April 25, 2024 11:40 pm
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Despite Trevor Milton’s resignation, some analysts remain confident in Nikola

The Nikola 2 hydrogen-electric semi-truck is the company’s second iteration of the vehicle.
PROVIDED BY NIKOLA MOTOR CO.

By Jeff Gifford | Phoenix Business Journal

The sudden departure of Nikola Corp. founder Trevor Milton as the company’s executive chairman amid investigations into fraud allegations prompted the company’s share prices to take a steep dive Monday, but not everyone sees the latest developments as cause for panic.

New York equity research firm Cowen Inc. said Monday that Milton’s resignation is in the best interest of the Phoenix-based zero-emissions vehicle maker, singling out his “prolific use” of Twitter and Instagram to do battle with critics as examples of Nikola’s (Nasdaq: NKLA) initial lack of preparedness for its role as a public company starting in June.

Read the full subscription story from the Phoenix Business Journal.

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