Nikola does not lift head in bag. The shares of the American company have plummeted about 40% in just three sessions, only this Friday they have dropped about 15%. The cause? On her weigh the accusations of fraud after the agreement with General Motors.
The analyst firm Hindenburg Research has accused her of being a fraud "built on dozens of lies". Specifically focus on its founder Trevor Milton.
They claim to have collected a large amount of evidence, including recorded phone calls, text messages, private emails, and behind-the-scenes photographs, detailing dozens of false statements. "We have never seen this level of deception in a public company, especially of this size," they say.
According to the analysts, thanks to the false statements, Milton has managed to turn Nikola into a $ 20 billion public company, reaching agreements with the main automotive companies around the world, such as the one reached this week with General Motors.
Hindenburg alleges that Milton has for years misled his partners by falsely claiming that he had extensive proprietary technology.
With these maneuvers, what its president would be trying to achieve would be overtake and surpass Tesla, as the largest manufacturer of zero-emission vehicles.
From Nikola they have wanted to defend themselves against the accusations and they dismiss them as not being precise. General Motors has also come to his defense. Both companies have reached an agreement this week in such a way that the second has acquired 11% and will start manufacturing its Nikola Badger hydrogen pick-up. A union with a clear objective, to unseat Tesla.