It storms around Nikola during the day. The company has been accused of “gross fraud” by the analysis company Hindenburg Research, which sent the stock down the cliff last week.
Trevor Milton, CEO of Nikola, quickly took to Twitter and asked scornfully: “Is this all you have?”, before the company yesterday came up with a thorough response to the accusations and emphasized “dozens of inaccuracies”, which sent the stock up 11.4 percent.
But the story does not stop there.
Finanstilsynet in the USA, Securities and Exchange Commission (SEC), announced yesterday that it wants to investigate Hindenburg’s accusations against the hydrogen company.
The news means that the company again falls 6.9 percent in pre-trade.
What is striking is that the company does not contradict what for many appears to be the main accusation in the Hindenburg report: That the truck Nikola One does not drive himself, but has been pushed down a hill.
The impression you get when you watch the video is that the company already has a truck ready to drive. However, the reality is completely different.
“Nikola has never claimed that the truck drove for its own machine in the video,” the company said in a press release.
The hydrogen company does not allow the scandal video to put a stop to further development in the case and welcomes the SEC’s involvement in the case. Nikola believes the report is designed to manipulate the market in favor of those who are short in the stock.
On Monday, it also became clear that Milton uploaded with shares in his own company for 1.3 million dollars, or 11.7 million kroner. Milton is the largest shareholder in Nikola with 91.6 million shares.
So far this year, the Nikola share is up almost 250 percent, but has fallen closer to 50 percent in the last three months. Nikola is also one of Nels most important partners, and the Norwegian hydrogen company is doing well in Oslo today.