Nikola shares were as high as $65.90 in 2020 when the buzzy SPAC was being led by Milton. Shares have since fallen to $1.19.
- Nikola’s leadership has been trying to turn the company around since its founder and CEO Trevor Milton was indicted for federal securities fraud. While it has made some progress, including installing a new CEO and preparing for commercial production, it has also encountered numerous speed bumps.
- The company said Friday it will lay off 150 workers who were supporting the company’s European programs.
- Another 120 employees based at the company’s Phoenix and Coolidge, Ariz., sites will also lose their jobs. About 900 employees will remain.
- Shares fell 15% Friday, but rose about 1.7% in after-market trading following the announcement.
Nikola Corp. announces workforce reduction and shift in focus to North America
Nikola cuts 270 jobs as cash to survive runs low
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Electric truck maker Nikola Corp. laid off 270 workers Friday as its cash to run the business shrinks. The moves came a day after convicted founder Trevor Milton took shots at company leadership on social media.
- The layoffs affected about 150 employees at multiple sites. They spent at least part time supporting the company’s manufacturing joint venture with Europe’s Iveco. Nikola cashed out of the 50-50 JV in May in exchange for $35 million and the return of 20 million shares of company stock.
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