Posts filtered by tags: Milton[x]


 

GM struck a nearly foolproof deal with Nikola — but Trevor Milton posed a bigger risk than anyone expected

Nikola founder Trevor Milton attends a news conference held to presents its new full-electric and hydrogen fuel-cell battery trucks. REUTERS/Massimo Pinca Just weeks after GM and Nikola established a strategic partnership, the deal has become embattled amid allegations of fraud against the electric truck startup. The SEC and DOJ are investigating, and Nikola founder Trevor Milton stepped down as chairman this week. His replacement is Stephen Girsky, a former GM for formed the blank-check i...
Tags: Transportation, US, America, Trends, Bloomberg, Analysis, Ford, Mary Barra, Gm, SEC, Mergers and Acquisitions, Chevy, Travis Kalanick, Department Of Justice, Honda, Electric Cars


Nikola founder Trevor Milton's resignation amid fraud allegations marks a swift fall after a years-long climb

Nikola founder Trevor Milton stepped down from his post as executive chairman early Monday morning. Massimo Pinca/Reuters EV startup Nikola founder Trevor Milton stepped down on Monday amid allegations of fraud. Earlier this month, short-seller Hindenburg Research published a report that accused Nikola and Milton of fraud and false statements. Both the Securities and Exchange Commission and the Department of Justice have opened investigations into Nikola following Hindenburg’s allegations....
Tags: Startups, Transportation, Trends, General Motors, Fraud, Gm, Autos, SEC, Department Of Justice, EVs, Securities And Exchange Commission, Business Insider, Milton, Salt Lake City Utah, Mark Russell, Badger


JPMorgan stands by Nikola 'buy' rating following chairman Trevor Milton's departure

CEO and founder of U.S. Nikola Trevor Milton attends a news conference held to presents its new full-electric and hydrogen fuel-cell battery trucks in partnership with U.S. Nikola, at an event in Turin, Italy, December 3, 2019. REUTERS/Massimo Pinca JPMorgan is standing by its "buy" rating for Nikola, even as the executive chairman and founder Trevor Milton resigned.Analysts from the firm wrote that the stock of the electric-truck company may not be fully pricing in a "successful execution ...
Tags: Auto, Trends, Markets, Electric Vehicles, Gm, EVs, Securities And Exchange Commission, Jpmorgan, Milton, EBITDA, Turin Italy, Nikola, Paul Coster, Trevor Milton, NKLA, Nikola Trevor Milton


Nikola chairman Trevor Milton's resignation was a shock to industry experts — but they say his experienced replacement may be better equipped for the road ahead

Nikola founder and executive chairman Trevor Milton. Massimo Pinca/Reuters Nikola's founder and former CEO on Monday relinquished his role of executive chairman of the company's board.  The move took investors and analysts by surprise, with shares falling as much as 26%. Analysts say the hiccup should only be temporary. They largely remain positive on the company's outlook — and say there are big promises to fulfill going forward.  Visit Business Insider's homepage for more stories.  The f...
Tags: Transportation, Europe, Elon Musk, Trends, General Motors, Markets, Tesla, Gm, Trevor, Bosch, Wedbush, Milton, Nikola, Tech Insider, Trevor Milton, Graham Rapier


Nikola dives 30% after founder Trevor Milton steps down as executive chairman

Nikola founder and executive chairman Trevor Milton. Massimo Pinca/Reuters Nikola tanked as much as 30% on Monday after founder Trevor Milton voluntarily stepped down as executive chairman and a member of the board.Stephen Girsky, former vice chairman of General Motors, took the reins as the company's chairman after Nikola's board approved of Milton's proposal, according to a press release.Nikola shares traded with massive volatility in recent weeks after short-selling firm Hindenburg Resea...
Tags: Trends, General Motors, Bloomberg, Mary Barra, Gm, Goldman, Securities And Exchange Commission, Fed, Wedbush, Milton, Nikola, Hindenburg, Trevor Milton, Dan Ives, Hindenburg Research, Ben Winck


Founder of Nikola, GM electric truck partner, quits amid allegations

By David McHugh | The Associated Press Shares in electric and hydrogen-powered truck startup Nikola plunged on Monday after the company’s founder resigned amid allegations of fraud – just two weeks after signing a $2 billion partnership with General Motors. The company said late Sunday that Trevor Milton resigned and the departing executive chairman said he would defend himself against accusations that the company made false claims about its vehicles, allegations Nikola rejects. Milton said in a...
Tags: New York, News, General Motors, Sport, Soccer, Gm, Detroit, Hyundai, Securities And Exchange Commission, Phoenix, Milton, U S Justice Department, David McHugh, Badger, Nikola, Hindenburg


Trevor Milton Steps Down From Nikola, Stock Sinks [UPDATED]

It’s been a wild ride for Nikola, from being highly valued – perhaps overvalued – by Wall Street, to partnering with GM, to being accused of fraud, to founder Trevor Milton voluntarily stepping down today. Milton, who was hailed as the next Elon Musk not long ago, is stepping aside less than two weeks after […] The post Trevor Milton Steps Down From Nikola, Stock Sinks [UPDATED] appeared first on The Truth About Cars.
Tags: Wall Street, Industry, Gm, Autos, Stock Prices, Milton, Nikola, News Blog, Trevor Milton


Nikola’s chairman steps down, stock crashes following allegations of fraud

Nikola Corp. founder and Executive Chairman Trevor Milton is stepping down from the electric truck company effective immediately. This comes in the wake of a report from a noted short-selling accusing the company of fraud. Milton is succeeded by Stephen Girsky, a former General Motors executive who was already on the company’s board. Nikola company stock fell as far as 30% in pre-market trading, currently trading around $25 a share. Over the last few months, the stock experienced wild trading wi...
Tags: TC, Tech, General Motors, Tesla, Ford, Gm, Michigan, Milton, Ford General Motors, Nikola, Trevor Milton, Nikola Corp, Hindenburg Research, Stephen Girsky


Nikola dives 28% after founder Trevor Milton steps down as executive chairman

Nikola founder and executive chairman Trevor Milton. Massimo Pinca/Reuters Nikola tanked as much as 28% in early Monday trading after founder Trevor Milton voluntarily stepped down as executive chairman and a member of the board.Stephen Girsky, former vice chairman of General Motors, took the reins as the company's chairman after Nikola's board approved of Milton's proposal, according to a press release.Nikola shares traded with massive volatility in recent weeks after short-selling firm Hi...
Tags: Trends, General Motors, Bloomberg, Mary Barra, Gm, Goldman, Securities And Exchange Commission, Fed, Wedbush, Milton, Nikola, Hindenburg, Trevor Milton, Dan Ives, Hindenburg Research, Ben Winck


Nikola stock collapses after founder Trevor Milton resigns over fraud allegations

Nikola Corp’s founder and chairman Trevor Milton resigned voluntarily as fraud allegations continue to dog the embattled electric truck maker. In his resignation letter posted to Twitter, Milton signaled his intent to distance himself from his company, and promised to defend himself “against false allegations levied against me by outside detractors.” “I will be cheering from the sidelines with you. Your greatest fan,” Milton tweeted late Sunday night. I will be cheering from the sidelines with y...
Tags: Startups, Milton, Nikola, Trevor Milton, Hard Fork, Nikola Corp, Hindenburg Research


Nikola stock collapses after CEO Trevor Milton resigns over fraud allegations

Nikola Corp’s founder and chairman Trevor Milton resigned voluntarily as fraud allegations continue to dog the embattled electric truck maker. In his resignation letter posted to Twitter, Milton signaled his intent to distance himself from his company, and promised to defend himself “against false allegations levied against me by outside detractors.” “I will be cheering from the sidelines with you. Your greatest fan,” Milton tweeted late Sunday night. I will be cheering from the sidelines with y...
Tags: Startups, Milton, Nikola, Trevor Milton, Hard Fork, Nikola Corp, Hindenburg Research


Nikola founder Trevor Milton resigned from the company's board following fraud allegations

Nikola founder and executive chairman Trevor Milton. Massimo Pinca/Reuters Trevor Milton, the founder of electric truck startup Nikola, has stepped down as executive chairman following fraud allegations against the company.  Milton said "the focus should be on the company and its world-changing mission, not me." Stephen Girsky, a former vice-chairman of General Motors and a Nikola board member, will replace Milton. He will have the title of chairman. Hindenburg Research, a short-seller, pu...
Tags: Transportation, US, Trends, Startup, General Motors, Fraud, Mary Barra, Gm, Department Of Justice, Chief Executive, Swift, Allegations, Securities And Exchange Commission, Business Insider, Milton, RBC Capital Markets


Nikola founder Trevor Milton resigns following fraud allegations

Nikola founder and executive chairman Trevor Milton. Massimo Pinca/Reuters Trevor Milton, the founder of electric truck startup Nikola, has stepped down as executive chairman following fraud allegations against the company.  Milton said "the focus should be on the company and its world-changing mission, not me." Stephen Girsky, a former vice-chairman of General Motors and a Nikola board member, will replace Milton. He will have the title of chairman. Hindenburg Research, a short-seller, pu...
Tags: Transportation, US, Trends, Startup, General Motors, Fraud, Mary Barra, Gm, Department Of Justice, Chief Executive, Swift, Allegations, Securities And Exchange Commission, Milton, RBC Capital Markets, General Motors GM


Nikola faced fraud allegations upon announcing a $2 billion deal with General Motors, but GM doesn't seem worried

Massimo Pinca/Reuters Almost immediately after Nikola and GM announced a strategic partnership, with GM taking a stake in the startup, Nikola came under attack from short-sellers. Hindenburg Research alleged that Nikola is a fraud, but GM CEO Mary Barra stressed that GM had done its homework. Nikola is a high-risk venture that's trying to shed some execution risk by partnering with GM to build a pickup truck while Nikola focuses on semitrucks. Until Nikola starts selling vehicles, it's a ...
Tags: Transportation, Elon Musk, Opinion, France, Ipo, US, Trends, General Motors, Tesla, Bloomberg, David, Ford, Mary Barra, Auto Industry, Gm, SEC


The SEC is probing Nikola Motors over short-seller's claims the company misled investors and is an 'intricate fraud'

Nikola founder and executive chairman Trevor Milton. Massimo Pinca/Reuters The Securities and Exchange Commission is looking into whether electric-truck maker Nikola Motors misled investors, Reuters reported Monday and the company confirmed to Business Insider. The probe follows a detailed report last week from short-seller Hindenburg Research accusing Nikola of "intricate fraud" and "deception" by overstating the capabilities of its trucks. Nikola's stock plummeted as much as 25% followin...
Tags: Trends, General Motors, SEC, Securities And Exchange Commission, Reuters, Milton, Nikola, US Securities and Exchange Commission, Hindenburg, U S Securities and Exchange Commission SEC, Trevor Milton, NKLA, Nikola Motors, Hindenburg Research, Tyler Sonnemaker, Trevor Milton Massimo Pinca


Nikola disputes fraud claims in carefully worded rebuttal

Nikola Corp., the hydrogen electric vehicle startup that went public this year through a merger with a special purpose acquisition company, released Monday a point-by-point rebuttal that attempts to disprove a report issued last week by short-seller Hindenburg Research that accused the company of fraud. In spite of the careful wording of the rebuttal, some of the company’s counterpoints raise more questions and even reveal problematic promotional tactics. Nikola’s lengthier denial follows a seri...
Tags: Transportation, Tech, Bloomberg, Automotive, Electric Vehicles, Gm, SEC, Milton, General Motors Co, Kirkland Ellis LLP, Nikola, Hindenburg, Trevor Milton, Nikola Motor, Nikola One, Nikola Corp


Nikola publishes detailed rebuttal to short-seller's claims of deception — and admits it staged a promo video by rolling a truck down a hill

CEO of Italian-American CNH Industrial Hubertus Muhlhauser and Nikola founder Trevor Milton attends a news conference held to presents the company's new full-electric and hydrogen fuel-cell battery trucks in partnership at an event in Turin, Italy, December 3, 2019. REUTERS/Massimo Pinca Nikola on Monday released its promised rebuttal to claims from a short-seller that the company lied and decieved investors.  The company admitted its Nikola One prototype was largely inoperable, and th...
Tags: Transportation, News, Trends, General Motors, Electric Vehicles, CNH, Jpmorgan, Company, Bloomberg News, Milton, Turin Italy, Nikola, Hindenburg, Tech Insider, Trevor Milton, Ulm Germany


Insider Transportation: Lucid's newly revealed Air could whoop Tesla's Model S — if the startup can crack the marketing game

Specs that rival anything Tesla can produce won't matter much if Lucid can't crack the marketing game. Lucid The physical distancing that is the hallmark of the age of the novel coronavirus may mean automakers can't throw glitzy parties to mark the debut of new vehicles, but that limitation (and the distinct lack of hors d'oeuvres) didn't dampen our enthusiasm when we finally got to see the new Lucid Air EV on Wednesday evening. That's because nearly a decade after the Model S made ...
Tags: Transportation, Elon Musk, Germany, Africa, US, Trends, General Motors, Tesla, Porsche, Hawaii, Gm, Airbus, Air, Audi, United, Jetblue


Nikola threatens legal action against a short-seller who accused the electric truck startup and its founder of fraud

CEO and founder of U.S. Nikola Trevor Milton attends a news conference held to presents its new full-electric and hydrogen fuel-cell battery trucks in partnership with U.S. Nikola, at an event in Turin, Italy, December 3, 2019. REUTERS/Massimo Pinca Nikola said that it's mulling legal action against a short-seller who accused the company and its founder of fraud and nepotism.  Shares of the electric truck maker have fallen nearly 25% since Thursday after the report by Hindenburg Research. ...
Tags: Transportation, News, Trends, General Motors, Securities And Exchange Commission, Short Sellers, Milton, Turin Italy, Nikola, Hindenburg, Tech Insider, Trevor Milton, Graham Rapier, Hindenburg Research, Nikola Trevor Milton, Business News Desk


Nikola threatened legal action against a short-seller who accused the electric truck startup and its founder of fraud

CEO and founder of U.S. Nikola Trevor Milton attends a news conference held to presents its new full-electric and hydrogen fuel-cell battery trucks in partnership with U.S. Nikola, at an event in Turin, Italy, December 3, 2019. REUTERS/Massimo Pinca Nikola said that it's mulling legal action against a short-seller who accused the company and its founder of fraud and nepotism.  Shares of the electric truck maker have fallen nearly 20% since Thursday after the report by Hindenburg Research. ...
Tags: Transportation, News, Trends, General Motors, Securities And Exchange Commission, Short Sellers, Milton, Turin Italy, Nikola, Hindenburg, Tech Insider, Trevor Milton, Graham Rapier, Hindenburg Research, Nikola Trevor Milton, Business News Desk


Nikola plummets 13% after short-seller report alleges years of deception and false statements by CEO

Trevor Milton, Nikola's founder and executive chairman. Massimo Pinca/Reuters Nikola plummeted on Thursday after a short-seller report from Hindenburg Research alleged that the company and its CEO, Trevor Milton, had made false statements overhyping its technological capabilities.The Hindenburg report came two days after General Motors announced a $2 billion partnership with the electric-vehicle manufacturer, sending shares of Nikola up nearly 50%.Hindenburg was short shares of Nikola w...
Tags: Congress, Trends, General Motors, Tesla, Morgan Stanley, Milton, Stifel, Worthington, Tom Lee, Badger, Nikola, Hindenburg, Matthew Fox, ValueAct, Trevor Milton, Hindenburg Research


Nikola plummets 13% after short-seller report alleges years of deception and false statements made by CEO

Nikola founder and executive chairman Trevor Milton. Massimo Pinca/Reuters Nikola plummeted on Thursday after a short-seller report from Hindenburg Research alleged that the company and CEO Trevor Milton made false statements over-hyping its technological capabilities.The Hindenburg report comes just two days after General Motors inked a $2 billion partnership with the EV manufacturer, sending shares of Nikola up nearly 50%.Hindenburg is short shares of Nikola at the time of publication of ...
Tags: Trends, General Motors, Tesla, SPAC, Milton, Worthington, Badger, Nikola, Hindenburg, Matthew Fox, ValueAct, Trevor Milton, Nikola Corp, Hindenburg Research, Trevor Milton Massimo Pinca, Reuters Nikola


A short-seller said Nikola's electric truck business is an 'intricate fraud' and accused its founder of 'numerous lies'

Nikola's Badger pickup truck. Nikola Hindenburg Research, a short-seller, published a lenghty report accusing the electric truck maker Nikola of fraud. The firm published what it claims are text messages, contracts, and other "extensive evidence" showing years of "deception" by founder Trevor Milton.  Nikola has denied all of the claims in Hindernburg Research's report.  General Motors, which recently inked a $2 billion deal with Nikola, said it stands by the company.  Nikola's stock p...
Tags: Transportation, News, Trends, General Motors, Electric Vehicles, Bloomberg News, Milton, Nikola, The Financial Times, Hindenburg, Tech Insider, Trevor Milton, Graham Rapier, Andrew Left of Citron Research, NKLA, Hindenburg Research


Nikola's electric pickup truck with a longer range than Tesla's Cybertruck, will be built by GM — take a closer look at the Badger

Nikola Badger Electric Pickup Truck. Nikola Nikola Corporation has unveiled the Badger, the automaker's first electric pickup truck. The Badger has a maximum range of 600 miles by using both a hydrogen fuel cell and battery power sources. Reservations for the Badger opened on June 29, according to a tweet from Nikola Motors CEO Trevor Milton. On September 8, Nikola and General Motors announced a "strategic partnership" that grants GM an 11% stake in Nikola — worth $2 million — and a role i...
Tags: Transportation, Trends, General Motors, Tesla, Electric Vehicles, Gm, North America, EVs, Milton, Mark Russell, Bev, Badger, Nikola, FCEV, Tech Insider, Trevor Milton


Nikola's founder Trevor Milton is now an official member of Forbes' 400 billionaires list with a net worth of more than $5 billion

Massimo Pinca/Reuters Trevor Milton, founder of the electric-truck maker Nikola, has landed on the Forbes 400 list for the first time.  His wealth is largely tied to the company's stock price, which has soared following deals with General Motors, Anheuser Busch, and more.  He's spent some of that money on a lavish Utah ranch and donated millions of shares to early employees.  Visit Business Insider's homepage for more stories.  Trevor Milton, founder of electric-truck maker Nikola Motors,...
Tags: Transportation, Utah, News, Trends, General Motors, Electric Vehicles, Forbes, Anheuser Busch, Milton, Nikola, Tech Insider, Trevor Milton, Graham Rapier, Nikola Motors, Forbes 400, Business News Desk


Nikola's deal with GM shows off a new way to get electric vehicles to market — and it's completely different from how Tesla operates

Fisker has three vehicles in its proposed lineup. Fisker Tesla entered the public markets through a traditional IPO in 2010, then spent a decade struggling to build and sell vehicles. New startups such as Nikola and Fisker have moved faster, raising far more money through "blank-check" SPAC offerings and joining with established manufacturers to build vehicles. Nikola recently announced a partnership with GM, while Fisker intends to work with Magna, the biggest contract carmaker. Visit Bus...
Tags: Apple, Elon Musk, US, Trends, General Motors, Tesla, Mary Barra, Tim Cook, Gm, Panasonic, Bmw, New York Stock Exchange, Honda, Henrik Fisker, Fisker, SPAC


WGBH Zooms Its Storied Brand

BOSTON – WGBH is the most noted high-culture brand in the United States. Yesterday, they changed their logo to a cutesy, street nickname, GBH. WGBH’s television programs, syndicated by the Public Broadcasting Service across the U.S., were and are cultural landmarks as well-known as Boston’s Old North Church. WGBH brought us Masterpiece Theater, American Experience, Frontline, Zoom, Evening at Pops, This Old House and The French Chef, among dozens of others. Their This Old House invented a new f...
Tags: Google, New York, Hollywood, Television, Media, Mississippi, Maryland, Washington, Boston, Massachusetts, Bbc, Cnn, UPS, United States, New Jersey, Reddit


Nikola's founder is donating $233 million worth of stock to the electric truck company's first employees

Nikola founder and executive chairman Trevor Milton. Massimo Pinca/Reuters Nikola's founder is giving away 6 million shares of the company to its earliest employees. Trevor Milton, who now serves as executive chairman, will still own about 82 million shares, or 20% of the company. Since a reverse merger in June, the electric-truck maker's stock has soared despite having not sold any vehicles.Visit Business Insider's homepage for more stories.Trevor Milton, founder of the electric truck star...
Tags: Transportation, News, Trends, Markets, Milton, Nikola, Tech Insider, Trevor Milton, Graham Rapier, Electric trucks, Business News Desk, Trevor Milton Massimo Pinca Reuters Nikola


Georgia Businessman Charged With Hoarding Face Masks and Price Gouging

The man, Milton Ayimadu, allegedly hoarded 200,000 face masks and sold them for double what he paid, according to the U.S. Attorney’s Office.
Tags: News, Masks, Georgia, Trump, Price Gouging, Milton, Donald J, Stockpiling, Coronavirus (2019-nCoV, Defense Production Act, Ayimadu, Milton Ayimadu


Tesla competitor Nikola quietly discloses its only revenue source so far: building solar panels for its founder (NKLA)

Nikola, an upstart electric-vehicle maker that's worth $10 billion, released its first quarterly financial report this week.  The results largely disappointed investors and sent shares tumbling.  The company is pre-revenue, and working on multiple upcoming vehicle models, but did manage to bring in $36,000. Buried in a regulatory filing, Nikola revealed that money was from installing solar panels for its founder, Trevor Milton.  Visit Business Insider's homepage for more stories. Investors w...
Tags: Trends, Tesla, Trevor, Financial Times, Cnbc, Company, PHOENIX Arizona, SPAC, Milton, Leslie Odom Jr, Nikola, Tesla Elon Musk, Trevor Milton, NKLA, Rivian, Utah Milton