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Nikola shares are under pressure as the owner gives up

Trevor Milton sells $49 million of shares, the SEC filling show

05.Apr.21 1:42 PM
By Shawn Highstraw
Photo Nikola


Nikola shares are under pressure as the owner gives up
Trevor Milton, the founder of Nikola, has sold a bunch of shares in his company. This was demonstrated by a report in the register of the Securities and Exchange Commission regulator.

Milton sold 3.5 million shares for $ 13.89 each. This sale earned the founder nearly $ 49 million. The stock closed last Thursday at $ 13.91.

Milton resigned last September as CEO of Nikola, under pressure from a report by Hindenburg Research. The report stated, among other things, that the battery technology of the electric car manufacturer does not exist.

In November, GM decided not to take a stake in Nikola. The American car manufacturer would take an 11 percent stake, worth $ 2 billion.

In mid-March this year, Nikola submitted documents to the SEC for the issue of new shares.

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