Following a fraud accusation by way of a short firm and potential probe by the united states Securities Exchange Commission (SEC), Nikola founder Trevor Milton is stepping down as executive chairman. “Nikola is in my own blood and always will undoubtedly be truly, and the focus ought to be on the ongoing company and its own world-changing mission, not me,” Milton said in a statement (via the Financial Times). “THEREFORE I made the difficult decision to approach the volunteer and Board to step aside as Executive Chairman.”
Former vice-chairman of General Nikola and Motors board member Stephen Girsky will need his place, the ongoing company said. GM recently sealed a billion-dollar cope with Nikola to provide it with batteries, fuel cells along with other parts. GM may also build the “Badger” hydrogen-powered pickup for Nikola.
Nikola is rolling out electric semi-trucks, together with the Badger along with other zero-emissions vehicles. The business plans to build up hydrogen-fueling infrastructure also. However, it had been recently accused of “intricate fraud” by way of a short-seller called Hindenberg Research, reportedly prompting a probe by the united states Department of Justice and the SEC. Nikola has denied the accusations, calling them misleading and “false.”