‘I’ll let the haters hate’: Nikola founder sees fortune surge to $7.4-billion amid criticism from pro-Tesla communityNikola declined 11 per cent to US$37.75 at 1:50 p.m. in New York after earlier trading as low as US$37.05. The shares have risen about 7 per cent since the company went public through a reverse merger with a blank-check company on June 4. At one point, Nikola shares had ballooned to almost US$80 a share, giving it a market capitalization greater than Ford Motor Co.
The short report followed news on Tuesday that General Motors Co. took a US$2-billion equity stake in Nikola. GM agreed to manufacture and supply key components for Nikola’s debut electric pickup, called the Badger. The Detroit giant also will provide fuel-cell and battery technology for Nikola’s semi trucks, which are due to be built at a factory under construction in Coolidge, Arizona.
In response to Hindenburg’s claims, GM expressed confidence in Nikola’s ability to create value. “We stand by the statements we made in announcing the relationship,” spokesman Jim Cain said in an email.
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