Nikola [NASDAQ: NKLA] Founder Dump $49M Worth of Shares

Nikola Corporation [NASDAQ: NKLA] has made an announcement that the founder of electric-startup Nikola has dumped $49 million worth of shares in the firm. Trevor Milton has resigned from his position about seven months earlier.

Trevor Milton dumped 3.5 million shares in the electric-truck startup for $13.89 each on Wednesday. The transaction of Milton has been disclosed in the filing with SEC two days after the business hour.

Shares of Nikola Corporation went up 0.14% at $13.91 during the trading session of Thursday. In the past 52-weeks of trading, the share of the firm wavered $10.51 from its 52-week low range and $93.99 from its 52-week high range. Its share soared 32.35% from its 52-week low and -85.20% from its 52-week high. Nikola Corporation’s market capitalization went up, reached $5.47 billion at the time of writing.

Milton was resigned in September from his position during federal investigations into accusations of fraud. Trevor was the biggest shareholder in Nikola. It has been disclosed that he held about 21% of the firm’s stock.