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Nel’s partner, Nikola, receives strong accusations from Hindenburg Research, which warns that it is cutting participation.
Nikola boss Trevor Milton
MASSIMO PINCA / Reuters
Published:,
Shares in Nel fell sharply Thursday afternoon after Hindenburg Research published a report arguing that the hydrogen company partner Nikola is an “intricate scam.”
The company’s hydrogen stake fell 5.22 percent to NOK 21.25 following the report, which was first mentioned by TDN Direkt.
At the same time, Nikola’s stock falls about six percent an hour after the stock market opens in the US.
Hindenburg Research itself claims that they have shortened Nikola’s stock.
“We have gathered extensive evidence, including recordings of phone conversations, text messages, private emails and photographs, showing dozens of false statements by Nikola’s founder Trevor Milton. We have never seen cheating on this level in a publicly traded company. bag, especially of this size, “Hindenburg writes in the report.
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Strike back
Nikola CEO Trevor Milton gave his preliminary response to the report with a Twitter message shortly before the US stock market opened.
– It makes sense. Tens of millions of shares are shortened by a day or two to exceed our actions and an assassination attempt on Hindenburg, Milton writes and continues:
– I assume everything is allowed in war, even an assassination attempt. I know who financed it now.
Milton further claims that he will return with an answer to Hindenburg’s “lies”.
– Is this all you have? Milton’s message ends.
Attack the top boss
Hindenburg highlights, among other things, the appointment of Trevor Milton, CEO of Nikola, of his brother Travis as director of hydrogen production and infrastructure.
“Travis’s previous experience appears to be based primarily on pouring concrete into driveways and doing subcontracting work related to home renovation in Hawaii,” Hindenburg writes.
In addition, there are accusations that Trevor Milton has assured that “it does not sink with the ship”.
“He cashed in at $ 70 million around the listing and changed the lockout period from 1 year to 180 days. If he is fired, he will receive his stock bonuses immediately and is entitled to collect $ 20 million in two years,” the report says. .
“Milton has laid the groundwork for raising hundreds of millions from Nikola over several years before delivering on some of his promises,” says Hindenburg.
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Løkke: – A fantastic good boy
Jon André Løkke, CEO of Nel, has not received Hindenburg’s report when E24 calls and wants to read it before commenting on the content directly.
– But I see that Nikola has strong and solid partners on board, including General Motors. Such players go through incredibly strict due diligence processes before entering, ending up changing the entire company in practice, says Løkke.
– What is your personal impression of Trevor Milton?
– I really like Trevor and I think he is a wonderful and nice guy. He has a lot of energy and achieves an incredible amount, says Løkke.
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Has made accusations against others
This is far from the first time Hindenburg has made harsh accusations against publicly traded companies.
Earlier this year, the Sorrento pharmaceutical company announced that it was considering legal action after Hindenburg made allegations that the company was “false and / or misleading.”
In August, store chain GrowGeneration also stated that they would cooperate with authorities to ensure criminal activity was investigated after Hindenburg made allegations that the company believed influenced the share price.
