Nikola’s Founder Is ‘Pissed’ and Tired of the ‘Haters’

A recent Nikola short published an exhaustive report detailing a series of allegations and calling Nikola an “intricate fraud.” Nikola founder Trevor Milton said last night he would have a “clear, factual, low-emotional answer to the report” out “before market opens.” Now, Milton said the report wouldn’t be made public for now.

Milton has had a dramatic day-and-a-half or so after the initial report, issued by Hindenburg Research, a Nikola short that says it does “forensic financial research.”

Here’s the entirety of the statement Nikola released this morning, which Milton said is all he would say about the matter for now:

Yesterday, an activist short-seller whose motivation is to manipulate the market and profit from a manufactured decline in our stock price published a so-called “report” replete with misleading information and salacious accusations directed at our founder and executive chairman. To be clear, this was not a research report and it is not accurate. This was a hit job for short sale profit driven by greed.

We have nothing to hide and we will refute these allegations. They have already taken up more time and attention than they deserve. We have retained leading law firm Kirkland & Ellis LLP to evaluate potential legal recourse, including with respect to the activist short seller and any others acting in concert.

Nikola also intends to bring the actions of the activist short-seller, together with evidence and documentation, to the attention of the U.S. Securities and Exchange Commission.

We respect the rights of investors and the integrity of the market and will be back to you after we have advanced the process with the SEC.

Most importantly, Nikola remains focused on delivering on the promises we’ve made to our stakeholders.


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