August 6, 2025
In September 2020, Hindenburg Research released its report on Nikola, saying it was “an intricate fraud.” The company acknowledged a truck appearing to cruise down a desert road under its own power in a video was not. The SEC launched an inquiry. Ultimately, Trevor Milton, Nikola’s founder, was convicted of fraud. Nikola settled with the SEC for $125 million.
In 2021, J Capital Research published a report calling Faraday Future “nothing but a bucket to collect money from US investors and pour it into the black hole of debt created by its founder.” A company spokesperson said “the substantive allegations…