@richincontext: fortune called them america’s most innovative company six years straight. stock hit $90. then it came out it was all fake. enron used an accounting trick that let them book future profits immediately, even if the money never actually showed up. the cfo built a web of off-the-books shell companies specifically to hide billions in debt. october 2001: they admit to a $618m loss and a $1.2b hole in shareholder equity. stock goes from $90 to under a dollar in weeks. december 2, 2001: files for bankruptcy — the largest in us history at the time. thousands of employees lost their jobs AND their retirement savings, since their 401ks were loaded with enron stock they’d been blocked from selling while it crashed. their auditor, arthur andersen, got convicted for shredding documents and collapsed too — an 89 year old firm, gone, taking ~85,000 jobs worldwide with it. ceo jeff skilling and founder ken lay were both convicted in 2006. lay died of a heart attack before he was ever sentenced. #richincontext #financetiktok #wallstreet #stockmarket #fyp #investing

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Tuesday 13 October 2026 22:57:28 GMT