Scandal-hit Nikola Corporation has announced the immediate departure of founder and executive Chairman Trevor Milton.
The Arizona-based company has come under fire since a high-profile ‘research report’ from Hindenburg Research made a series of extensive allegations against it on 10th September (2020).
Since then, Nikola’s shares have fallen more than 20% at the time of writing, and a growing list of organisations – including the US Department of Justice (DOJ) – are reportedly conducting their own investigations into the company.
The Hindenburg allegations range from the historic business activities of Milton, to the validity of the technology at the heart of Nikola’s game-changing heavy-duty trucks. Its overarching claim is that Nikola Motor is an ‘intricate fraud’ and has deceived investors and the public alike to improve its bottom line.
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