Nikola Doesn't Look Much Like Tesla Now
Trevor Milton was the electric-truck maker's biggest cheerleader, but his departure may help the company move on better from a short-seller attack.
An electric exit.
Photographer: Bryan SniderBefore listing on the stock market in June, Nikola Corp. warned that if the employment of Executive Chairman Trevor Milton were to cease, the maker of electric and hydrogen-powered trucks would be “significantly disadvantaged.”
“Mr. Milton is the source of many, if not most, of the ideas and execution driving Nikola,” the prospectus said of the 38-year-old college dropout. After his resignation on Monday — which came after a short-seller report questioned the company’s claims about its technology — Nikola investors must hope that this statement, like others queried by Hindenburg Research, doesn’t stand up to close scrutiny.