Hyperdrive
Nikola Falls as Short Seller Accuses EV Maker of ‘Deception’
- Short seller: Nikola made non-working products look functional
- Nikola and founder dispute report as ‘misleading,’ ‘hit job’
The Nikola Badger
Source: Nikola Corp.
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Nikola Corp. declined after Hindenburg Research published a report accusing the startup electric-vehicle maker of “deception” and lying about its technology.
The report -- by a firm that owns a short position in the company’s stock and may stand to gain from a decline in the share price -- alleges the maker of electric and hydrogen-fuel-cell heavy-duty vehicles made non-working products appear as fully functional. The report also alleges that Nikola staged misleading videos and told “dozens of lies” about its capabilities, partnerships or products, among other issues.