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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.

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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.


Image: Nikola