Nikola Motor
Nikola's founder rolled a truck downhill to fake a demo video. The SPAC hype machine enabled the deception.
2014 → 2024
$1B+
EV/Automotive
USA
IdeaProof AI Failure Score
What Happened: The Timeline
2014
Nikola founded by Trevor Milton
Jun 2020
SPAC listing, stock peaks at $34B market cap
Sep 2020
Hindenburg Research exposes fake truck demo
2022
Trevor Milton convicted of securities fraud
2024
Files for bankruptcy despite producing some trucks
Root Causes
Nikola claimed to build hydrogen and electric trucks, going public via SPAC at an $8B+ valuation. Short seller Hindenburg Research exposed that founder Trevor Milton had faked a truck demo by rolling a non-functional vehicle downhill. Milton was convicted of securities fraud in 2022 and sentenced to 4 years in prison. Despite producing some battery-electric trucks, Nikola never achieved viability and filed for bankruptcy in 2024.
Sources & References
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