Nikola Motors $34 Billion FRAUD! (Trevor Milton)
Nikola Motors $34 Billion FRAUD! (Trevor Milton)
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✅ Nikola Motors Got CANCELLED After This Happened:
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GM CEO Mary Barra said at the time that “Nothing is off the table,” which appeased analysts and was able to win a price target boost from Morgan Stanley shortly afterwards.
What of Trevor Milton?
Allegations which stated that the company is an "intricate fraud" led Trevor Milton, the youngest newcomer on Forbes’ 400 Billionaires list, to step down from the Nikola Corporation – the electric and hydrogen truck startup that he had founded.
The sudden separation from the company came just 10 days after Hindenburg Research, a financial research firm, had taken a short position in Nikola where they issued an in depth and critical report which alleged that Milton had
The move came 10 days after a financial research firm that had taken a short position in Nikola, Hindenburg Research, issued a detailed and scathing report that alleged Milton performed a number of fraudulent acts to facilitate the company to achieve its $20 billion valuation.
“Nikola is truly in my blood and always will be, and the focus should be on the Company and its world-changing mission, not me,” Milton said in a statement. “So, I made the difficult decision to approach the Board and volunteer to step aside as Executive Chairman. Founding Nikola and growing it into a company that will change transportation for the better and help protect our world’s climate has been an incredible honor.”
Milton was beginning to draw attention to himself as the next Elon Musk, and as such it was a dramatic change in fortune as Nikola was on its way to propel the immerging EV truck market. Milton founded the company in 2015 with the goal of making hydrogen- and electric-powered semi-trucks for long-distance hauling. It also unveiled the Badger, a passenger pickup truck it said could get 600 miles of range on an FCEV/BEV-battery blend and do zero to 60 mph in 2.9 seconds.
For a brief period, Nikola had emerged as the poster child of the new generation of EV startups as it scored huge Wall Street valuations on the heels of Tesla's stock price skyrocketing past every other car company. The company went public with a SPAC, an old Wall Street tool that's big again in the electric car world, gaining a valuation of $34 billion early on. Things began to evolve quickly as Nikola announced a strategic partnership and investment from General Motors earlier this month.
Things however, began to spiral downwards as Hindenburg Research admitted a short-seller position in the company, they alleged that much of the company's assumed exclusive vehicle technology was not its own; that prototypes used in promotional materials were not actually functional; that the company exaggerated the number of reservations it currently holds; and that Milton's brother, despite his most recent job being a contractor in Hawaii, was placed in charge of building out the company's hydrogen infrastructure. And although Milton and his team have rebutted Hindenburg's claims, they did not dispute all of them, and in the process, more questions were raised than were actually answered.
The U.S. Department of Justice and the Securities and Exchange Commission have both since opened investigations into the company, as even though Milton and Nikola had denied the allegations in the report; that they had conceded in one statement that Nikola had rolled a non-running truck down a hill for a misleading ‘in-motion’ video ad that was released in 2018.
As for GM, they claim that the deal with Nikola is still ongoing, and that they have proceeded with conscientiousness on the deal before it happened.
Even without its founder, Nikola is now required to deliver on the deal in order to prove that is has a sustainable future. Making cars is not a walk in the park and If it fails, the situation is further proof that the EV startup world is often unpredictable and Wall Street investors with dreams of easy Tesla-level money would probably never admit to its truth.
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