1 billion USD in SOL, its stock market capitalization is only 903 million USD, and the mNAV is significantly less than 1, indicating that the market has doubts about the value of the company.
(Forward Industries invests in Superstate, issuing equity tokens to become DeFi collateral)
From “faith leader” to “confidence crisis”
Kyle Samani has always been regarded as an important promoter and believer in the Solana ecosystem. However, this recent operational blunder and the sharp decline in stock prices not only exposed his unfamiliarity with ecosystem products but also highlighted the risks of FORD facing collapse amid the declining DAT trend.
( DAT Survival Techniques Unveiled, the Creative Crypto Meme Stocks, Can They Successfully Rescue the Stock Price? )
This article Solana VC will not use Phantom wallet? Its reserve company Forward plummeted 25% in a single day, attracting attention. Originally appeared in Chain News ABMedia.
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