Trevor Milton stepped down as executive chairman. Milton has also resigned from the company’s board, Nikola said in a statement.
“The focus should be on the company and its world-changing mission, not me,” Milton said in a statement posted on Twitter. “I intend to defend myself against false accusations leveled against me by outside detractors.”
Nikola’s stock skyrocketed after the startup joined the Nasdaq through a reverse merger with a so-called “blank check” acquisition company in June. Shares dropped 35% in premarket trading on Monday.
The news could also spell trouble for General Motors (NYSE:GM), which recently took an 11% stake in Nikola and said it would produce its marquee hydrogen fuel cell electric pickup truck called the Badger.
Image Credit : Nikolamotor