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Nikola’s chairman steps down, stock crashes following allegations of fraud

Nikola Corp. founder and Executive Chairman Trevor Milton is stepping down from the electrical truck companionship effective immediately. This comes in the wake of a report from a noted short-selling alleging the company of fraud. Milton is superseded by Stephen Girsky, a former General Machine ministerial who was already on the company’s board.

Nikola company stock precipitated as far as 30% in pre-market trading, currently trading around $25 a share. Over the last few months, the stock suffered wild trading with at one time the stock smacking $79 a share.

” The focus should be on the company and its world-changing operation , not me. I intend to defend myself against fraudulent accusations leveled against me by outside detractors ,” Milton said in a statement posted on Twitter.

This month, Hindenburg Research, a short seller, published a report alleging Nikola is misinforming investors. Nikola refutes the claims.

” These accusations by the short seller are false and misleading and designed to manipulate the market to profit from a created decline in Nikola’s stock price ,” Nikola said, following Hindenburg Research’s report.

This report came on the ends of a significant deal for Nikola. The young automaker had just signed an agreement with General Motors that imparted GM 11% owned in the upstart in exchange for technology and assistance getting Nikola’s first pattern to market.

Electric trucks, both buyer and commercial forms, are quickly becoming a battleground for automakers. The grocery is ripe for innovation, and incumbent automakers “re looking for” partners to kickstart actions. Ford, the captain in buyer trucks, placed with Michigan-based Rivian, which is helping develop electric vehicles for Ford. General Machine’ recent partnership with Nikola seemed smart at the time of its proclamation. Still , now, after the Hindenburg Report, the viability of the deal is in question, and with that, the future of GM’s electric pickup.

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