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This company is the definition of leadership decay. Every quarter they trot out the same washed‑up execs who act like long‑term shareholders should be grateful for getting strung along. Luce wasn’t some visionary; anyone who actually digs into his track record sees a guy who coasted on legacy tech and stale partnerships. DeVos didn’t “transform” anything either (. **Valeo had multi‑lidar / multi‑sensor configurations long before DeVos ever talked about “tri‑lidar.”** And **other companies** (ZF/Ibeo, Audi, early AV stacks, and multiple Tier‑1s) were already using multi‑lidar architectures years before MicroVision even entered automotive lidar). DeVos did **not** invent or pioneer the tri‑lidar concept. He simply promoted a configuration that already existed in the industry. He did the classic corporate theater—new slogans, new org charts, zero measurable revenue impact. And Byun? If he was the strategic genius they pretended he was, they wouldn’t have let him drift into limbo for months. That’s what happens when your leadership team is more concerned with optics than execution. From a technical sales POV, the whole operation is a joke. They never built a real GTM engine. No ICP definition. No segmentation. No territory strategy. No MEDDICC discipline. No pipeline hygiene. No deal velocity metrics. They talk about “engagements” like that’s supposed to impress anyone who’s ever carried a quota. Engagements are what you brag about when you don’t have actual pipeline. If they had real enterprise traction, they’d be showing ***stage‑weighted forecasts, conversion rates, average sales cycle, and churn‑adjusted ARR projections.*** Instead, we get vague hand‑waving about “interest” and “exploration,” which is sales‑speak for nothing is happening and nobody wants to commit. And the book value nonsense? It’s embarrassing watching people cling to it like it’s some kind of floor. Book value is just assets minus liabilities on paper. For companies like this, those “assets” are mostly intangible fluff—IP that hasn’t been monetized, goodwill that wouldn’t fetch a fraction of its stated value, and equipment that depreciates faster than their credibility. Book value isn’t a safety net. It’s an accounting mirage that looks respectable until you realize none of it converts into real liquidation value. The pattern is obvious: washed‑out execs, stale strategy, shareholders treated like an ATM. Every “inflection point” is just another stall tactic before the next dilution. They hype, they delay, they pivot, they dilute. It’s the same cycle every time. If you didn’t know the history, you’d think it was incompetence. But if you do know the history, you realize it’s a business model. Play this company exactly the way AV has performed with his “new entity” — up 45% on that slide — hedge it both ways and stop pretending there’s some noble long‑term story here. This isn’t a turnaround; it’s a trading vehicle. The company will never change because the people running it never changed. They’re the same recycled execs who’ve been cashing checks while shareholders get diluted into dust. And spare me the mythology about SS being some engineering prodigy from Google Glass. Google didn’t push him out because he was too good — he left because incompetence at companies like Google isn’t tolerated. He wasn’t a visionary; he was another guy in the boys‑club pipeline who figured out he could get paid more by shareholders than by delivering anything real. That’s the whole game: get hired, talk big, collect oversized compensation, accumulate diluted stock for pennies, and bail before accountability shows up. It’s the same pattern you see in the thread — “boiler room conversations with has‑been executives” and “technical advisors in obvious transition” . Nothing changes because the people at the top don’t have to change. They get paid whether the stock is $28 or $0.07 pre‑split. And Herbst? Shame on you. You’re not the same person who was at DEC trying to monetize AltaVista. Back then you were fighting to build something. Now you’re just another suit presiding over a slow‑motion collapse while retail gets bled out. This isn’t leadership — it’s legacy‑padding. The truth is simple: hedge it, scalp it, fade it, whatever. But stop pretending this crew is going to suddenly wake up and deliver. They’ve shown you exactly who they are, and the chart shows you exactly what that’s worth.

ICP has been loosing people money for years