Trevor Milton, the founder of electric truck startup Nikola, has stepped down as executive chairman following fraud allegations against the company. Stephen Girsky, a former vice-chairman of General Motors and a Nikola board member, will replace Milton. He will have the title of chairman.
Hindenburg Research, a short-seller, published a lengthy report accusing the electric truck maker Nikola of fraud on September 10.US electric truck company Nikola announced on Monday that its founder Trevor Milton is stepping down as executive chairman with immediate effect, following allegations of fraud at the company.
Stephen Girsky, a former vice-chairman of General Motors and a Nikola board member, has been appointed as chairman in Milton's place.that the company "is truly in my blood and always will be, and 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," he said.
Surprise surprise
Looooool
This is a big positive for NKLA- with GM as Chair Board, the projects will now be propelled forward. The projects in the pipeline are legitimate. Expect an initial drop in price, then a rebound as market sees GM support as positive.
Why resign if there’s no fraud? Nothing to hide right?
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