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Nikola Corp. engages in the provision of zero-emissions transportation and infrastructure solutions. It designs and manufactures battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems and hydrogen fueling station infrastructure. The company was founded by Trevor Milton in 2015 and is headquartered in Phoenix, AZ.
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Shares of Tesla Inc.
TSLA,
dropped 3.8% in afternoon trading, adding to the 3.6% drop in the previous session, and to put them in danger of the first sub-$200 close in 17 months. Investors in the electric vehicle giant may be expressing concerns that Tesla Chief Executive Elon Musk will be distracted given all the moves he’s making as the new owner Twitter, as they did when Musk first bid to buy the social media company. Shares of some other EV makers were also selling off, with Nikola Corp.’s
NKLA,
down 2.7% and China-based Nio Inc.’s
NIO,
shedding 5.8%, while XPeng Inc.’s stock
XPEV,
gained 0.6%. Tesla’s stock, which hasn’t closed below $200 on a split-adjusted basis since June 16, 2021, has sunk 30.7% over the past three months while the S&P 500
SPX,
has lost 8.2%.
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A federal jury in New York convicted Nikola Corp. founder Trevor Milton of securities fraud for what prosecutors said were his repeated lies about the development of the company’s zero-emissions trucks and technology.
The guilty verdict caps the downfall of Milton, who founded Nikola
NKLA,
in his basement in 2015 and took it public in 2020 at a valuation of $3.3 billion, when the company hadn’t sold a single truck. The company’s market valuation briefly exceeded that of industry giants such as Ford Motor Co.
F,
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