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.
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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.
From a thread:
And because not much worked on the truck (allegedly), the whole thing was plugged in by a cable below the stage…
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