In a post on Twitter, Milton wrote, “I intend to defend myself against false allegations leveled against me by outside detractors.
Nikola is experiencing a wild ride in the stock market
On June 4, Nikola started trading on NASDAQ as a Special Purpose Acquisition Company (SPAC). NKLA shares traded as much as $37 each and then settled around $34 each during its market debut.
The company’s initial public offering (IPO) was successful, reaching a valuation of $12 billion, higher than Ford Motor Company (NYSE: F). Milton’s net worth increased to nearly $5 billion based on his stake in the company.
This was an amazing phenomenon since Nikola has not generated any revenue since its inception. It only has few “concept” prototype vehicles that appeared to still be under construction.
On September 8, Nikola’s stock price increased 45% after GM announced their merger deal, in which the Detroit-based automaker acquired 11% ownership in the Phoenix-based electric truck maker.GM’s stock price rose 11%, driven by its announcement.
