Grand jury indicts Trevor Milton, Nikola founder, on three counts of fraud

#1

Post by us0r » Thu, Jul 29, 2021, 1:31 PM UTC

Grand jury indicts Trevor Milton, Nikola founder, on three counts of fraud
cnbc.com

Re: Grand jury indicts Trevor Milton, Nikola founder, on three counts of fraud

#2

Post by dreyfan » Thu, Jul 29, 2021, 1:55 PM UTC

And yet NKLA still has a $5B market cap despite the entire company being 100% fraud. Amazing.

[1] https://finance.yahoo.com/quote/nkla

Re: Grand jury indicts Trevor Milton, Nikola founder, on three counts of fraud

#3

Post by dannykwells » Thu, Jul 29, 2021, 1:57 PM UTC

dreyfan wrote: post #2

And yet NKLA still has a $5B market cap despite the entire company being 100% fraud. Amazing. [1] https://finance.yahoo.com/quote/nkla

Came here to say this. So many good companies doing real work worth way less. Pure insanity.

Re: Grand jury indicts Trevor Milton, Nikola founder, on three counts of fraud

#4

Post by the-dude » Thu, Jul 29, 2021, 2:01 PM UTC

Original title Grand jury indicts Trevor Milton, founder of electric carmaker Nikola, on three counts of fraud

Suggested title which does fit : Grand jury indicts Trevor Milton, founder of Nikola, on three counts of fraud

Re: Grand jury indicts Trevor Milton, Nikola founder, on three counts of fraud

#5

Post by rvz » Thu, Jul 29, 2021, 2:11 PM UTC

A great opportunity to short $NKLA, if you haven't already done it.

Re: Grand jury indicts Trevor Milton, Nikola founder, on three counts of fraud

#6

Post by JumpCrisscross » Thu, Jul 29, 2021, 2:12 PM UTC

dreyfan wrote: post #2

And yet NKLA still has a $5B market cap despite the entire company being 100% fraud. Amazing. [1] https://finance.yahoo.com/quote/nkla

They have ~$900mm cash. So it’s only $80% bullshit, for whatever that’s worth.

Re: Grand jury indicts Trevor Milton, Nikola founder, on three counts of fraud

#7

Post by unanswered » Thu, Jul 29, 2021, 2:13 PM UTC

rvz wrote: post #5

A great opportunity to short $NKLA, if you haven't already done it.

I wouldn't recommend it. Many of us have known for months and months that the company is 100% fraud but the market stays irrational.

Re: Grand jury indicts Trevor Milton, Nikola founder, on three counts of fraud

#8

Post by eplanit » Thu, Jul 29, 2021, 2:17 PM UTC

the-dude wrote: post #4

Original title Grand jury indicts Trevor Milton, founder of electric carmaker Nikola, on three counts of fraud Suggested title which does fit : Grand jury indicts Trevor Milton, founder of Nikola, on three counts of fraud

I wondered why there is a superfluous comma in the title.

Re: Grand jury indicts Trevor Milton, Nikola founder, on three counts of fraud

#9

Post by samizdis » Thu, Jul 29, 2021, 2:18 PM UTC

unanswered wrote: post #7

rvz wrote: post #5

A great opportunity to short $NKLA, if you haven't already done it.

I wouldn't recommend it. Many of us have known for months and months that the company is 100% fraud but the market stays irrational.

I'm actually a little surprised that shares fell so much on this news, I'd have thought that this info - or wide expectation of it - was already discounted in the price.

Is it, er, all downhill from here?

Re: Grand jury indicts Trevor Milton, Nikola founder, on three counts of fraud

#10

Post by ericmay » Thu, Jul 29, 2021, 2:22 PM UTC

samizdis wrote: post #9

unanswered wrote: post #7

Earlier quoted context omitted.

I wouldn't recommend it. Many of us have known for months and months that the company is 100% fraud but the market stays irrational.

I'm actually a little surprised that shares fell so much on this news, I'd have thought that this info - or wide expectation of it - was already discounted in the price. Is it, er, all downhill from here?

Well they fell only slightly (surprised they fell at all actually) because Trevor Milton was named, not Nikola. So they let him go and now he personally is getting sued, not the company.