Wall Street is hoping that the founder’s exit turns down the noise around the electric-vehicle maker.
Shares of Nikola Corp. added to earlier losses on Monday as Wall Street faulted founder Trevor Milton for his “missteps” in the wake of his resignation but largely kept its expectations for the stock unchanged.
Milton’s departure comes roughly two weeks after a scathing report earlier this month by short seller Hindenburg Research that roiled the company’s shares, accusing Nikola of being an “intricate fraud” built on lies told by Milton. The electric-vehicle maker fired back by saying the report was “false and misleading.”
The new chairman may be a better fit for Nikola in its next phase, “but Trevor Milton’s resignation could weigh on some of the partner and customer relationships he has forged, and employee morale is probably fragile right now, just as the workload is intensifying and competitive threat looms,” he said.
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