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Nikola Corporation, once valued at $30 billion and hailed as the future of EV trucking, has filed for Chapter 11 bankruptcy. The company’s stock plummeted 40% today, marking a staggering 99% decline from its 2020 peak of $1,977 per share to just $0.45.
Shares of Nikola $NLKA plummeted 40% today as the company filed for Chapter 11 bankruptcy.
At one point, Nikola was valued at $30 billion and considered the future of EV Trucking.
Lack of revenue growth and a series of scandals entangled the company in a free fall that failed to secure it a buyer.
Steve Girsky, CEO of Nikola, said, “Like other companies in the electric vehicle industry, we have faced various market and macroeconomic factors that have impacted our ability to operate,”
4.5 years ago in June of 2020 the stock traded at $1977. Today it sits at $.45, a 99% decline.
Nikola plans to auction off its assets once the court approves them.
BREAKING: Nikola stock, $NKLA, falls -60% in premarket trade after the EV maker files Chapter 11 bankruptcy. pic.twitter.com/wAwL3T5AJY
— The Kobeissi Letter (@KobeissiLetter) February 19, 2025
FreightCaviar did a deeper report on Nikola at the end of January. Read more by clicking here.
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