Boss of THG quotes Alanis Morissette as he slams ‘negative press’
The boss of THG has published an online rant quoting 1990s singer Alanis Morissette and claiming it is “standard practice” for hedge funds, analysts and the media to “build negative coverage” against listed companies – including his online retail group – to drive down their share price.
Matt Moulding published the piece on social media accompanied by a video with clips from the Wolf of Wall Street and of US TV host and motivational speaker Steve Harvey.
“The purpose of ‘the game’ is simple: bet that a share price will fall, and make sure you win the bet by doing everything possible to discredit the company,” Moulding wroteon LinkedIn on Tuesday, in a post released on the same day as THG announced annual losses had almost tripled to £550m.
Moulding has previously said he would not float the company if given the opportunity again and that the experience has “just sucked from start to finish”.
Moulding received an £800m-plus share windfall after floating THG and took charge of properties which deliver £19m in rent annually from the group when it floated on the stock exchange in September 2020.
In the video, headlines flash up about THG’s recent deal to sell products linked to its Myprotein dietary supplements in the Iceland grocery chain plus speculation about Moulding buying shares in the company and a funding deal from three banks last year, alongside a soundtrack claiming “the best revenge is massive success”.
THG’s stock soared by 45% on Monday when news emerged that it had received a buyout approach from the private equity group Apollo. But shares in the company, formerly known as The Hut Group, fell back almost 20% on Tuesday as it reported mounting losses.
“In the words of Alanis Morissette ‘Isn’t it ironic’,” Moulding said
Read more on theguardian.com
