What You Need to Know About Nikola's Downfall
Just three months ago, car manufacturer Nikola Motors (NASDAQ: NKLA) was being lauded for pushing the limits of the auto industry, and its stock soared following its IPO. Then came the bad news. And more bad news. And more.
Today, the troubles have hit like a hurricane, and with every day that passes, the bricks come tumbling down faster. What caused Nikola's fall from grace? And how did it happen so fast?
Nikola's current misery traces back to a September fraud allegation, in which Hindenburg Research asserted that the electric semi Nikola One truck was, in fact, an "elaborate ruse." Further, the research firm described Nikola's proprietary battery technology -- which some predicted would revolutionize the industry -- as "vaporware."
Source Fool.com