The recent #settling of #litigation, and ultimately a #judgment through an ongoing #lawsuit, against #Ginkgo#Bioworks for the amount of $17.75 Million has been driving an unusual amount of traffic, and searches, to some of my videos that I posted several months if not more than a year ago. In said #videos, I not only questioned as to whether #mass#layoffs are definitely always the answer for a company, but also to whether the #biotech industry truly had strong commercial fundamentals to begin with. It is not only interesting to see what #viewers are searching for recently, but also how it factors into the entire history of #Ginkgo#Bioworks. I still strongly believe that #bankruptcy is over the horizon, even if #Jason#Kelly always tries to ease #investors otherwise. Regardless if #bankruptcy occurs within a year or two, the #cash#burn at #Ginkgo#Bioworks is still unsustainable. For example, within the past year and a half, the ‘cash on the sheets’ amount declined from $800 Million to a little more than $450 Million. This #burn#rate is helpful to keep in mind.
The #Scorpion#Capital report, which was a focal point of the #lawsuit, was extremely thorough. It was absolutely needed insofar as to draw the attention of many to the many shady aspects of how #Ginkgo#Bioworks runs its business. Moreoever, while many tried to dismiss the #Scorpion#Capital report when it came out, as time has passed, its claims have only became more clear, and ultimately, reflective of how #Ginkgo#Bioworks uses several “shell” companies to further its financial objectives. Altogether it is quite odd for a company, such as #Ginkgo#Bioworks, to have “customers” of its #foundry in the SAME exact building 😂😂😂😂 and also with the same investors (often Cascade Investments and Viking Global Investors).
In hindsight, seeing so many people leave the company that we used to work at contributed to #mass#layoffs, and #poor#work#culture, that ruined the livelihood of #employees who **actually** want to do their job, and enjoyed doing their job, like myself. It’s disappointing that the #Biotechnology#industry has gotten to this point. Generally speaking, #employees used to be able to stay at a #job if he or she wanted to, not because, as in my case, the #director of #Metabolic#Engineering got into many arguments, became very angry, and suddenly decided to leave, without finishing ongoing projects and telling #employees what really happened. Shortly afterwards, someone else in a #leadership position, who was unfortunately also impacted by the #2022#mass#layoff with me, had mentioned that the company never liked to see people become very angry, and frustrated, only to suddenly leave after 5 years of service. I completely agree with his statement, but the damage to my #job, #livelihood, and many other aspects of my life had already been done, as it had for many others. It’s funny to me how people think that finding a job is so easy, but here I am, approaching 3 years of #unemployment. We are definitively in a #recession.
Pete Rigas
The recent #settling of #litigation, and ultimately a #judgment through an ongoing #lawsuit, against #Ginkgo #Bioworks for the amount of $17.75 Million has been driving an unusual amount of traffic, and searches, to some of my videos that I posted several months if not more than a year ago. In said #videos, I not only questioned as to whether #mass #layoffs are definitely always the answer for a company, but also to whether the #biotech industry truly had strong commercial fundamentals to begin with. It is not only interesting to see what #viewers are searching for recently, but also how it factors into the entire history of #Ginkgo #Bioworks. I still strongly believe that #bankruptcy is over the horizon, even if #Jason #Kelly always tries to ease #investors otherwise. Regardless if #bankruptcy occurs within a year or two, the #cash #burn at #Ginkgo #Bioworks is still unsustainable. For example, within the past year and a half, the ‘cash on the sheets’ amount declined from $800 Million to a little more than $450 Million. This #burn #rate is helpful to keep in mind.
The #Scorpion #Capital report, which was a focal point of the #lawsuit, was extremely thorough. It was absolutely needed insofar as to draw the attention of many to the many shady aspects of how #Ginkgo #Bioworks runs its business. Moreoever, while many tried to dismiss the #Scorpion #Capital report when it came out, as time has passed, its claims have only became more clear, and ultimately, reflective of how #Ginkgo #Bioworks uses several “shell” companies to further its financial objectives. Altogether it is quite odd for a company, such as #Ginkgo #Bioworks, to have “customers” of its #foundry in the SAME exact building 😂😂😂😂 and also with the same investors (often Cascade Investments and Viking Global Investors).
Besides #Allonia, #Motif #Foodworks, and related companies, I have more of an idea of what has been going on at #Ayana #Bio because of my own experience in the #Biotechnology #industry. As a #Ginkgo #Bioworks spin off, this company purportedly wanted to focus on #plant #biology, which has connections to the #sustainability #sector which is surely related to #agriculture. Oddly enough though, a few months before I was impacted by a #mass #layoff (which people at the company that I used to work at had a hard time understanding until they themselves were #laid #off too), many coworkers left to go join this #Agtech “company” (but, in reality, a #shell #company), under #Ginkgo #Bioworks.
In hindsight, seeing so many people leave the company that we used to work at contributed to #mass #layoffs, and #poor #work #culture, that ruined the livelihood of #employees who **actually** want to do their job, and enjoyed doing their job, like myself. It’s disappointing that the #Biotechnology #industry has gotten to this point. Generally speaking, #employees used to be able to stay at a #job if he or she wanted to, not because, as in my case, the #director of #Metabolic #Engineering got into many arguments, became very angry, and suddenly decided to leave, without finishing ongoing projects and telling #employees what really happened. Shortly afterwards, someone else in a #leadership position, who was unfortunately also impacted by the #2022 #mass #layoff with me, had mentioned that the company never liked to see people become very angry, and frustrated, only to suddenly leave after 5 years of service. I completely agree with his statement, but the damage to my #job, #livelihood, and many other aspects of my life had already been done, as it had for many others. It’s funny to me how people think that finding a job is so easy, but here I am, approaching 3 years of #unemployment. We are definitively in a #recession.
#opentowork #biotech #biotechnology #liquidity #crisis #funding #shell #companies #ginkgo #bioworks #settlement #related #party #revenue #quantum #molecular #discovery #recession #ginkgo
1 week ago (edited) | [YT] | 1