Sam Altman-Backed Oklo Slumps After Kerrisdale Says It’s Short

Shares of Oklo Inc., the nuclear fission reactor company backed by OpenAI Inc’s Sam Altman, tumbled Wednesday after Kerrisdale Capital said it is shorting the stock.

The report alleges that “virtually every aspect of Oklo’s investment case warrants skepticism,” sending the stock down as much as 10%.

Oklo shares have whip-sawed recently, rallying more than 20% this week through Tuesday’s close after falling 25% on Friday following its earnings release and the expiration of a lockup period that allows key investors like Peter Thiel’s venture capital firm to start selling shares.

Oklo did not respond to requests ...