Funds managed by Bleecker Street are short Aurora Innovation (AUR), notes the firm, which claims that Aurora’s recently completed “driver-out” milestone “exhibited how far behind the company is on a viable business model, and how unlikely it is that Aurora can scale the way it currently plans to.” The firm’s research revealed that Paccar (PCAR), a key Aurora partner and supplier that made the Peterbilt truck that Aurora modified, was “apparently not on board with the company removing the safety driver,” the firm added. Bleecker also said: “Uber (UBER) CEO Dara Khosrowshahi left $AUR’s board in January. And yesterday, #1 holder Uber announced $1.0bn of 2028 notes secured by & exchangeable into Aurora shares. We think this is a clever way for Uber to start to sell down its outsized equity position.”
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