Why Nikola Stock Dropped Today

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Over the last year, shares of Nikola (NASDAQ: NKLA) have been impacted by everything from a short-seller report to progress with its first manufacturing facility. Tuesday, shares dropped more than 5% before settling down 3.5% as of 1:45 p.m. EST for what looks to be another reason.

Today’s move likely stems from an announcement that a competing hydrogen fuel cell-electric vehicle (FCEV) maker is merging with a special purpose acquisition company (SPAC) to go public. 

Nikola truck at hydrogen fueling station. Image source: Nikola.

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