Nikola founder Trevor Milton steps down as chairman in battle with short seller

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Nikola founder Trevor Milton has stepped down as executive chairman after a short seller accused the hydrogen and electric truck startup of misleading investors and overstating the value of a business deal

Milton has also resigned from the company's board, Nikola said in a statement on Sunday. The company has previously denied the allegations and threatened legal action against the research company that made them. Stephen Girsky, a former vice chairman of General Motors and current board member at Nikola, will take over as chairman with immediate effect. "The focus should be on the company and its world-changing mission, not me.

The report also said that Nikola mischaracterized a business deal as being worth more than it was.Read MoreShares in the company have dropped by more than 19% since the report was published by Hindenburg. They fell as much as 24% in premarket trade on Monday.

 

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And now he's been arrested trying to leave the country.

Nikolas defense crumbled

The lies and deception in business and governments. There is no end to the lies.

Probably be he was a

Donald Trump on Fox news right now

So, short sellers are running companies now? No wonder everything is so effed up.

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Duplicitous.

Because he ripped off a knockoff Galvatron model from a Transformers Movie?

Trevor just said that all of the Nikola trucks turn into Optimus Prime. So yeah, that's kind of misleading.

It’s going to $2 today

heads might roll at gm

Lady’s and gentlemen may I present to you the next GOP presidential candidate!

Gitsin acından gebersin şerefsiz it.kapıma gelse bende iş vermem..

One word 'Ford'... They just come out with a powerful electric!

Who cares about this bullshit let’s get that SCOTUS nomination done today

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Why is he not in prison?

They should give his position to me

Let the pump and dump begin

And the mountain crumbles.

_ErkanOz

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