twitter account of former Nikola Motors CEO, Trevor Milton
Stock price of Nikola Motors (NKLA) following allegations that the video showing their cars being able to run literally at all was faked
Nikola Motors is a company that I did not previously know existed. Apparently it's a tech startup whose name totally isn't trying to sound like Tesla Motors at all, and focuses on hydrogen power, sorta like that one Youtube channel did before they found out they could get more views by placing a lump of red-hot metal on random objects.
Based on the company's Wikipedia page, the CEO of Nikola Motors got in good with the CEO of General Motors, and their share price spiked last month when a deal was announced that would partner the two. Two days after this announcement, which featured a video of a hydrogen-powered semi traveling down the road, somebody shortsold their ass and released a huge report accusing the entire company of being a multi-billion-dollar scam. As for the video?
Given that there's a tremendous amount of money to be made (and risk involved) by short-selling a company and then smearing them, there's a chance that the entire report could be a lie. Oh, and the name of the group that published the report is Hindenburg Research and apparently they've made a career of doing this exact thing to companies' stocks for years. So take that as you will.
In any case, though, the CEO of Nikola Motors resigned, Nikola Motors is under investigation by the SEC and DOJ, one of their most important business partners cut them loose, and their stock price went down the shitter. Not sure how things are going to progress with this, but it's a delightful trashfire to warm my hands on. There's still a chance that the whole thing could be a setup by Hindenburg Research too -- I haven't looked too much into the evidence they've cited -- but it's awesome to behold.
One more note of interest: In recent days, Nikola Motors has apparently been issuing fraudulent DMCA takedown notices to Youtube channels that post the allegedly faked truck footage.