And up to reascend

21 September 2020 By Antony Currie Follow @AntonyMCurrie

Trevor Milton is stepping down at the “pre-revenue” zero-emissions vehicle maker. Investors have nixed almost half the company’s worth since fraud claims surfaced. Proving Nikola is worth its remaining $9 bln value falls on partners like GM and CNH and on new Chair Steve Girsky.

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Trevor Milton has resigned as executive chairman of Nikola, the electric- and hydrogen cell-vehicle maker he founded in 2014. He has been replaced by board member and former General Motors Vice Chairman Stephen Girsky. Girsky is managing partner of VectoIQ, whose special-purpose acquisition company bought Nikola earlier this year.

Milton said he is leaving because "the focus should be on the company and its world-changing mission, not me." Hedge fund Hindenburg Research earlier this month accused him of making "material false statements" about Nikola’s business. In a letter to employees about his resignation Milton wrote: "I intend to defend myself against the false allegations leveled against me by outside detractors."

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