Nikola announced early Monday that founder Trevor Milton is voluntarily stepping down from his roles as executive chairman and a member of its board. The resignation came 10 days after a short-selling firm accused the company of making “an Ocean of Lies.”
The stock, which has had volatile swings, plunged 30% in premarket trading Monday.
The electric truck maker said the board accepted Milton’s resignation, adding that Stephen Girsky, former vice chairman of General Motors and a member of Nikola’s board, has been appointed chairman of the board, effective immediately.
“Nikola is truly in my blood and always will be, and the focus should be on the Company and its world-changing mission, not me,” Milton said in a statement...