3 ms·

I mean technically sure, but he created this entire company based on fraudulent con-artist tactics. Good he's leaving but this is almost Theranos level fraud a

• htrp 6y ago
  Absolutely true! He's leaving with 3 billion in paper money. If it truly is a Theranos level fraud, that'll drop to near zero very quickly. You should be more pissed that he cashed out something like 30 million in the original IPO at the expense of investors.
  • cbayram 6y ago
    What about GM’s role in benefiting from this fraud? By forming a partnership with this fraudulent entity: 1. GM put up no cash but received an 11% stake in Nikola (worth over $1 billion) . 2. Nikola will pay GM $700 million to manufacture up to 50,000 Badger electric pickup trucks (and a future fuel-cell version), production that will help GM achieve economies of scale. 3. GM keeps 80% of the regulatory emissions credits from sales of the Badger and can bid on the sale of the remaining credits — helpful in offsetting GM's continued sales of gasoline-powered trucks and SUVs. 4. GM will also supply the fuel cell systems to Nikola's future big semi-trucks. Whether GM was part of the fraud from the get go, or happened to stumble upon it and willingly participated in it remains to be determined by SEC and DoJ. Given the current times, I would not be surprised the administration letting GM, an American company, keep its loot. Nevertheless, this seems like a smart fraudulent roundabout way for a flailing company to secure public market funding, subsidies and business without the burden of its own brand or financials. Will this become a new blueprint in crony capitalism should authorities fail in prosecuting and unwinding this fraud?