Nikola founder and executive chairman Trevor Milton resigns: report

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The founder and executive chairman of Nikola , Trevor Milton, has resigned, trade publication FreightWaves reported late Sunday. Several attempts to confirm with a company spokeswoman were unsuccessful. Investors in the hydrogen-powered truckmaker have been on a rollercoaster ride as of late. The report said Milton, who is a major shareholder in the company, decided to step down in order to shield the company and his investments. Shares got a boost last week after an analyst at JP Morgan defended the company, whose shares suffered sharp declines on Sept. 10 and 11 after a report by a short-seller that Nikola had misled investors. Nikola has refuted those claims. A subsequent report by The Wall Street Journal said the Justice Department was probing those claims. Shares surged over 40% on Sept. 8 after the group announced a billion-dollar deal with General Motors (GM). Nikola shares have lost 16% in September so far, and 49% in the quarter to date, but are up 231% year-to-date.
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