Nikola Corp. founder Trevor Milton has voluntarily stepped down as executive chairman of the company’s board of directors, sending shares plunging to new lows.
Milton will be replaced by board member and former General Motors Co. vice chairman Stephen Girsky, effective immediately.
“The focus should be on the Company and its world-changing mission, not me,” Milton said in a letter to employees. “I intend to defend myself against false allegations leveled against me by outside detractors.”
Milton’s resignation comes 10 days after short-seller Hidenberg Research accused Nikola of being an “intricate fraud” that mislead partners about its technology, causing both the U.S. Securities and Exchange Commission and Department of Justice to launch investigations.
Nikola called the claims “false