One promising player within the growing electric jet ski market is now not available and is being sold for parts.

Pure Watercraft was founded in 2011 with the goal of replacing gas-powered outboards with all-electric engines. We profiled the corporate in 2016 when it began taking pre-orders for its first industrial outboards, and in 2020, Pure raised $23 million to ramp up production. GM even acquired a 25% stake in Pure as a part of its big investment in electric infrastructure.

The company offered an electrical outboard and battery that may very well be mounted to a ship like several other outboard, or as a package cope with a rigid dinghy or pontoon. With prices starting from $21,600 for just the drive to just about $100,000 for the complete boat, Pure’s products were probably not cheaper than gas options, but they were definitely much cleaner and quieter—something boaters were increasingly opting for. (Not to say the dearth of gas costs.)

But the tough market has seemingly put a damper on Pure’s ambitions. The company entered bankruptcy (a style of alternative type of bankruptcy) in July, filing paperwork in King County, Washington, where it is headquartered. In August, it also announced a planned multimillion-dollar factory in West Virginia we cannot move forward.

The documents list a big selection of creditors, from individual investors to lending banks to the most important, GM, which put in about $35 million. But it wasn’t just money: Pure’s assets included about $25 million in “production support,” “know-how,” name licensing, and other types of noncash assets. (Such tangible investments are fairly common.)

On the assets side, we discover $3.6 million in “finished products,” presumably assembled engines and batteries manufactured by Pure, even though it’s unclear why that wasn’t distributed to the 900-plus individuals who put down the cash (or whether it’s going to be refunded). It also lists $25.5 million in “raw materials,” however it’s unclear what that may be—other documents detailing the sale of assets like boats and batteries don’t come near that quantity.

TechCrunch reached out to each Pure and GM for comment on the matter. GM has not provided any substantive response, and Pure has yet to reply.

The electric jet ski industry is growing but still in its infancy, with startups like Candela, Navier, FleetZero and Zin Boats all working toward cleaner, more efficient waterways and infrastructure.

Flow, Adam Neumann’s co-living startup, has opened a 238-apartment complex in the Saudi capital of Riyadh, Forbes has some details. The opening included an Aztec-style hot chocolate ceremony and bags reading “holy s— I live.” Rent for furnished units starts at $3,500 a month and includes hotel services like laundry and housekeeping, in addition to amenities like swimming pools, coed gyms (unusual in Saudi Arabia) and bowling alleys. Flow is constructing three other properties with almost 1,000 apartments in Riyadh.

The company’s first, less luxurious properties opened in April in Fort Lauderdale and Miami.

Flow raised $350 million from Andreessen Horowitz in 2022. The funding raised questions given the troubled history of Neumann’s previous startup, WeWork. Once valued at $47 billion, WeWork filed for bankruptcy protection last yr and was eventually acquired by Yardi, an actual estate group, for $450 million.

Elon Musk, CEO of X and other firms whose names include the letter “X,” found himself in the crosshairs of regulators after he failed to testify this month as a part of an investigation into Musk’s acquisition of Twitter.

In a document filed today, the U.S. Securities and Exchange Commission (SEC) said it intends to impose sanctions on Musk after he missed a court-ordered hearing in Los Angeles Superior Court on September 10. According to the document, Musk didn’t notify the SEC that he wouldn’t appear for the hearing until three hours before the hearing was set to begin.

“The court must make clear that Musk must stop his games and delaying tactics,” the letter reads.

According to the documents, Musk spent September 10 overseeing the launch of Polaris Dawn, a spacecraft manufactured by his space exploration company, SpaceX.

SEC counsel proposed rescheduling Musk’s hearing for the following day, September 11. However, Musk’s lawyer declined, agreeing only to an October hearing.

The SEC is searching for “significant contingent relief” if Musk fails to appear in court in October. The agency has also indicated it plans to file a motion for sanctions against Musk to get well travel expenses for the canceled testimony and other relief. (In the lawsuit, the SEC said it spent “thousands of dollars” to fly three attorneys to Los Angeles for the Sept. 10 hearing.)

Musk’s court-ordered appearance stems from an SEC investigation into whether the billionaire acted lawfully in disclosing his Twitter stock purchases ahead of his $44 billion acquisition of the corporate in 2022. The investigation can also be looking into whether Musk’s statements in regards to the transactions were misleading; the SEC alleges that Musk waited at the least 10 days too long to disclose that he was buying Twitter stock.

The investigation is the second time Musk has found himself under the SEC’s gun in recent years. In 2018, the agency ordered Musk to step down as Tesla CEO and pay $40 million for tweets about Tesla stock that the SEC found amounted to market manipulation. At the time, Musk called the fraud allegations “unjustified.”

The Securities and Exchange Commission (SEC) also investigated Musk and Tesla over claims about Tesla’s vehicles’ ability to achieve “full autonomous driving” in addition to Tesla’s use of company funds to construct a “glass house” for Musk.

The full text of the appliance will be read below.

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