Trevor Milton Nikola’s Founder Resigns after Fraud Accusations

Trevor Milton, the founder and executive chairman of Nikola Corp. the hydrogen truck maker has resigned from his post due to the allegations regarding misinterpretation of technology and capabilities before going public.

Milton tweeted, “I asked the Board of Directors to let me step aside from my roles as Executive Chairman and a member of the Nikola Board of Directors.” He also added, “The focus should be on the Company and its world-changing mission, not me. I intend to defend myself against false allegations leveled against me by outside detractors.”

Currently, with a stake of more than 20%, Trevor is Nikola’s largest shareholder. Back on September 10th, Nikola was stung by the accusations of misinterpretations and fraud in a report by Hindenburg Research.  Among all the allegations, the breakthrough battery system that Milton announced the company was working during last year doesn’t even exist.

However, the truck maker soon released a statement refusing a few of the allegations. And the company soon contacted the Securities and Exchange Commission regarding the report and both are currently reviewing the company.

Just like Tesla’s Elon Musk, Trevor Milton was looking to be the face of Nikola, mostly by making statements about the company’s hydrogen and battery tech and sometimes by lashing out at the critics. The report on the other hand came just two days after company’s announcement of a technology and production partnership with General Motors, which led to a surge of 41% in Nikola’s share.