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Nikola founder resigns as chair amid allegations, SEC probe

US-based zero-emissions vehicle company reveals that its founder, Trevor Milton, has resigned as executive chair only days after the group reportedly entered the US Securities and Exchange Commission's searchlights in the wake of a scathing short-seller report.

Photo: PR / Nikola

Nikola Corp., the electric-vehicle startup that recently partnered with General Motors Co., said its founder stepped down as executive chairman, coming just days after the company was reported to be the focus of investigations by US regulators following a highly critical short-seller report.

Trevor Milton, the social-media-savvy public face of the startup he founded in 2014, was replaced by board member Stephen Girsky, whose title will be chairman, Nikola said in a statement late Sunday. Shares of Phoenix-based Nikola plunged 22 percent in US pre-market trading.

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