Shares of electric vehicle manufacturer Nikola have plummeted more than 20 per cent in the last two days of trading, after short seller Hindenburg Research released a scathing report accusing the company of “intricate fraud” and exaggerating its technological prowess. (The Logic)

Talking point: This sudden turn of events for the electric-truck maker comes just days after General Motors pumped US$2 billion into Nikola, propping up its stock by a whopping 40 per cent in a single trading day. The allegations in the Hindenburg report are extensive, but the most concerning one centres on the development of the hydrogen fuel-cell technology that powers Nikola’s vehicles. Hindenburg claimed that in fact the company does not own proprietary battery technology, which is why it entered into partnership with GM to use the automaker’s Ultium battery. Hindenburg also accused Nikola founder and chair Trevor Milton of nepotism by appointing his brother to oversee the development of the hydrogen battery. Nikola responded Friday morning with a threat to sue Hindenburg, for what it describes as “a hit job for short sale profit, driven by greed.”