All discussion of Nikola Motors

[ZachF]

If NKLA name is tainted, what does GM get now?
Article few weeks back said GM wanted a charismatic, social active leader like Trevor.

Only thing thats sounds plausible is use another brandname (e.g. Polestar) to milk tax credits.

Nikola is literally worthless.

They no real IP because they admittedly outsource everything. They have no facilities. If their brand become assiociated with fraud, like Enron, it has negative value.

 

[Krugerrand]

“How can this be an intricate fraud if you have your three biggest suppliers in the board room working together as partners? I don’t get why there’s so much suspicion," said Ubben in his first public comments since the allegations were made. “You think Bosch, CNH, Hanwha and now General Motors? They just rolled over without doing due diligence? No."

Pretty much. Or, they’re part of the bigger fraud.

 

[Krugerrand]

The only thing GM vouched/did due dilligence for, was that Nikola was able to pay for the contract they entered with GM. Which is 11% of Nikola (pure profit) plus 700m$ in cost plus orders.
Everyone claiming that GM invested in Nikola didn't read the announcement...

I get this, however, it doesn’t matter. It’s as much a perception thing. Have you learned nothing while watching the media whack incessantly at Tesla for years. I’m ecstatic the shoe is on the other foot now. By association GM gets to take some face punches now.

 

[AudubonB]

The one large caution I hope all can consider is that this imbroglio does not further diminish, delay and distract the Big Picture, which is to end the Ice Age. Unfortunately, I’m not seeing a lot that suggests otherwise.

This by no means suggests I find it unfortunate Mr Milton has been exposed. Far from it. But that he was able to perpetrate this I lay 100% of the fault upon those who did NOT perform their due diligence: the investment community, the investment bankers, the associated firms like Bosch, GM, Iveco and so forth, the news outlets - there is an awful lot of blame to go around and there are a lot of places to lay it.

I also reiterate that we now have Exhibit A - to the effect that no B, C or D need be hauled out - as to why Special Purpose Acquisition Companies, aka SPACs, are a terrible idea and should be outlawed. This is notwithstanding Mr Palihapitiya’s efforts and successes and the gains I have incurred through his IPOA, and I also expect I would be trounced in a one-on-one with him were we to debate this issue (although I’d still be right..... ). Yes: one can do good and do well with a SPAC. But it is a vessel custom-made to enable and empower a fraudster and there are too many such out there.

 

[HVM]

I hope to see some heads roll in Bosch and GM enabling such a fraud.

 

[Subhuman]

It’s insane to me that Nikola is basically the company that short sellers claimed Tesla has been all these years. A house of card held up by a crooked CEO cooking the books. Yet they shower support on Nikola even after being exposed! They were so sure on Tesla but couldn’t see the train wreck at Nikola coming.

 

[mickificki]

not sure how legit...accusers twitter account was created this month, all her posts have been anti Trevor. Claims to be a Mormon and family member. It’s quite damning (she goes into detail and it’s scary) but unproven.

 

[mrdoubleb]

It’s insane to me that Nikola is basically the company that short sellers claimed Tesla has been all these years. A house of card held up by a crooked CEO cooking the books. Yet they shower support on Nikola even after being exposed! They were so sure on Tesla but couldn’t see the train wreck at Nikola coming.

Fully agreed and you could see the same support and hype form many media outlets that were always super critical on Tesla and Elon.

 

[TheTalkingMule]

The one large caution I hope all can consider is that this imbroglio does not further diminish, delay and distract the Big Picture, which is to end the Ice Age. Unfortunately, I’m not seeing a lot that suggests otherwise.

This by no means suggests I find it unfortunate Mr Milton has been exposed. Far from it. But that he was able to perpetrate this I lay 100% of the fault upon those who did NOT perform their due diligence: the investment community, the investment bankers, the associated firms like Bosch, GM, Iveco and so forth, the news outlets - there is an awful lot of blame to go around and there are a lot of places to lay it.

I also reiterate that we now have Exhibit A - to the effect that no B, C or D need be hauled out - as to why Special Purpose Acquisition Companies, aka SPACs, are a terrible idea and should be outlawed. This is notwithstanding Mr Palihapatiya’s efforts and successes and the gains I have incurred through his IPOA, and I also expect I would be trounced in a one-on-one with him were we to debate this issue (although I’d still be right..... ). Yes: one can do good and do well with a SPAC. But it is a vessel custom-made to enable and empower a fraudster and there are too many such out there.

I'm simply outsourcing the due diligence to Chamath Palihapitiya. Who could possibly be more qualified?

If people put their money in random SPACs purchasing things that turn out to be worthless.......who cares?

 

[HVM]

What is this? Is that like Onion or real?

 

[Cosmacelf]

What is this? Is that like Onion or real?
View attachment 590524

You cut off the best part: “This rumor is false. Trevor is on his way to my house to buy cocaine at this very moment.”

And then: “He tried to escape in one of his trucks, but it wouldn’t start”.

 

[HVM]

@TechCrunch
Update: The US DOJ and FBI just arrested Nikola's former chairman at airport
https://twitter.com/TechCrunch/status/1308057311450214401

I guess that it is real... [Edit] They deleted the tweet. So who knows. Better wait the normal news cycle...

 

[dl003]

At this point I fully expect GM to buy NKLA when it hits $0.01 as a way to spin off its EV branch.

 

[Cosmacelf]

GM’s deal is unfolding as well as many have predicted...

 

[Cosmacelf]

@TechCrunch
Update: The US DOJ and FBI just arrested Nikola's former chairman at airport
https://twitter.com/TechCrunch/status/1308057311450214401

I guess that it is real... [Edit] They deleted the tweet. So who knows. Better wait the normal news cycle...

Yes, and they took out the update about the arrest in the associated article. So who knows.

 

[oliverdavidwow]

@TechCrunch
Update: The US DOJ and FBI just arrested Nikola's former chairman at airport
https://twitter.com/TechCrunch/status/1308057311450214401

I guess that it is real... [Edit] They deleted the tweet. So who knows. Better wait the normal news cycle...

Tweet not available.

 

[JohnSnowNW]

Yes, and they took out the update about the arrest in the associated article. So who knows.

The tweet is still live in their Twitter feed, fwiw.

 

[smorgasbord]

I thought he was promoted to part-time consultant

"unpaid consultant" see: https://www.sec.gov/Archives/edgar/data/1731289/000110465920106691/tm2030359d3_ex10-1.htm

Consulting Services. In exchange for the mutual agreements set forth in this Agreement, the Executive hereby agrees to remain an unpaid consultant of the Company and to make himself reasonably available to provide consulting services and to assist the Company, in each case as reasonably requested by the Board on an ad hoc basis through December 31, 2020. The Company will reimburse the Executive for all reasonable and necessary out-of-pocket business and travel expenses incurred by the Executive in connection with the performance of the Executive’s consulting duties hereunder in accordance with the Company’s expense reimbursement policy for senior executives.

Also:

Certain Matters. To help preserve capital and assist the Company in retaining world-class talent to succeed the Executive, the Executive hereby relinquishes each of the following: (i) 100% of the 4,859,000 performance-based stock units (the “PSUs”) granted to the Executive on August 21, 2020, (ii) any right or claim to enter into a two-year consulting agreement with an annual fee of $10,000,000 and (iii) any other right and entitlement that the Executive may have or claim pursuant to the Employment Arrangement, except as set forth in this Agreement. Executive acknowledges that as of the date hereof except for (A) 91,644,134 shares held by M&M Residual, LLC, which includes 6,005,139 shares subject to options held by certain employees pursuant to a Founder Stock Option Plan, (B) the PSUs and (C) the RSUs (as defined below), he has no other capital stock, or any options, warrants or other rights to acquire capital stock or other securities convertible into or exercisable for capital stock of the Company.

and

The Company’s Commitments. Following the Effective Date, the Company agrees to (i) vest and settle, at a time selected by the Company but no later than March 15, 2021, in accordance with applicable documentation the restricted stock units (the “RSUs”) granted to the Executive on August 21, 2020, (ii) comply with all indemnification and advancement of expenses obligations it has pursuant to the Company’s certificate of incorporation and bylaws, each as amended through the date hereof, the Employment Arrangement, and the Indemnification Agreement, dated as of June 3, 2020, by and between the Company and the Executive (the “Indemnification Agreement”), (iii) pay for the reasonable costs of a security inspection of the Executive’s residence, (iv) reimburse the Executive up to $100,000 in the aggregate for a full-time security detail for the Executive and his family for three months following the Effective Date, (v) reimburse the Executive in accordance with applicable Company policy for business expenses incurred on or before the Effective Date, and (vi) reimburse the Executive for his reasonable legal fees incurred in connection with the negotiation and drafting of this Agreement.

 

[chiller]

Trevor locked down his twitter account and instagram account?

 

[replicant]

Conspiracy theory - Nikola is a GM plot to game EV subsidies