Nikola Founder Trevor Milton Steps Down as Chairman in Battle With Short Seller

Nikola founder Trevor Milton has stepped down as executive chairman after a short seller accused Milton and the hydrogen and electric truck startup of misleading investors and overstating the value of a business deal. From a report: Milton has also resigned from the company’s board, Nikola said in a statement on Sunday. The company has previously denied the allegations and threatened legal action against the research company that made them. Stephen Girsky, a former vice chairman of General Motors (GM) and current board member at Nikola, will take over as chairman, effective immediately. “The focus should be on the company and its world-changing mission, not me. I intend to defend myself against false accusations leveled against me by outside detractors,” Milton said in a statement posted on Twitter. As part of the transition agreement that Nikola filed with the Securities & Exchange Commission, Milton agreed to revise any references to the positions he held at Nikola on his social media profiles so it’s clear he no longer holds them. He also agreed to check with lawyers for Nikola before posting anything about the company. By late Monday morning, Milton had made his Twitter account private, but his LinkedIn account remained public and active.