Nikola is an “intricate fraud built on dozens of lies throughout its Founder and Executive Chairman Trevor Milton’s career,” alleged Hindenburg Research.
In a long rambling statement, Milton responded and called Hindenburg Research’s allegations as “false and defamatory.” However, he couldn’t dispute some of their most damning accusations and admitted that “Nikola never stated its truck was driving under its propulsion in the video.” In other words, the truck was coasting in-neutral down the highway.
According to Nikola, Stephen Girsky, the former vice chairman of GM and a member of its Board will replace Milton as executive chairman, effective immediately.
“We remain committed to delivering on our objectives and creating value for our shareholders,” said Mark Russell, Nikola’s Chief Executive Officer said in a statement.
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