Northvolt Employees Face Loss as Shares Become Worthless

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Northvolt Employees Face Loss as Shares Become Worthless
Photo: Jonas Ekströmer/TT

When Northvolt's bankruptcy was at the door, over 1,000 employees owned shares in the company – shares that are now worthless.

According to Affärsvärlden the company attracted not only international investors and government support, but also employees were offered to buy securities.

When you were employed, it was sold as a salary benefit. That's how they motivated to keep wages down, says a former employee to tdiningen, who has taken part of the company's share register.

About 1,000, around 20 percent, of the company's employees invested in shares – some with smaller amounts, others with significant sums.

It was people's life investments.

The government wage guarantee has covered the staff's salaries after the bankruptcy, but the private share losses are not compensated.

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By TTEnglish edition by Sweden Herald, adapted for local and international readers

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