Nikola

About Nikola

Nikola Corporation went public via SPAC in June 2020. The stock reached 93 per share, giving Nikola a 30 billion valuation despite producing zero vehicles. Founder Trevor Milton was indicted for securities fraud in July 2021. A short seller report by Hindenburg Research accused Milton of lying about the companys technology. Milton was convicted of fraud in October 2022 and sentenced to 4 years. Nikola produced approximately 600 trucks before halting production in 2024. The company filed for Chapter 11 bankruptcy in February 2024 with approximately 1 billion in debt. The Nikola case was one of the most notorious SPAC frauds. The company went from 30 billion valuation to bankruptcy in under 4 years.