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Federal inquiries, allegations of sexual assault, a resignation, and billions on the line: Here's everything you need to know about Nikola and its founder's controversial last 5 weeks

Federal inquiries, allegations of sexual assault, a resignation, and billions on the line: Here's everything you need to know about Nikola and its founder's controversial last 5 weeks

On the left, GM's CEO and chairman, Mary Barra. On the right, Nikola's founder and former CEO Trevor Milton.
AP Photo/Paul Sancya; REUTERS/Massimo Pinca




Automotive giant General Motors and electric vehicle startup Nikola announced a $2 billion deal in early September.




In the weeks since, Nikola and its founder, Trevor Milton, have been embroiled in controversy.




Since then, Milton has stepped down as the executive Chairman of Nikola's board, and has faced additional accusations including lying and sexual assault.




Nikola's stock has been battered by the allegations of fraud, with prices down more than 50% since the deal was announced Sept. 8.




Negotiations are still underway between GM and Nikola. If the deal isn't done by December 3, then either side could walk away.




Visit Business Insider's homepage for more stories.


In early September, automotive giant General Motors announced a $2 billion deal with electric-vehicle startup Nikola, with plans to produce the Nikola Badger, an electric pickup truck. But just two days after the deal was announced, a short seller released an explosive report claiming that Nikola faked its technological achievements, which spurred federal inquiries, a resignation, and speculation about the future of the deal.Here's everything you need to know about the last month's controversy, and what it means for the future of GM, Nikola, and the electric truck they are looking to build.

The partnership begins: GM announces it's taking an 11% stake in Nikola on Sept. 8

On September 8, GM announced that it would begin a strategic partnership with Nikola in a $2 billion, all-stock deal. The terms of the agreement would see GM manufacture the startup's first pickup, the Badger, producing both the electric-battery and fuel-cell versions.Do you work at GM or Nikola? Business Insider wants to hear from you. Contact the author of this report at ijibilian@businessinsider.com from a non-work email, or via secure messaging app Signal at 917-727-6830.
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