In Ivory Coast, the former CEO of Credit Suisse is seen as a potential contender for the presidency. But on the U.S. stock market, Complete Solaria stocks are trading near their all-time lows. The firm had merged with Thiam’s SPAC company.
U.S. stock market investors took a breather this week. But speculation of interest rate cuts has given the U.S. stock market a strong boost in recent weeks.
In Switzerland and elsewhere too, bourses have been trending strongly upward. On the other hand, gold is trading just below its all-time high, and Bitcoin has soared this year on the cryptocurrency market. Basically, investors are currently in a great mood to buy.
Brutal Plunge
From the stocks of solar company Complete Solaria it is clear the equity market is no one-way street and that many investors can also get their fingers burned. The stock has lost almost 90 percent of its value this year and is currently hovering around $1.16, just marginally above its all-time low.
Listed on the U.S. technology exchange Nasdaq, the solar power firm may be unknown to many investors, but behind the scenes is none other than Tidjane Thiam, the former CEO of Credit Suisse. His publicly traded blank check company «Freedom Acquisition I» merged with Complete Solaria last July, as reported by finews.ch.
But after the official listing on the stock exchange under the abbreviation CSLR, the stock has gone into a nosedive, moving from one low to another. Recently, the solar module specialist company significantly undershot investors’ profit expectations.
Soon to Be President?
However, the Franco-Ivorian manager is currently enjoying greater success in Ivory Coast than on the trading floor. Thiam recently returned to the country for the first time in almost 25 years to run for the presidency of the Democratic Party of Ivory Coast (PDCI). He has a good chance of winning the elections on December 16 and therefore becoming the PDCI candidate for the presidential elections in 2025.
