Xcor, a Company Currently Headed by Michael Blum Needs an Investor Urgently
The XCOR Company is likely to face liquidation if an investor does not show up within the next few weeks. The entity lacks money, which led to the laying off of most of its workers. Most of those employees have found other jobs, and they are not likely to come back unless the company finds a long-term solution.
How Michael Blum failed as the head of XCOR Company
The XCOR financial problem came after the former head of the company got a new job, and Blum was assigned his role.
Blum blames the financial problem on the sudden termination of a contract from a significant entity. However, that is not the main reason why the company is failing.
The company was working on several projects, among them a liquid-oxygen program, which Blum is not familiar with and did not consider understanding before making decisions. His lack of knowledge made him make bad management decisions, which now affects the company’s performance.
The principal shareholders of the XCOR entity have been offering support, but they are now impatient. They feel that the company will not achieve anything under Blum’s leadership. The investors that Blum has approached are also reluctant to support him for the same reason.
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