Electric truck start-up Nikola fell more than 8 per cent last week after Hindenburg Research a short seller’s report claimed the business was an “intricate fraud” that had exaggerated its technology and faked product launches.Two days after General Motors announced a $2bn deal with the start-up, a report from Hindenburg Research claimed to have “extensive evidence” that Nikola’s proprietary technology was purchased from another company, and raised questions about past businesses run by founder Trevor Milton.
The short seller is betting against Nikola shares, meaning it profits if the stock falls. Should you short NKLA or buy put options on it? Is Nikola Motors a Fraud?
Nikola announced on Monday that founder Trevor Milton will step down with immediate effect as executive chairman following allegations by a short-seller that the electric truck maker’s business was an “intricate fraud”.
Stephen Girsky, a former vice-chairman of General Motors and a Nikola board member, will take over as chairman.
“Nikola is truly in my blood and always will be, and the focus should be on the company and its world-changing mission, not me,” Mr Milton said in a statement. “So I made the difficult decision to approach the board and volunteer to step aside as executive chairman.”
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