Hyperdrive
Nikola Board Member Says Startup’s Skeptics Are Too Focused on Past
- Promising hydrogen fueling business obscured by EV plans
- Major investor regrets push to go public as ‘way too early’
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Investors are focusing too much on Nikola Corp.’s past and ignoring its future at the frontier of alternative fuels, said Jeffrey Ubben, a top shareholder and board member at the embattled electric-vehicle maker.
Shares of Nikola have been on a roller coaster, based largely on its prospects as a budding auto company. Since becoming publicly traded in June, the stock at one point soared so high that Nikola had greater market value than Ford Motor Co. But the shares have tumbled in the past week after a short seller questioned the validity of Nikola’s claims about its electric vehicle technology, drawing the attention of financial regulators.