Nikola stock falls more as founder Trevor Milton quits amid fraud claims
It is alleged that Milton appointed his brother to lead a unit in the company for which he did not have any substantial experience related to the sector
21 September 2020 - 17:48
Shares of electric-truck maker Nikola Corp tumbled as much as 30% on Monday after founder Trevor Milton stepped down following claims of nepotism and fraud by a Wall Street short-seller, which have drawn interest from US regulators.
The company named Stephen Girsky, former vice-chair of General Motors and a member of Nikola’s board, to take over as chair, as it strives to regain investors’ confidence...
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