NEW YORK (AP) — Nikola Corp.’s top executive testified at the trial of the truckmaker’s founder on Monday, saying he repeatedly tried without success to rein in a man prone to exaggeration and misstating facts while trying to elevate his company's share price with promises he couldn't keep.
Chief Executive Officer Mark Russell told jurors in federal court in Manhattan that Nikola founder Trevor Milton had “extraordinary control” at Nikola as the company's chief executive and largest shareholder, as it tried to create zero-emission trucks that run on electricity or hydrogen fuel cells.
Milton, 40, has pleaded not guilty to securities and wire fraud charges two years after resigning from the company. His lawyers insist at a trial entering its second week that their client never intended to defraud or deceive anyone. Milton is charged with whipping up an investor frenzy for the startup company with false claims about its production capabilities.
Nikola, which continues to operate from an Arizona headquarters, didn’t admit any wrongdoing last year when it paid $125 million to settle Securities and Exchange Commission claims.
Russell, summoned to the witness stand by prosecutors, seemed to support their contention that Milton cheated investors before and after the company's shares became publicly traded in 2020.
Russell said he insisted Milton agree he'd become chief executive officer once Nikola was publicly traded before joining Nikola's executive team, after leaving a...
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