Nikola Versus the Short Sellers Is So Very 2020
Whether or not the electric truck company faked it — something the company strongly denies — it’s now much closer to making it.
Unbridled optimism.
Source: NikolaWhen Nikola Corp. Executive Chairman Trevor Milton learned last week that his electric and hydrogen truck startup was the subject of a scathing research report questioning the company’s inconsistent claims about its technology and capabilities, he published a brief video defending himself. “The long story short is, none of it even really matters,” he said.
Milton couldn’t have been more wrong. The $5.5 billion in market value that Nikola had added earlier in the week when it struck an industrial partnership with General Motors Co. vanished when investors took fright at the deceit alleged by short seller Hindenburg Research. The shares pared losses in Monday’s pre-market trading after the company published a rebuttal to some of the points raised by Hindenburg.