“Nikola stock surges 9% after disgraced founder Trevor Milton ordered to repay $165 million”
October 25, 2023
“Shares of electric truck maker Nikola traded higher Tuesday after the company said in a regulatory filing that its disgraced founder, Trevor Milton, has been ordered to pay the company about $165 million in damages. Shares closed up about 9%, trading at a little more than $1. The company’s market value was about $375 million as of Tuesday’s close…”
https://www.cnbc.com/2023/10/24/nikola-nkla-trevor-milton-damages.html
How on earth does this stock go up after defrauding customers? Makes no sense. If anything customers should be running in the opposite direction. I know sales and stocks are not directly connected but still. Maybe its just me but I don’t think investing in a company scamming people is a good business decision.
People can say “Well most if not all of the company might not have known.” You know what I say to that? Being in the position of a potential costumer / investor I do not care. That’s what I have to say. It’s not my problem and I wouldn’t feel sorry for them.