Nikola dives 28% after founder Trevor Milton steps down as executive chairman
Milton slammed the short-sellers again in a Monday
, saying he plans to defend himself"against false allegations leveled against me by outsized detractors."reported last week that the Securities and Exchange Commission is probing Nikola over Hindenburg's claims and whether the automaker may have violated securities laws. The company's leadership shift arrives at a pivotal moment for the growing firm. GM took an 11% stake in Nikola earlier this month as the industry giant rushes to compete with other zero-emissions vehicle manufacturers. Though Hindenburg's report sparked some concerns about the deal, GM CEO Mary Barra told investors last week that the company conducted"appropriate diligence" on the $2 billion deal.
The GM partnership is a"linchpin" to Nikola's success, Wedbush analyst Dan Ives said in a Monday note. While Wall Street will likely view Milton's departure as"a major near-term gut punch" to Nikola's valuation, the firm is still a"prove me" stock with time to execute on its key goals, he added.
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