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Nikola May Not Be Next Tesla, But Its Valuation Is More Extreme

  • Aspiring EV maker’s market cap tops Ford’s in intraday trading
  • Founder’s fortune expands, but he still covets blue check mark
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It has some competition, but no stock on the auto sector is a better reflection of the equity market’s recent exuberance than Nikola Corp.

The aspiring battery-electric and hydrogen fuel-cell truck maker debuted on the Nasdaq last week following a reverse merger and its stock quickly took off, doubling on Monday and rising another 28% shortly after Tuesday’s open. Trading was halted twice within the first 40 minutes due to volatility, with the shares plunging as much as 22%. They were back up almost 8% as of noon in New York.