Nikola Founder Claims Stock is Falling Because of Negative Tweets
Nikola shares have fallen more than 40 percent since last week after Twitter users shared their thoughts, according to Barron's.
Last week, Nikola lost more than 13 percent. Since Monday morning, the stock has decreased an additional 31 percent. Order for the company's Badger pickup trick did not impress investors, but founder Trevor Milton believes there is another reason the stock fell, bearish investors aiming their sights on the company.
On Thursday, Milton tweeted that negative tweets were vicious and could be directed by Tesla fans, a competitor in both the semi-truck and pickup truck markets. Nikola has been receiving 1,500 reservations a day for its Badger pickup truck. Tesla's cybertruck has hundred of thousands of reservations and it was introduced almost one year ago.
Investors have poured money into Nikola since its IPO on June 3. Nikola plans to use hydrogen fuel-cell tech for its trucks, which is different than the lithium-ion batteries used in Tesla's vehicles. The hydrogen fuel-cell tech is lighter and allows longer distances to be traveled with greater freight capacity.
Tesla shares have been surging to all-time highs.