REUTERS: Shares of electric-truck maker Nikola Corp tumbled 34per cent on Monday after founder Trevor Milton stepped down as executive chairman following a public squabble with a short-seller over allegations of nepotism and fraud.
"The focus should be on the Company and its world-changing mission, not me. So I made the difficult decision to approach the Board and volunteer to step aside as Executive Chairman," said Milton, who owns about 20per cent of the company. Hindenburg also alleged that Milton appointed his brother, Travis, to lead the a unit in the company despite not having any substantial experience related to the sector. Nikola has rejected all the accusations and threatened to take legal action against Hindenburg. The U.S. Department of Justice and the U.S. Securities and Exchange Commission have been probing the claims made in the report, according to reports last week.
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