9/21, 7:57 AM (Source: TeleTrader)
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Chart for: Nikola Corp

Nikola founder resigns as executive chairman

Founder of Nikola Corporation Trevor Milton has resigned from the company's board and as executive chairman amid allegations of fraud, the company announced on Monday.

Milton has been replaced by Stephen Girsky, former vice chairman of General Motors Co., effective immediately. "Nikola is truly in my blood and always will be, and the focus should be on the Company and its world-changing mission, not me. So I made the difficult decision to approach the Board and volunteer to step aside as Executive Chairman," the Nikola founder said in a statement.

The Department of Justice is looking into claims that Nikola is an "intricate fraud built on dozens of lies," it was reported last week.

Breaking the News / JC