Timberwolves co-owner Marc Lore buys more shares of Archer Aviation

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NBA Timberwolves co-owner Marc Lorea bought more stock in flying car company Archer as they slipped after being made public through a SPAC.

Patrick T. Fallon / Bloomberg


Archer Aviation

the stock has slipped since its IPO, but Marc Lore, one of the flying car company’s biggest investors, bought more shares.

Archer (ticker: ACHR) develops electric vertical take-off and landing airplanes, or eVTOL, for passenger transport. Incorporated in 2018, Archer noted in a deposit with the Securities and Exchange Commission that it plans to open a manufacturing facility in late 2022. Archer’s shares began trading on the NYSE on September 17 after the company merged with an acquisition company in special use. Since then, stocks have slipped, compared to a modest gain in the


S&P 500

in the same period of time.

Lore paid $ 5.6 million from Oct. 27 to Nov. 3 for a total of 926,614 additional Archer shares, an average price per share of $ 6.09. This price is 36% lower than Archer’s close on its first day of trading. He now owns 26.9 million Archer shares, according to lore forms filed with the SEC, and he is the company’s third largest shareholder.

Lore declined to comment. He provided the initial investment to Archer, according to the company, and provides advice. Lore on the left


Walmart

(WMT) earlier this year, after leading the retailer’s e-commerce business. He became a co-owner of National Basketball Association’s Minnesota Timberwolves in July.

Lore isn’t the only one picking up Archer stocks. Cathie Wood’s ARK Invest actively buys stocks. Now the


ARK Autonomous technology and robotics

exchange-traded funds (ARKQ), and


ARK space exploration and innovation

ETF (ARKX) each own millions of Archer shares.

Inside Scoop is a regular Barron column that covers the stock transactions of corporate executives and board members (called insiders), as well as major shareholders, politicians and other prominent figures. Due to their insider status, these investors are required to disclose stock transactions to the Securities and Exchange Commission or other regulatory bodies.

Write to Ed Lin at edward.lin@barrons.com and follow @BarronsEdLin.



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