Nikola craters as the firm’s chairman resigns

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Trevor Milton, Nikola’s (NKLA.US) founder and chairman, decided to step down as executive chairman effective immediately. Nikola’s shares - already severely hit by short seller Hindenburg Research - plunged over 30% in pre-market trading. “Nikola is truly in my blood and always will be, and the focus should be on the company and its world-changing mission, not me,” Milton said in a statement. As some investors might be worried about the firm’s future without its charismatic founder and his vision, the move might be an attempt to rebuild Nikola’s credibility with Wall Street. However, Hindenburg responded that Milton’s resignation is not enough salvage the company.

Nikola (NKLA.US) opened with a huge bearish gap today and fell below key area at $29. Shares managed to erase some losses, but stock is still roughly 20% down . Source: xStation5

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