Shares of Nikola Corp. added to earlier losses on Monday as Wall Street faulted founder Trevor Milton for his “missteps” in the wake of his resignation but largely kept its expectations for the stock unchanged.
Milton’s departure comes roughly two weeks after a scathing report earlier this month by short seller Hindenburg Research that roiled the company’s shares, accusing Nikola of being an “intricate fraud” built on lies told by Milton. The electric-vehicle maker fired back by saying the report was “false and misleading.”
The new chairman may be a better fit for Nikola in its next phase, “but Trevor Milton’s resignation could weigh on some of the partner and customer relationships he has forged, and employee morale is probably fragile right now, just as the workload is intensifying and competitive threat looms,” he said.
They are saying LoL.
Ask yourself this question: 'Does Trevor seem like the kind of guy that is going to liquidate his 20% share of the company asap?'
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