Hydrogen Electric Vehicle Company Nikola Founder Trevor Milton Sells 3.5 Million Shares

Trevor Milton [Image source= Bloomberg]

[Asia Economy Reporter Byunghee Park] It has been confirmed that Trevor Milton, the founder of hydrogen electric vehicle company Nikola, sold 3.5 million shares of Nikola stock.

According to major foreign media, Milton sold 3.5 million shares of Nikola stock on the 31st of last month (local time) at the closing price of $13.89 on that day. Trevor secured $49 million from the share sale on that day. Milton's share sale was disclosed on the 2nd, two days after the actual transaction took place.

Nikola was listed on the Nasdaq stock exchange in New York last June through a merger with a Special Purpose Acquisition Company (SPAC). The company, known as an electric truck manufacturer, saw its stock price soar to an all-time high of $93.99 shortly after listing.

American automaker General Motors (GM) announced in September last year that it would invest $2 billion and acquire an 11% stake in Nikola. However, immediately after GM's investment plan was disclosed, financial information firm Hindenburg Research released a report claiming Nikola was a private company, causing Nikola's stock price to plummet. Milton denied Hindenburg Research's claims as false. Nevertheless, GM announced in December last year that it would withdraw its investment plan in Nikola, and the stock price continued to decline. Currently, the U.S. Department of Justice and the Securities and Exchange Commission (SEC) are conducting investigations into Nikola.

Despite this share sale, Milton maintains his position as the largest shareholder with a 21% stake in Nikola. Nikola's CEO Mark Russell is the second-largest shareholder with nearly an 11% stake.

This content was produced with the assistance of AI translation services.