Earlier this month, General Motors agreed to acquire an 11 percent stake in Nikola for $2 billion, in furtherance of a partnership where Nikola technology would be used in GM vehicles. The announcement of the GM deal caused Nikola’s market capitalization to soar from about $13.5 billion to nearly $20 billion. But following the Hindenburg report and the announcement of Milton’s departure, the company’s valuation is down to $10 billion.From a thread:
One argument in Nikola’s favor is that General Motors, which presumably is not run by idiots, looked into Nikola and decided the company had valuable technology.
And because not much worked on the truck (allegedly), the whole thing was plugged in by a cable below the stage…— Rohan (@rohangilkes) September 21, 2020
<Somewhere Elizabeth Holmes just started a slow clap> pic.twitter.com/dN7Q8K7Qud
Turns out the video was just them finding a hill that looked flat and rolling the truck down the hill and filming from an angle so it looked legit...— Rohan (@rohangilkes) September 21, 2020