Nikola Founder Resigned Amid Allegations
FRANKFURT, Germany (AP)— Shares in electric and hydrogen-powered truck startup Nikola plunged on Monday after the company's founder resigned amid allegations of fraud - just two weeks after signing a $2 billion partnership with General Motors.
The company said late Sunday that Trevor Milton resigned and the departing executive chairman said he would defend himself against accusations that the company made false claims about its vehicles, allegations Nikola rejects.
Milton said in a message to Nikola employees that he was stepping aside because “the focus should be on the company and its world-changing mission, not me.”
Shares in the company based in Phoenix, Arizona, were off 30% in premarket trading. A report from Hindenburg Research from Sept. 10 said the company's success was “...