What the fuck is going on with Nikola Motors? - yolo NKLA 2.00 puts expiry fucking RIGHT NOW

Leonard Helplessness

kiwifarms.net
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twitter account of former Nikola Motors CEO, Trevor Milton

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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?

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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.
 
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Articuno4

kiwifarms.net
Although Hindenburg Research may be dodgy (never heard of them before), if this wasn't a scam then they could easily just prove that? The fact that their CEO resigned and they're now trying to delete all the footage on Youtube instead of proving their cars can actually run suggests otherwise.
 

Leonard Helplessness

kiwifarms.net
Although Hindenburg Research may be dodgy (never heard of them before), if this wasn't a scam then they could easily just prove that? The fact that their CEO resigned and they're now trying to delete all the footage on Youtube instead of proving their cars can actually run suggests otherwise.
That's a very good point. If Nikola's fuel cell truck was actually operable, the best possible refutation of this report would be to get the press in and show off the truck some more, or at least provide some more footage in a different area. The company has had a month to do something in response to this disaster and they haven't come up with shit.

A lot of my suspicion of Hindenburg Research arises from:

  1. The fact that they are fucking named Hindenburg Research
  2. I have never heard of them before
  3. Shortsellers have a tremendous financial incentive to damage the reputation of their target as much as possible
  4. I have heard of a previous incident where a shortselling group like this one in fact straight-up engaged in forgery when their bombshell report was a dud and they needed to curtail their losses

That last one was one of the infamous Barry Minkow's stunts out after he got out of jail the first time following the ZZZZ Best scam. He abandoned his Jewish heritage and became a born-again Christian with his own ministry, and started a research firm like this one that did big reports on accounting fraud in other organizations (while short-selling the fuck out of them). When one of those reports was a wet fart, he turned to forgery again and wound up back in the slammer. Apparently he then got thrown in jail a third time because his ministry was a fraud, too.
 
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