Law \ Legal

Jury Agrees With Short-Seller That Nikola Founder Was Full Of It

Once upon a time (which time was a little over two years ago), a short-seller called Hindenburg Research called electric-truck maker Nikola Corp. an “intricate fraud,” which is a nice way of saying not an electric-truck maker at all, but a “total farce,” which is a less nice way of saying it. What Hindenburg meant was that Nikola was hiding the fact that it wasn’t actually making any trucks behind an “ocean of lies” spouted by founder Trevor Milton.

Despite the vociferous protests lodged by Nikola, investors believed Hindenburg. Then federal prosecutors and the Securities and Exchange Commission did, too. Eventually, Nikola itself came around to some degree, acknowledging that Hindenburg’s damning report was perhaps not as entirely “replete with misleading information” as it had once suggested.

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