"@nikolamotor has told FreightWaves that former CEO Trevor Milton has not been arrested in Phoenix and is currently in Utah." https://twitter.com/FreightWaves/status/1308071209670774784
The whole thing was a scam. I feel bad for the folks that invested in this and will be completely screwed. Hopefully, some folks end up in jail to deter others from doing the same. One wonders about the level of due diligence done by bankers on this one.
I recall he bought a home there last year. He still walks away with a lot of shares, 20%, which Electrek commented they thought he could now sell stock without having to report his transactions although would have to file quarterly reports of ownership. Have to wonder what Stephen Girsky (formerly with GM and just appointed Chairman of Nikola’s Board) told GM about state of technology with hydrogen and other fuels. Given what GM will be committed to supplying they might know more than other investors. Wouldn’t be surprised if Girsky on the Board wasn’t a big piece to putting together this GM/Nikola deal.
Believe it or not, seeking alpha actually has a succinct, and I think accurate, summary. You know things are bad when SA gets the story right