Nikola said Milton's social media post "misstates the facts," adding in a statement to Reuters that the proposal to increase its share base could pass without his support.
Nikola postponed a vote on the plan to July 6, after failing to secure enough support at a shareholder meeting last week.
The share issue is critical for the company which, like other electric vehicle makers, is facing a cash crunch and weak demand.
"The company does not need new shares, they need new leadership," he said.
Nikola has been urging shareholders for weeks to vote in favor of its Proposal 2, saying "without these additional shares, Nikola's ability to continue its ongoing operations and objectives, including Nikola's need for capital, will be out of reach."
Persons:
Trevor Milton, Nikola, Milton, Abhirup Roy, Sonali Paul
Organizations:
Nikola, FRANCISCO, Reuters, LinkedIn, bourse, Thomson
Locations:
San Francisco