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August 5, 2023 8:23 AM | 2 min read
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After a complex Q2 report, the departure of its CEO, and approval for issuing new stock, shares of Nikola Corporation (NASDAQ:NKLA) fell by more than 26% on Friday. This triggered an interesting reaction from Elon Musk.
What Happened: In its second-quarter earnings report, beleaguered electric truck maker Nikola — a competitor of Tesla Inc. (NASDAQ:TSLA) — disclosed a worrisome 15.3% year-on-year sales decline, totaling $15.36 million and slightly missing the consensus.
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It faced a further blow as its CEO Michael Lohscheller announced an immediate departure, citing a “family health matter,” marking the fourth chief executive change for Nikola in as many years and raising concerns about the company’s stability.
In response to the news, a user on Twitter, now called “X,” commented on Nikola’s still-surprising market cap of over $1 billion. Replying to the user, Elon Musk, Tesla’s CEO, delivered a cryptic one-word response: “Amazing.”
Why It’s Important: Founded in 2015 by former chairman Trevor Milton, Nikola has faced a tumultuous journey since its inception. In 2020, Milton resigned from the company amid accusations of misleading investors and was later arrested and convicted of fraud.
Prosecutors revealed that Milton had deceived investors about the development progress of the company’s hydrogen- and battery-powered electric semi trucks, leaving a stain on Nikola’s reputation.
Nikola has made some progress in building and delivering trucks to customers, although, in the second quarter, the company produced only 33 trucks, down from 50 last year, and shipped 45 trucks, down from 48 in the same period in 2022.
Photo by Frederic Legrand – COMEO on Shutterstock
“The Best Report Benzinga Has Ever Produced”
Massive returns are possible within this market! For a limited time, get access to the Benzinga Insider Report, usually $47/month, for just $0.99! Discover extremely undervalued stock picks before they skyrocket! Time is running out! Act fast and secure your future wealth at this unbelievable discount! Claim Your $0.99 Offer NOW!
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