Nikola (NASDAQ: NKLA) has burned a lot of investors since its public debut. The electric semitruck maker went public by merging with a special purpose acquisition company (SPAC) headed by former General Motors vice-chairman Steve Girsky on June 3, 2020, and its stock opened at $37.55 on its first day as a combined company. That share price more than doubled to its all-time high of $79.73 just six days later.

But today, Nikola trades at about $2 a share. Its stock collapsed as its losses widened and it failed to achieve the lofty delivery targets it set prior to its public debut. Nikola's founder and former CEO Trevor Milton was also convicted of securities and wire fraud last year, while rising interest rates exacerbated that selling pressure by crushing speculative growth stocks.

Image source: Nikola.

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Source Fool.com