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☆ Nikola Jokić triple-double powers Denver Nuggets to 120-108 win over Portland Trail Blazers
▼ + stars: | 2024-02-03 | by ( Patrick Sung | ) edition.cnn.com time to read: +3 min

CNN —Two-time NBA MVP Nikola Jokić led the way for the Denver Nuggets in their 120-108 victory over the lowly Portland Trail Blazers to bring the defending champions within half a game of the No. Denver ran out to a big early lead, outscoring Portland 33 to 20 in the first quarter, but the Trail Blazers fought back in the second. The two teams then traded the lead until the Nuggets pulled ahead by four at the half. Jokić said afterwards he was pleased that the Nuggets are still hungry for more success this season. It’s not like won a championship and now we’re gonna go easy,” Jokić said postgame.

Persons: Nikola Jokić, Jokić, –, Michael Malone, laud, ” Malone, “, he’s, – he’s, Scoot Henderson, Denver’s, David Zalubowski, It’s Organizations: CNN, Denver Nuggets, Portland Trail Blazers, Nuggets, Ball, NBA, Blazers, Denver, Portland, Trail Blazers, Oklahoma City Thunder, Minnesota Timberwolves, Philadelphia 76ers, Milwaukee Bucks Locations: Serbian, –, Portland, Denver

NEW YORK (AP) — Lawyers for the founder of truckmaker Nikola Corp. say he should not face incarceration because his fraud conviction is nothing like the fraud that landed Theranos founder Elizabeth Holmes in prison. Milton, 41, was convicted last year of fraud for duping investors with exaggerated claims about his company’s production of zero-emission trucks. Holmes, 39, is serving an 11-year sentence for defrauding investors in the blood-testing company Theranos. “Unlike Holmes, Trevor never put Nikola's customers at risk, whereas Holmes touted and used blood-testing technology that she knew to be unreliable, thus putting human beings at medical risk,” the lawyers said. Lawyers for Holmes did not immediately comment.

Persons: truckmaker Nikola, Elizabeth Holmes, Trevor Milton, nastiness, ”, Milton, Holmes, Trevor, CNBC’s, Nikola, “ Trevor, Milton’s, Nikola —, — Organizations: —, truckmaker, truckmaker Nikola Corp, Wall, The Associated Press, General Motors Corp, Securities and Exchange Commission, Nikola Locations: Manhattan, ”, tatters, Utah, Arizona

☆ Nikola CEO is leaving the company after just 18 months
▼ + stars: | 2023-08-04 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +2 min

New York CNN —The president and chief executive of Nikola, the Arizona-based electric and hydrogen semi truck manufacturer, is leaving the company effective immediately, the company announced Friday. Michael Lohscheller is leaving the company so that he can return to Europe to focus on a family health emergency, the company said. Lohscheller’s predecessor, Mark Russell, also stayed in the CEO role for less than 18 months, meaning Girsky is the company’s fourth CEO in as many years. He became president of Nikola in March 2022, and took over the CEO role in November of last year. During his time as president and CEO, Nikola focused its business more tightly on the US market.

Persons: Nikola, Michael Lohscheller, Stephen Girsky, Mark Russell, Trevor Milton, Milton, Nikola’s, Lohscheller hadn’t, Lohscheller, Loscheller, ” Organizations: New, New York CNN, General Motors, Prosecutors, Volkswagen Group, Volkswagen USA, Nikola, VinFast Locations: New York, Arizona, Europe, Nikola, United States

☆ Nikola’s Deliveries Rise While Production Falls Amid Manufacturing Pause
▼ + stars: | 2023-07-05 | by ( Ben Glickman | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ Five Nikola electric trucks catch fire at Phoenix headquarters, company says ‘foul play suspected’
▼ + stars: | 2023-06-23 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +2 min

CNN —Nikola, a startup company that makes electric and hydrogen-powered semi trucks, said in a tweet Friday morning that several of its trucks had been damaged in a fire at the company’s Phoenix, Arizona headquarters. “Foul play is suspected as a vehicle was seen in the area of the affected trucks just prior to the incident and an investigation is underway,” the tweet said. A Nikola spokesperson reached by CNN said more information would be released as it became available. The first report of a fire was around 4:30 am MT, Phoenix Fire Department captain Todd Keller said. The trucks were among more than 30 stored at the headquarters facility, Keller said.

Persons: CNN — Nikola, Todd Keller, Keller, Nikola Organizations: CNN, Nikola, Phoenix Fire Department, Phoenix, Hindenburg Research Locations: Phoenix , Arizona

☆ Electric truck maker Nikola may do reverse stock split to comply with Nasdaq rules
▼ + stars: | 2023-06-01 | by ( Abhirup Roy | ) www.reuters.com time to read: +2 min

SAN FRANCISCO (Reuters) -Electric truck maker Nikola Corp may execute a reverse stock split if its stock does not comply with Nasdaq’s minimum bid price requirements within a certain period, its chief executive Michael Lohscheller said on Thursday. Nasdaq requires shares trade above $1 and sends a notice if one trades below that mark for 30 consecutive business days. If Nikola cannot comply in those periods, the company can execute the reverse stock split, subject to a shareholder vote, to move its shares above the $1 mark, Lohscheller said. A reverse stock split consolidates the number of existing shares into fewer shares. Cash burn in the first quarter was $240 million, compared with $200 million per quarter in 2022, Nikola said last month.

Persons: Nikola, Michael Lohscheller, Massimo Pinca Nikola, Lohscheller, ”, Cash, ” Nikola Organizations: FRANCISCO, Reuters, U.S, Nikola, REUTERS, Nasdaq, Companies, ” Investors Locations: Turin, Italy

☆ Nikola’s Costs Rise Ahead of Hydrogen-Electric Truck Launch
▼ + stars: | 2023-02-23 | by ( Bob Tita | ) www.wsj.com time to read: 1 min

Nikola Corp. is eating up cash as it works to increase production of its zero-emissions trucks. Nikola Corp. reported rising expenses and declining revenue, cutting into the company’s cash reserves as it works to accelerate production of its zero-emissions trucks. Nikola said revenue for the three months ended Dec. 31 was $6.6 million, down from $24.2 million in the prior quarter. The Arizona-based company said it ended the quarter with a cash balance of $323 million, down from $403.8 million at the end of the prior quarter and $522.2 million at the end of 2021.

☆ Adani vs Hindenburg: India’s top businessman faces biggest test
▼ + stars: | 2023-01-31 | by ( Diksha Madhok | ) edition.cnn.com time to read: +9 min

So, how did a relatively young and small New York financial research firm manage to bring the Adani juggernaut to a juddering halt? Much of his fortune is tied up in the sprawling Adani Group, which he founded over 30 years ago. This is not the first time analysts have expressed fear that the rapid expansion of Adani businesses comes with huge risk. In its response, Adani Group said that the “leverage ratios” of its companies “continue to be healthy and are in line with the industry benchmarks in the respective sectors. Adani Group “is not going anywhere,” said Rajat Sharma, founder of financial advisory firm Sana Securities.

☆ Why a tiny American firm is taking aim at an Indian conglomerate
▼ + stars: | 2023-01-30 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

New York CNN —Asia’s richest man is in the crosshairs of a research firm whose very name evokes panic. Gautam Adani is a 60-year-old tycoon who founded the Adani Group over 30 years ago, building it into India’s largest port operator, with businesses spanning infrastructure and energy production. Hindenburg said Adani Group shares are massively overvalued, and it has taken a short position (more on that in a minute) on them, meaning Hindenburg wins when Adani shares fall. What is Hindenburg Research? Hindenburg is a short-seller that specializes in forensic financial research, founded in 2017 by Nathan Anderson.

☆ Gautam Adani, Asia's richest man, slams short-seller Hindenburg's claims as 'baseless' and 'malicious'
▼ + stars: | 2023-01-25 | by ( Diksha Madhok | ) edition.cnn.com time to read: +4 min

Shares of Adani’s companies have surged in the last few years, making him Asia’s richest man. In 2021, shares in Adani’s companies tumbled after The Economic Times newspaper said that foreign funds that hold stakes worth billions of dollars were frozen by the country’s National Securities Depository. Its report on the Adani Group comes at a sensitive time. Later this week, Adani Enterprises, the conglomerate’s flagship company, is aiming to raise 200 billion rupees ($2.5 billion) by issuing new shares. Last year, CreditSights, a research firm owned by Fitch Group, published a report about Adani Group titled “Deeply Overleveraged” in which it expressed strong concerns about its debt-funded growth plans.

☆ Bad Bets Season 2: The Unraveling of Trevor Milton
▼ + stars: | 2022-10-28 | by ( ) www.wsj.com time to read: 1 min

Bad Bets is a podcast series that unravels big-business dramas that have had a big impact on our world. In season two, we delve into the story of Nikola Corp. founder Trevor Milton , who promised a future of zero-emission trucks that could revolutionize the industry. Ben Foldy is the host of this season of Bad Bets. Bad Bets is a production of The Wall Street Journal. This season is produced with Jigsaw Productions, in collaboration with Story Force Entertainment.

☆ Inside a Jury’s Five-Hour Journey to Convict Nikola’s Trevor Milton
▼ + stars: | 2022-10-27 | by ( Corinne Ramey | ) www.wsj.com time to read: +1 min

Nikola founder Trevor Milton, shown at a New York courthouse last month, was convicted of securities fraud for what prosecutors said were his lies about the company’s technology. A jury’s journey to convictNikola Corp. founder Trevor Milton of defrauding investors involved negotiations with initial holdout jurors and tense debates about whether the former electric-truck executive acted with criminal intent, producing an unusual mixed verdict. Three women, known during the trial as Jurors 1, 5 and 6, described to The Wall Street Journal how a federal jury in New York over five hours came to find Mr. Milton guilty of two wire-fraud charges and one count of securities fraud—but not guilty of another securities-fraud charge that carried the stiffest maximum sentence. The verdict, delivered Oct. 14, puzzled some court watchers because the two securities-fraud charges involved the same alleged conduct by Mr. Milton and required jurors to make nearly identical findings to convict.

Washington, DC CNN —Nikola founder Trevor Milton was convicted Friday by a U.S. jury of fraud in a case alleging he lied to investors about the electric and hydrogen fuel cell company’s technology. The jury found Milton guilty on a count of securities fraud and two counts of wire fraud after deliberating for roughly five hours. Milton was acquitted on another count of securities fraud. He also was accused of defrauding the seller of a Utah ranch, who accepted Nikola stock options as part of the purchase price based on Milton’s claims about the company. Milton, who called the report criticizing Nikola a “hit job,” and “lies,” resigned from his position as Nikola chairman in Sept. 2020.

☆ When Electric Vehicles Sound Too Good to Be True
▼ + stars: | 2022-09-19 | by ( Allysia Finley | ) www.wsj.com time to read: 1 min

Last week kicked off the fraud trial of Trevor Milton , founder and former CEO of electric-vehicle startup Nikola . The government alleges that he deceived retail investors about Nikola’s technology. He has pleaded not guilty, but the evidence from the government’s 49-page indictment will be hard to refute. The brakes were then released, and the truck rolled down the hill. The truck’s door was taped during the shoot to keep it from falling off, and the batteries were removed to prevent it from catching fire.

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