Nikola: Executive Shake Up Was Necessary, Says Analyst

Electric car maker Nikola (NKLA) has been grabbing headlines for all the wrong reasons recently. Shares took a 19% tumble on Monday after the company announced that its founder and chairman, Trevor Milton, had resigned.Following a September 10 report, in which short-seller Hindenburg Research alleged Milton had made fabricated claims about NKLA technology, Milton found himself in hot water.Weighing in on this development for RBC, analyst Joseph Spak wrote, “We believe this was a hard, but necessary step for Nikola in wake of allegations against Milton raised by a short-seller report and SEC investigation. In our view, Nikola’s promise was …read more

Source:: Yahoo Finance