Nikola founder steps down as executive chair in short-seller claims row


© Reuters. CEO and founder of U.S. Nikola, Trevor Milton speaks during presentation of its new full-electric and -cell battery in partnership with CNH Industrial, at an event in Turin

(Reuters) – U.S. electric-truck maker Nikola Corp ‘s (O:NKLA) founder Trevor Milton has stepped down as executive chairman, the company said on Sunday, as it battles allegations from a short-seller that it misled and automakers.

” … the focus should be on the Company and its world-changing mission, not me. So I made the difficult decision to approach the Board and volunteer to step aside as Executive Chairman,” Milton said.

Stephen Girsky, a former vice chairman of (N:GM) and a member of Nikola’s board, has been named as the chairman, effective immediately.

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In a scathing report earlier this month, short-seller Hindenburg Research alleged that Nikola misled investors over its , sending the company’s shares spinning lower.

Hindenburg had said it had gathered enough to show that Milton made false statements about possessing proprietary technology to form partnerships with large automakers.



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