Nikola reveals depression after covering rejection of short-seller record

Shares of Tesla rival Nikola crater after ‘fraud’ accusation

Nikola Motor labeled “an intricate fraud” by Hindenburg Research

Shares of Nikola Corp fell 8% on Thursday after Hindenburg Research shorted the stock and labeled the electric truck maker a "fraud" in a scathing report, evoking a sharp response from the company, which accused the short-seller of manipulating the high-flying stock.

GM said on Thursday after the Hindenburg report that it stood by the comments it had made in announcing the alliance and it was "fully confident" in Nikola.

On Twitter, Milton called the report a "hit job" and promised more specific rebuttals later. Nikola as an alternative claimed it worked with law office Kirkland & & Ellis to consider its own lawful alternatives and also strategies to carry undetermined documents to the focus of the Securities and also Exchange Commission.

Milton later tweeted photos in an effort to disprove Hindenburg's allegations, and asked, "Do these look fake?"

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"We have nothing to hide and will refute these allegations", the company said Friday in a statement. "To be actually very clear, this was actually certainly not a research study record and also it is actually certainly not exact". Andrew Left of Citron Research in June told Business Insider he had taken a short position against the stock, saying "I don't think they will ever get a mass-produced auto", and dismissing the company as a "wannabe Tesla".

Hidenburg Research's owner, Nathan Anderson, claimed his company accepted Nikola's earnest to request surveillances regulatory authorities. "We detailed dozens of misrepresentations by Nikola founder Trevor Milton", the report said. "The author wanted emotion and we won't give it to them".

That set off a two-day plunge in the stock that sent it back below the US$33.75 close on June 4 when it gained its public listing. The short-seller also accused Milton of nepotism.

"Congrats to Hindenburg for exposing what appears to be a total fraud with $NKLA", Citron tweeted, adding that the short seller will cover half of all legal expenses for Hindenburg.

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Nikola shares were down 15.8 percent Friday afternoon, trading at $31.63.

Since it went public in June via a reverse merger, Nikola has grown to be worth $14.25bn, and has been widely touted as a competitor to electric vehicle market leader Tesla. And is seems as if this video caused even more outrage than Hindenburg Report.

The short report followed news on Tuesday that General Motors Co. took a $2 billion equity stake in Nikola. The deal committed GM to manufacturing the startup's debut electric pickup, called the Badger.

Filings with United States regulator the Securities and Exchange Commission show Nikola expects to use GM's battery technology, despite having claimed earlier to be developing batteries in partnership with a company it planned to acquire, and later with an unnamed university.

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In response to Hindenburg's claims, GM expressed confidence in Nikola's ability to create value.

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