Nikola CEO Steps Down As Justice Department Probe Ramps Up

The CEO and founder of truck start-up company Nikola has stepped down as executive chairman amid allegations that it misled investors with exaggerated claims about its technology. 

Trevor Milton announced his decision on Sunday, days after the Financial Times reported that the Justice Department will team up with the Securities and Exchange Commission to probe the business.

malba2367 - 9/21/2020 11:33:12 AM

+2 Boost

Nikola is worth only the brand at this point. I read an article about their deal with GM, and GM will contract manufacture all the vehicles and GM will retain all the EV credits. Tesla only makes money from selling EV credits, so eventually Nikola will just become another sub brand of GM.

SanJoseDriver - 9/21/2020 6:48:16 PM

+2 Boost

Ha... saw this one coming a mile away.