Nikola Founder and Executive Chairman Trevor Milton Steps Down Following Hindenburg Research Allegations

Its stock price plummeted 30 percent on Monday.

By
Automotive 
4,137 Hypes 4 Comments

Following a report from Hindenburg Research that claimed that “Nikola is an intricate fraud built on dozens of lies over the course of its founder and executive chairman Trevor Milton’s career,” and that it had “never seen this level of deception at a public company, especially of this size,” Milton has now resigned from the role voluntarily.

“Nikola is truly in my blood and always will be, and the focus should be on the company and its world-changing mission, not me,” the founder said in a statement. “So I made the difficult decision to approach the Board and volunteer to step aside as Executive Chairman. Founding Nikola and growing it into a company that will change transportation for the better and help protect our world’s climate has been an incredible honor.”

His resignation was accepted by the electric truck maker’s board, which has since announced that fellow member of the board and former vice chairman of General Motors Stephen Girsky has been appointed as chairman of the Nikola board, effective immediately. After the news broke, the company’s stock price plummeted by 30 percent during premarket trading.

As for the allegations, Milton has retaliated by saying that they’re false: “I intend to defend myself against false allegations leveled against me by outside detractors,” he said. At the same time, the U.S. Securities and Exchange Commission and Department of Justice are both reportedly investigating the claims made by Hindenburg Research regarding the Nikola misleading investors.

In other business-related news, LVMH has requested the court to delay its lawsuit with Tiffany & Co. for “six to seven” months.

Read Full Article

What to Read Next

YG Entertainment Founder Yang Hyun-Suk Steps Down Following Controversy
Music

YG Entertainment Founder Yang Hyun-Suk Steps Down Following Controversy

The KPop world is in shock.

USA Basketball Chairman Jerry Colangelo Steps Down, Replaced by Former Army General
Sports

USA Basketball Chairman Jerry Colangelo Steps Down, Replaced by Former Army General

Retired US Army general and the 18th Chairman of the Joint Chiefs of Staff, Martin Dempsey, steps up.

Jason Hernandez and Trevor Colden Explore LA with RED Cameras
Design

Jason Hernandez and Trevor Colden Explore LA with RED Cameras

Considered the holy grail of video cameras in some circles, RED Cameras are also amongst the most


Nike's Co-Founder Phil Knight to Step Down as Chairman
Footwear

Nike's Co-Founder Phil Knight to Step Down as Chairman

After founding Nike more than 50 years ago, Phil Knight has announced he will step down as the company’s Chairman.

Bobby Shmurda Has Been Denied Parole
Music

Bobby Shmurda Has Been Denied Parole

The rapper will be serving his full sentence until December 2021.

atmos and EVERLAST Team up for 'Hajime no Ippo' Collab
Fashion

atmos and EVERLAST Team up for 'Hajime no Ippo' Collab

Featuring bright red 12oz boxing gloves.

BlizzConline 2021 Has Been Officially Announced
Gaming

BlizzConline 2021 Has Been Officially Announced

To be held in the month of February.


Circulate and Black Out The Ballot Come Together To Mark National Voter Registration Day
Fashion

Circulate and Black Out The Ballot Come Together To Mark National Voter Registration Day

Featuring a QR code that can be used to register as a voter.

LG Develops Hair Growth Helmet To Support Hair Growth and Slow Down Male Pattern Baldness
Tech

LG Develops Hair Growth Helmet To Support Hair Growth and Slow Down Male Pattern Baldness

Utilizing 146 laser and 104 LED lights to stimulate hair follicle stem cells.

Watch Japan's Life-Size Gundam Move During a Series of Movement Tests
Design

Watch Japan's Life-Size Gundam Move During a Series of Movement Tests

Walking, taking a knee, moving its arms, closing its hands and turning its head.

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Adblock Detected.

We charge advertisers instead of our readers. If you enjoy our content, please add us to your adblocker's whitelist. We'd really appreciated it.