Why Shares of Nikola Lost 25% in December

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Electric truck start-up Nikola (NASDAQ: NKLA) took investors on a wild ride in 2020, and December was no exception. The company’s shares fell 25.2% for the month, according to data provided by S&P Global Market Intelligence, as the constant drumbeat of bad news continued.

Nikola was a Wall Street darling when it made its public debut earlier this year, but the stock has fallen on hard times of late. The company was hit by an attack by a short-seller accusing Nikola of overhyping its products and technologies in investor demonstrations.

Founder and former executive chairman Trevor Milton left the company in September, and the management team has been scrambling in recent months to reinvent the business and get investors interested again.

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