Written by Cláudio Afonso | LinkedIn | X
Earlier this week, Trevor Milton, Nikola’s founder and former CEO, announced he is “finally ready” to disclose “what really happened behind the scenes” during his tenure at the truck manufacturer.
Twenty four hours later, Milton shared a new video reacting to fraud allegations and saying the hundreds of trucks on road today have been “proving the skeptics wrong”.
“One of the many bogus claims against Nikola was that our trucks weren’t real. Fact check: they were real all along,” the company’s former chief executive wrote on the Instagram post. “The first Nikola truck made its delivery in 2019 well ahead of going public, our trucks are still on the road today, delivering goods and proving the skeptics wrong. Innovation speaks for itself. “
The former CEO stepped down from the startup in June 2020 after nearly six years at the helm.
Milton answered to multiple comments from shareholders guaranteeing he will not return to the company. “I won’t return. And hopefully this year we’ll get them behind me. We’ll see,” he wrote.
Over the last year, Nikola shares lost 94% of their value. On Friday, the stock closed 24% higher at $1.60, continuing the surge after the record low hit on December 27.
The former CEO said the stock price is “pathetic” adding that “the current management has diluted and sold everything until it’s worthless.” Answering a different comment, the founder of the truck maker said, “Unfortunately I don’t think it can be saved.”
About five years ago, Nikola released a video of a truck appearing to drive, which was later revealed to have been rolled down a hill. Commenting on the controversy, Milton said the commercial was prior to the company’s IPO
“The Nikola one that was used in the commercial was down about 4 years prior to the company going public not causing any direct losses to shareholders. “Just after that the company had released the trucks driving on the road delivering beer for Anheuser busch,” he wrote.
“That was also prior to going public so for years and years prior to going public Nikola had trucks on the road operating. No one ever invested based upon that commercial because we were privately held at the time. What you’ve been told is a complete lie,” Milton added.
Last September, the former chief executive was ruled by U.S. District Judge Diane Humetewa in Phoenix to pay Nikola $167.7 million over incorrect and misleading statements.
The amount includes 97% of Nikola’s $125 million fine from settling a U.S. Securities and Exchange Commission civil fraud case ($121.25 million) plus nearly $46.5 million in legal fees and expenses.
In early June, Milton announced via social media that he had filed a derivative and malpractice lawsuit targeting directors and Nikola’s Chief Legal Officer Britton Worthen.
In July, the former CEO had recently discreetly withdrawn his $1 billion lawsuit against several executives of the Arizona-based company removing it from his website.
Written by Cláudio Afonso | LinkedIn | X
