Grand jury indicts Trevor Milton, Nikola founder, on three counts of fraud • Hacker News Board

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

#11

Post by samizdis » Thu, Jul 29, 2021, 2:26 PM UTC

ericmay wrote: post #10

samizdis wrote: post #9

Earlier quoted context omitted.

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.

The CNBC article said 11pc in early trading. Just checked the price and it's 7.9pc down atm. That's still quite a drop, I'd say.

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

#12

Post by vmception » Thu, Jul 29, 2021, 2:31 PM UTC

> Last September, Hindenburg Research said in a paper that it was short-selling Nikola stock and labelled the company a "fraud", a charge it denied.

Shorts win! Thanks for the market function

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

#13

Post by lotsofpulp » Thu, Jul 29, 2021, 2:31 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

It has a $5B market cap, and I was not able to confirm that the organization has every produced a working product. A cursory look at Wikipedia for the guy and the company would indicate it is a scam. Not to mention naming the company to be off brand, but related to a real company.

The only source of his wealth might be Worthington Industries, but his track record indicates he has no expertise in making or managing anything, so is he related to someone high up there or something?

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

#14

Post by Invictus0 » Thu, Jul 29, 2021, 2:32 PM UTC

If you haven't seen the Hindenburg report, I recommend reading it for the comedic value: https://hindenburgresearch.com/nikola/

Notable laughs:

* Nikola rolled their semi truck down a hill to show that it worked

* Trevor appointed his brother Travis "Director of Hydrogen Production/Infrastructure" when his only experience was pouring concrete driveways

* The infamous "HTML5 supercomputer" comment: https://www.youtube.com/watch?v=zPL-PbDUKrM

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

#15

Post by [deleted] » Thu, Jul 29, 2021, 2:33 PM UTC

[deleted]

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

#16

Post by typon » Thu, Jul 29, 2021, 2:35 PM UTC

Invictus0 wrote: post #14

If you haven't seen the Hindenburg report, I recommend reading it for the comedic value: https://hindenburgresearch.com/nikola/ Notable laughs: * Nikola rolled their semi truck down a hill to show that it worked * Trevor appointed his brother Travis "Director of Hydrogen Production/Infrastructure" when his only experience was pouring concrete driveways * The infamous "HTML5 supercomputer" comment: https://www.youtube…

This company was an obvious scam from the beginning...the EV hype brought on by Tesla swept up so many naive people. Some of my family invested in this stock and lost a lot of money.

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

#17

Post by Hypocritelefty » Thu, Jul 29, 2021, 2:35 PM UTC

Invictus0 wrote: post #14

If you haven't seen the Hindenburg report, I recommend reading it for the comedic value: https://hindenburgresearch.com/nikola/ Notable laughs: * Nikola rolled their semi truck down a hill to show that it worked * Trevor appointed his brother Travis "Director of Hydrogen Production/Infrastructure" when his only experience was pouring concrete driveways * The infamous "HTML5 supercomputer" comment: https://www.youtube…

But FSD doesn't work downhill as well yet space jesus is free.

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

#18

Post by lesuorac » Thu, Jul 29, 2021, 2:37 PM UTC

typon wrote: post #16

Invictus0 wrote: post #14

If you haven't seen the Hindenburg report, I recommend reading it for the comedic value: https://hindenburgresearch.com/nikola/ Notable laughs: * Nikola rolled their semi truck down a hill to show that it worked * Trevor appointed his brother Travis "Director of Hydrogen Production/Infrastructure" when his only experience was pouring concrete driveways * The infamous "HTML5 supercomputer" comment: https://www.youtube…

This company was an obvious scam from the beginning...the EV hype brought on by Tesla swept up so many naive people. Some of my family invested in this stock and lost a lot of money.

It looks like share price was ~10$ at the start (2018 to 2020) and is currently ~13$ so presumable your family could cash out right now for a 30% profit.

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

#19

Post by raesene9 » Thu, Jul 29, 2021, 2:38 PM UTC

Interesting how even after this was announced, their market cap is over $5b (https://www.google.com/finance/quote/NKLA:NASDAQ) in the same ballpark as established car companies like Mazda (https://www.google.com/finance/quote/MZDAF:OTCMKTS)

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

#20

Post by dawnerd » Thu, Jul 29, 2021, 2:40 PM UTC

typon wrote: post #16

Invictus0 wrote: post #14

If you haven't seen the Hindenburg report, I recommend reading it for the comedic value: https://hindenburgresearch.com/nikola/ Notable laughs: * Nikola rolled their semi truck down a hill to show that it worked * Trevor appointed his brother Travis "Director of Hydrogen Production/Infrastructure" when his only experience was pouring concrete driveways * The infamous "HTML5 supercomputer" comment: https://www.youtube…

This company was an obvious scam from the beginning...the EV hype brought on by Tesla swept up so many naive people. Some of my family invested in this stock and lost a lot of money.

I invested too, doesn’t mean it was necessarily a bad investment. You gotta take risks if you want to get in early on potential huge gains. Luckily I didn’t put too much in. Let that be a lesson to anyone, don’t invest into speculative companies unless you’re willing to lose it all.