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Nikola: Its founder resigns after allegations of fraud

Nikola announced that its founder, Trevor Milton, is resigning as president, following allegations of scam to the company. Stephen Girsky, its former vice president General Motors and a member of the board of directors of the American electrical company vehicles, was appointed executive chairman in place of Milton.

nikola founder trevor milton
Nikola: Its founder resigns after allegations of fraud

"Nikola is really in blood and will be forever, and the focus should be on the company and its mission to change the world, not on me. "So I made the difficult decision to step down voluntarily as executive chairman of the board," said Trevor Milton.

The announcement comes a week after the sales company Hindenburg Research blamed the company that lied about its products and transactions with other companies. The research company called Nikola's business an "ingenious scam".

Hindenburg presented a message email, which Milton reportedly sent to potential investors in his former business, dHybrid, in which he seems to overestimate the value of a deal with the truck company Swift transport. An alleged copy of the contract included in the report suggests that the deal is only worth $ 16 million, compared to Trevor Milton's $ 250 million claim.

According to information, the Ministry Justice and the Hellenic Capital Market Commission are investigating the allegations.

Nikola said the report was designed to "give false impressions to investors and manipulate the market negatively in order to benefit sellers, including Hindenburg."

The founder of Nikola, described the exhibition as a "successful work".

Nikola: Its founder resigns after allegations of fraud

Η General Motors (GM), which agreed to build Nikola electric truck in a $ 2 billion deal earlier this month, stated on September 14 that he supports the company. GM CEO Mary Barra told a conference with RBC Capital Markets: "The company has worked with many different partners and we are a very capable team that has done the proper care. "

Nikola shares fell about 10% on the day the report was released, while they fell 22% after the news of Trevor Milton's departure.


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