Nikola stocks fell over 13% after Citron Research newsletter publicly supported Hindenburg for “exposing” Nikola Motors as a fraud.
An activist short-seller Andrew Left, who is an author and editor of the online investment newsletter, tweeted: “Congrats to Hindenburg for exposing what appears to be a total fraud with Nikola. Citron will cover half of all legal expenses. You can’t SLAPP the truth away. Explains why Milton sold at $10 this June Nikola response warrants an SEC investigation to maintain the integrity of the electric vehicle market.”
Nikola’s stocks plunged 13.79% to sell for $32.26 per share at 10:27 am ET.