Nikola Corp's Trevor Milton steps down as Executive Chairman

US electric-truck maker Nikola Corp's founder and executive chairman Trevor Milton. Credit: Twitter/@nikolatrevor

US electric-truck maker Nikola Corp's founder and executive chairman Trevor Milton has stepped down, the company said on Sunday, as it battles allegations from a short-seller that it misled investors and automakers.

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Milton approached the board and proposed to voluntarily step aside, and Stephen Girsky has been named as chairman, effective immediately, the company said.

Short-seller Hindenburg Research alleged the company misled investors and large automakers over its technology in a scathing report that had sent Nikola's shares lower.