Short Seller Challenges Jimmy Fallon to $1M Archer Air-Taxi Bet Before 2028 Olympics

Short seller Culper Research has publicly challenged "The Tonight Show" host Jimmy Fallon to a $1 million wager over his promotion of Archer Aviation, a company developing electric vertical takeoff and landing (eVTOL) air taxis. Culper alleges that Archer has systematically misled investors about the progress of its flagship aircraft, Midnight, asserting it is nowhere close to achieving FAA-compliant commercial flights despite the company's partnership as the official air taxi provider for the 2028 Los Angeles Olympics. The wager proposed by Culper requires Fallon, a pilot, to complete a certified flight on an Archer eVTOL with three passengers before the end of the 2028 Olympics; if he accepts and succeeds, he would win $2 million, but if he refuses or fails, Culper will donate $2 million to charity. Fallon has not publicly responded to the challenge, and Archer denies the accusations, calling Culper's claims baseless and noting the firm's reputation for distorting stock information. Culper also highlights that Fallon has been paid to promote Archer, including a CEO appearance on his show and Fallon's own attendance at a promotional event. About 17% of Archer's floating stock is currently sold short amid growing skepticism about the company's readiness to deliver a commercial flying taxi.