BizTrailBlazer-Blog-Trevor-Milton-Nikolas-Founder-Resigns-after-Fraud-Accusations

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. 

Share Now

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest
Share on whatsapp
WhatsApp

get your ad spaces

BizTrailBlazer---400X700-Ads

explore other articles

BizTrailBlazer-Blog-Top-5-IoT-Trends-that-are-Changing-the-World

The Internet has come a long way, since the day it was invented. Thanks to the massive adaptation of the internet, it is gobbling up things at a massive rate. …

BizTrailBlazer-Blog-Dream-Sports-Raises-$225-Million-in-Latest-Funding-Round

The parent company of Indian fantasy sports app Dream 11, Dream Sports has raised a massive $225 million in its latest funding round. The firm prefers to call itself the …

7-Benefits-of-POS-System-for-your-Business---BizTrailblazer-Blog

As the world moves towards a digital world, that is technologically much more advanced, so must the way everyone runs their businesses. POS or Point of Sale system is quickly …

BizTrailBlazer-Blog-Top-10-Business-Tycoons-in-the-World

Just like empires, once-thriving companies like Kodak, Nokia, and others had to end their run with times. But, there are some who have lasted for ages and minted billions of …

you may also like

BizTrailBlazer-Blog-The-Business-Model-of-Dream-11

Like many other Indians have you ever thought how Dream 11 makes money? What is the revenue model of Dream 11? Back in 2008, when India Premier League was launched, …

BizTrailBlazer-Blog-ByteDances-TikTok-Global-Planning-for-Public-Offering

ByteDance, TikTok’s parent company said that TikTok Global will soon launch a public offering of shares in order to enhance the governance structure and transparency for the firm, which will …

BizTrailBlazer-Blog-The-Curious-Case-of-Covid-19-and-Vietnam

Even after a long border with China, and a population of more than 97 million people, Vietnam has recorded just over 300 Covid 19 cases and no deaths till now. …

BizTrailBlazer-Blog-Top-10-Ways-How-Technology-is-Changing-Your-Life

Modern technology has many benefits but with so many advantages it comes with few disadvantages too. Especially the technologies that we use in our daily life can change our personalities, …