Trevor Milton, the controversial founder of electric-truck maker Nikola, announced his resignation as executive chairman late Sunday night, just weeks after a short-seller report accused him of making false representations of Nikola’s technology and exaggerating the proprietary nature of the company’s innovations in the electric-vehicle space. Milton continued to deny the “false allegations” made against him by Hindenburg Research. “The focus should be on the company and its world-changing mission, not me,” he said in a statement. Nikola’s stock collapsed as much as 30 percent on the news. (The Logic)

Talking point: In a press release, Nikola said that it was Milton who approached the board to step down—his proposal was accepted. Stephen Girsky, Nikola board member and former vice-chair of General Motors, will assume Milton’s position. Nikola’s woes deepened last week when media reports suggested the Justice Department and the SEC were probing Hindenburg’s allegations against Nikola, though neither agency has confirmed the investigations. Nikola has lost a remarkable 50 per cent of its stock value since it became embroiled in controversy—it was in fact on a bull run just days before the Hindenburg report was released, after GM announced a US$2-billion investment in the company.