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HomeBreaking NewsNikola Founder Resigns. Stock Trouble on the Horizon?

Nikola Founder Resigns. Stock Trouble on the Horizon?

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

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