A short-seller has challenged Jimmy Fallon to a $1 million bet over an air-taxi company he's promoted

Yahoo

21-05-2025

A short-seller betting against Archer Aviation is also offering a popular celebrity backer a "friendly wager."
Culper Research said it was shorting Archer stock because it believed the firm "misled" investors about its aircraft.
If Fallon accepts Culper's bet, he and three others need to take a flight on an Archer Midnight.
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, 2028, which will mark the end of the Olympics.
The bet would entail Culper and Fallon each setting aside $1 million in escrow. If Fallon agrees to the terms and takes the flight, he'll get the combined $2 million. If Fallon refuses, the firm said it would take the money and donate it to four charities in New York City and Los Angeles.
"Jimmy — we propose you set aside a portion of the money that you've made promoting Archer — both on your show, and via your appearance at the Company's recent NYC event — and match us," Culper said. "If you truly believe in what you're being paid to promote to the general public, prove it."
Representatives for The Tonight Show and Archer Aviation did not immediately respond to a request for comment. Culper Research founder Christian Lamarco declined to comment further.
Culper Research, a short-seller founded by Lamarco in 2019 and based in New York City, said it believed Archer's promotions have concealed "far more deep-seated problems" with its Midnight aircraft.
The short-seller said it obtained recent email conversations between Archer's flight test team and the City of Salinas Fire Department, which showed that the air taxi company didn't have the Midnight aircraft until early March, though it publicly claimed that the aircraft was "fully assembled" in late February.
Culper said the Salinas Fire Department also took photos of Archer's Midnight in April, which showed that the aircraft was "in a state of disrepair."
Culper also said it had "investigators" stationed nearby Archer's Salinas and Watsonville locations. The investigators saw that the company only conducted one low-speed ground run in an eight-day period, during which the aircraft never took flight. The firm said it believed the aircraft was "nowhere close to flying."
The FAA issued a public inspection for the final airworthiness criteria for Archer's Midnight in May 2024. That gives Archer the ability to work with the regulatory agency to obtain the last remaining approvals as it tries to get its Midnight aircraft certified.
Read the original article on Business Insider