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GM holds back on deal with Nikola after fraud allegations

GM holds back on deal with Nikola after fraud allegations

General Motors hasn’t closed its deal to take an 11% stake in Nikola, the startup maker of hydrogen-powered trucks, following accusations that founder Trevor Milton lied about Nikola’s technology and misled investors. Earlier on Sept. 8, GM and Nikola had announced plans to work together, triggering a 41% surge for shares of the newly public listed Arizona, US-based company.

Levine
Levine
M. Schlegel
M. Schlegel 2 weeks

Well look at the history of the founder, his previous businesses all were either fraud or very close to it. Why would GM invest so much money in someone with such a history without properly investigating his current company and technical claims? I would say totally their own fault.

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