Nikola Stock Falls as CEO to Step Aside
Shares of electric-vehicle maker Nikola dropped after the company said its chief executive would step down, to be replaced by its chairman.
Nikola stock finished Friday off 26%. The company said Michael Lohscheller would be replaced by Steve Girsky, making Girsky its fourth CEO in about as many years.
Tweet on Nikola Corp.news
Shares of electric-vehicle maker Nikola dropped after the company said its chief executive would step down, to be replaced by its chairman.#nikola #ev #stocks pic.twitter.com/9aqUQyRFgg
— The_Journalbiz (@the_journalbiz) August 7, 2023
Factset chart, Nikola. corp
In separate news, Nikola reported a drop in sales and widening losses in its latest quarter. Shareholders also approved a sharecount increase that would allow it to sell more shares. An earlier proposal was rejected by shareholders.
Nikola stock was up nearly 50% this year through Thursday’s close at $3.39, though well off its all-time high of around $80.
