Cryptocurrencies: 6,003
Markets: 542
Marketcap: $ 405.93 B
24h Vol: $ 51.77 B
BTC Dominance: 62.01%

Global market data

Cryptocurrencies: 6,003
Markets: 542
Marketcap: $ 405.93 B
24h Vol: $ 51.77 B
BTC Dominance: 62.01%

[ZEROHEDGE] Trevor Milton’s Fortune Falls By $1 Billion After Stepping Down As Nikola Chair

Zero Hedge

Trevor Milton’s Fortune Falls By $1 Billion After Stepping Down As Nikola Chair

Tyler Durden

Wed, 09/23/2020 – 06:30

Despite giving up $166 million in stock options as a result of his resignation and Nikola shares plunging over the last two weeks, company founder Trevor Milton’s holdings of the company are still worth about $2.8 billion. (That is, unless the Department of Justice or SEC ultimately have anything to say about it.)

Regardless, that sum is down from the nearly $4 billion Milton was worth just last Friday, before he announced his resignation from the company, sending shares lower by another 30%.

He still owns about a third of the company, which has been at the center of fraud allegations from Hindenburg Research after the short seller alleged, among other things, that the company was an “intricate fraud” and that Nikola videoed a prototype semi rolling down a hill and passed it off to unknowing investors as running under its own power. The company later admitted that it did, in fact, roll a semi down a hill and videotape it.

Despite Milton’s resignation likely coming as a joint decision between his lawyers and crisis PR firm Joele Frank, it was positioned as a move to put the best interest of the company – and its stockholders – first. 

Join our Telegram channels

Join our Telegram group ➡️ t.me/Liquidary

Follow us Twitter ➡️ twitter.com/liquidary

 

Find the full article here

You have successfully subscribed to the newsletter

There was an error while trying to send your request. Please try again.

Liquidary.com will use the information you provide on this form to be in touch with you and to provide updates and marketing. You can unsubscribe anytime.