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Ken Griffin’s Citadel Just Bought Mullen (MULN) Stock

Source: Sam the Leigh /
Citadel Advisors is back into Mullen Automotive (NASDAQ:MULN) stock, a troubled electric vehicle (EV) play that the firm had previously sold out of.
The hedge fund’s latest list of holdings, filed…

Source: Sam the Leigh /

Citadel Advisors is back into Mullen Automotive (NASDAQ:MULN) stock, a troubled electric vehicle (EV) play that the firm had previously sold out of.


The hedge fund’s latest list of holdings, filed with the U.S. Securities and Exchange Commission (SEC), shows the firm with about 1.42 million shares of MULN. Citadel also has call and put options on MULN stock, hedging it against price moves up or down. The firm previously disclosed the sale of 532,000 shares in its August report.

Shares of Mullen Automotive have lost 95% of their value in 2022. Today, the stock opened at about 28 cents per share.


MULN Stock and the Mullen Story

I have been skeptical of Mullen Automotive’s chances for success. The company has been struggling to survive all year, often issuing new stock to water down existing shareholders. Back in May, I wrote that Mullen lacked the cash to meet its promises to create either a polymer-based battery or electric car. MULN stock tried to rebound in August with new orders and promises, but it soon resumed its decline.


In the meantime, CEO David Michery has become a regular guest on investment shows, touting “the next generation of premium electric vehicles […] that are affordable and built entirely in the United States.” Michery says the company is now buying a former Hummer factory, which will help it build its EV crossover called the Mullen FIVE.

Still, the company continues to burn money — $172 million in Mullen’s most recent quarterly report. While other EV startups are at least starting to produce vehicles, Mullen continues to produce press releases. This was fine in 2021. It won’t do in 2022.


As to Citadel’s interest, it’s a small one. The shares the firm owns are worth just $467,000. The allocation of Citadel funds in MULN stock is 0.0001% of its total as well. Should Mullen go bankrupt, the loss to Citadel would be just a rounding error.

What Happens Next?

I have written several times of my skepticism about whether Mullen Automotive has a business. Citadel’s interest in MULN stock seems to be that of a trader, not an investor. It’s also very minor. And you don’t want to get in the way of the vulture’s feeding time.


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On the date of publication, Dana Blankenhorn did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

Dana Blankenhorn has been a financial and technology journalist since 1978. He is the author of Technology’s Big Bang: Yesterday, Today and Tomorrow with Moore’s Law, available at the Amazon Kindle store. Write him at [email protected], tweet him at @danablankenhorn, or subscribe to his Substack.


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