Anyone see this coming?
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Milton is accused of using his massive social media platform and TV appearances to mislead retail investors in order to inflate and maintain Nikola’s stock price. The scheme resulted in him receiving tens of millions of dollars in personal benefits, according to the indictment.
Great video on this whole scam of a company
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Shocking! There are 2 truly amazing things here. 1) That it took this long to charge him and 2) That it happened at all.
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Yeah, this was no surprise.
One of my greatest shorts ever!!! Thank you Trevor for being such a transparent fraud. Def needed to learn how to legally defraud people like most ceos.
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“At the bottom, this a very simple case: Milton told lies to generate popular demand for his stock,” said Audrey Strauss, the U.S. Attorney for the Southern District of New York.
This is a very bad precedent setting statement in auto industry especially.
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Next up: Lordstown Motors.
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I am not aware of anything as egregious as Nikola with Lordstown. Remember, incompetence itself is not criminal.
Basically lied about pre-orders and had fake companies order them. That’s fraud.
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I hadn’t heard that. That should raise some eyebrows for sure.
Oh, the Lordstown racket is arguably even shadier than Nikola.
Between the backhanded political deal with the former administration to “save” the Lordstown plant (all for a Trump/Pence BS photo op), to the sketchy relationship with Workhorse (the CEO’s former failed project), to lying about the pre-orders…it’s a real doozy. There has been some great reporting on this by Bloomberg, the NYTimes and others - worth reading up about it.
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Wow this is Fyre Festival in EV form!
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Lol thanks for the throwback!
Side note, I am very pleased with how far EVs have come in the last 5 years.
Can’t wait to see what’s in store, but I do hope I get to buy an ICE by the time I’m 30.
Basically anything that DJT touches comes out smelling …
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Except Kushner - word on the block is he’s starting a new investment fund
Tom Barrack forgave a couple 100MMs in order for Kushner to avoid BK
Not to mention frequent trips to the Middle East to secure funding for troubled assets