Stocks making the biggest moves midday: Netflix, Tesla, Nikola, Lennar

Nikola announced early Monday that founder Trevor Milton is voluntarily stepping down as executive chairman.

The electric truck company said the board accepted Milton’s resignation from the role and the board. Stephen Girsky, former vice chairman of General Motors and a member of Nikola’s board, has been appointed chairman of the board, effective immediately.

“Nikola is truly in my blood and always will be, and the focus should be on the Company and its world-changing mission, not me,” Milton said in a statement. “So I made the difficult decision to approach the Board and volunteer to step aside as Executive Chairman. Founding Nikola and growing it into a company that will change transportation for the better and help protect our world’s climate has been an incredible honor.”

Nikola CEO Mark Russell said the company remains committed to its objectives and creating value for shareholders.

“Our priorities remain unchanged and, in collaboration with our partners, we are laser-focused on executing on our strategic initiatives and laying the groundwork to become a vertically integrated zero-emissions transportation solutions provider,” Russell said in a statement.

The announcement comes after short-selling firm Hindenburg Research accused Nikola of fraud. The company pushed back on the accusations, saying there were “dozens” of inaccurate allegations in the report.

This is breaking news. Please check back for updates.

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