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Trevor Milton, Nikola’s founder and CEO, resigned over fraud charges

Trevor Milton, Nikola founder and CEO, fraud allegations

Trevor Milton, founder and CEO of US-based electric truck manufacturer Nikola, resigned due to fraud charges against him.

Trevor Milton, Nikola’s founder and CEO, resigned over fraud charges.

Trever Milton, founder of the US-based electric truck manufacturer Nikola, was accused of fraud in a report published recently by Hindenburg Research.

In the report; There were allegations that Milton was selling Nikola’s proprietary and confidential technologies to other companies. Following the allegations, the company’s shares lost 30 percent in value.

Trevor Milton, founder and chairman of the company, who has been the focus of controversy recently, announced his departure. Stephen Girsky, former vice president of General Motors and board member of Nikola, was appointed to the seat vacated by Milton.

According to the Securities and Exchange Commission files, Milton also gave up the $ 166 million prize in stock, depending on the company’s performance.

In addition, Milton will have to pay another $ 20 million for failing to comply with the contract.

Founded in 2014 with the goal of producing zero-emission vehicles, Nikola has been showing himself as a rival to Tesla, of which Elon Musk is CEO from the very beginning.

The company, which explains that it develops electric commercial vehicles at every opportunity, claims that the prototypes that are stated to be working do not actually have an electric motor.

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