Playboy Stock: Unlocking Value Requires One More Step

A stunning strategic change from PLBY might not have gone far enough

Highlights:

• PLBY has gone from being one of the biggest de-SPAC winners to one of its largest losers; shares are down 97% from early 2021 highs.

• In response to the plunge (and a stretched balance sheet) PLBY has essentially abandoned its entire strategy.

• The decision has some logic, but there’s one key problem: the same CEO tasked with executing the prior …