Nikola (NASDAQ: NKLA), a producer of electric semi trucks, saw its market cap hit $28.8 billion as its stock hit its record high of $79.73 on June 9, 2020. But at the time of this writing, it trades at about $0.56 a share with a market cap of $750 million.

The stock collapsed after the company missed its own production estimates; its founder and former CEO, Trevor Milton, was convicted of securities and wire fraud; and it recalled nearly all of its trucks following a series of battery fires in 2023. Persistent losses and an ugly balance sheet also made Nikola an easy target for the bears as interest rates rose.

Image source: Nikola.

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Source Fool.com