Electric-truck startup Nikola said Monday that its executive chairman and founder was stepping down, as the company faces an investigation into allegations that it misled investors by making exaggerated claims about its technology.
Trevor Milton tweeted a statement early Monday, saying, “I intend to defend myself against false allegations leveled against me by outside detractors.”
Federal prosecutors are probing allegations that Nikola, a maker of electric and hydrogen-powered semi-trucks that listed publicly in June, misrepresented progress it made in developing key technology core to releasing new models, The Wall Street Journal reported last week.
