GM Reddit Mentions | ChartExchange

**Nikola Corp** entered the public markets in 2020 with a **promise to revolutionize heavy-duty transport through hydrogen-electric innovation**. Investors were sold on a vision of a carbon-free future, led by a company that claimed to have cracked the code on zero-emission semi-trucks. (Spoiler alert: that ended up in a lawsuit, a settlement, and investors can[ submit claims](https://11th.com/cases/nikola-invetor-settlement) to get their share)
https://preview.redd.it/69r5jfkuvdug1.png?width=1080&format=png&auto=webp&s=f1647b45c9b6e42a3914c8c4ba6ad058d9510e90
Back to 2020, the company leveraged its status as a "Tesla killer" to attract billions in capital, showcasing its **Nikola One prototype** as a fully functional breakthrough. Leadership pointed to a multi-billion dollar order book and claimed they could produce hydrogen at a fraction of current market costs.
While Nikola included standard boilerplate language regarding the risks of developing new technology and market volatility, these warnings were masks for a much darker reality. **The company admitted to general execution risks but stayed silent on the fact that their cornerstone technology was effectively non-existent**.
The omission was staggering: **the Nikola One was not a functioning vehicle**, but an empty shell incapable of driving under its own power. Furthermore, the "billions" in pre-orders were largely non-binding "fluff," and **the company had never actually produced a single gram of low-cost hydrogen.**
The catalyst for the collapse arrived in September 2020, when a scathing report from **Hindenburg Research revealed the company had staged a promotional video by rolling an inoperable truck down a hill**. This exposure triggered immediate **investigations by the SEC and the DOJ**, leading to the resignation and subsequent criminal conviction of founder Trevor Milton.
The fallout was swift and devastating, as key partnerships with giants like General Motors were scaled back and the stock price began a terminal descent. Nikola shares, which once traded near $94, **plummeted over 76%** in the wake of the fraud revelations, eventually leading the company into **Chapter 11 bankruptcy in early 2025**.
**Investors have now reached a settlement in a class action lawsuit**, alleging that Nikola and its executives systematically misled the market regarding its technology and production capabilities. The legal action successfully argued that the company’s "In Motion" claims were a calculated effort to inflate stock value through material misrepresentations.
Did anyone else here get caught in the hype during the GM partnership announcement, or were you suspicious of the 'rolling down a hill' video from day one?

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