Citron Research calls it ‘total fraud’ and Nikola sank another 18% as investors refuted the original short-selling report.

• Nikola’s stock fell as much as 18% after Citron Research followed Hindonburg Research on Friday, accusing Nik Tomaker of fraudulent activity.
• Extensive damage to the slide began after Hindonburg published a report on Thursday, which began after the report was published, in which Nicola overreacts to her products and orders books “filled with fluff.” Nicola’s stock fell 11% in Thursday’s trading.
• Citro congratulated Hindenburg on Friday To tweet, Saying he was “exposing what looks like a complete fraud” with Nicola.
• Investors seem to be avoiding the automaker’s rebuttal. CEO Trevor Milton denied the allegations.False and misleading, “And a press report from the company called the Hindenburg report a” hit job for short sales profits. “
• See Nicola Trade live here.

Nikola cited 18% on Friday as investors were fleeing after a horrific report of short sellers was released.

The recession escalated on Thursday after Hindenburg Research accused the electric vehicle company and its CEO, Trevor Milton, of overcapaciting its truck capabilities.

Citron Research confirmed the claims on Friday morning and a. Congratulations to Hindenburg in To tweet, Saying he was “exposing what looks like a complete fraud” with Nicola.

read more: “Buy these 30 stocks that offer the best deals for strong sales and earnings growth in the precious market,” Credit Suisse said.

Milton fired back at the allegations To tweet On Friday, Hindenburg was accused of seeking “maximum damages” with “false and misleading” statements.

Nicola said in a press release that Hindenburg’s motivation was to “manipulate the market and make a profit from the decline produced in our share price.” Nicola said he has retained outside advisers Kirkland and Ellis for possible legal recourse and will work with the Securities and Exchange Commission to refute the report.

The company said that to clarify that this was not a research report and that it is not accurate. This was a hit job for the greedy short sale profits.

Citro promised to cover half of any legal costs for Hindenburg.

read more: Buy these 16 tech stocks that are crumbling due to the epidemic and are now targeted for explosive growth in the coming months, says Stafel.

Friday’s decline brought Nicola’s stock to its lowest point since early August. 11.3% lower in Thursday’s sell-pushed f-push share session.

Earlier this week, Nikola’s stock gained momentum when General Motors announced a deal in which it would acquire an 11% stake in Nikola.

Hindenburg said he suspects Tesla’s lead in the electric vehicle sector forced him to invest in GM. The research firm added that many of Nicola’s partners and investors are “aggressively making money” during the year as strong demand from investors for its shares has increased.

Nicola trades at .9 31.92 as of 10:45 a.m. Friday.

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