вЂњWeвЂ™ll tinker with hydrogen for a whileВ and maybe in a decade or so a fuel-cell-powered truck will come out of itвЂќ: True, yes, but a bad pitch. What you want, when you invest in a startup, is a founder who combines (1) an insanely ambitious vision with (2) a clear-eyed plan to make it come true andВ (3) the ability to make people believe in the vision now. I want to both make fun of this view a lot and also agree with it? That is, like, startups, man. ThatвЂ™s not a вЂњmassive fraud,вЂќ thatвЂ™s just, like, startups, man.NikolaвЂ™s founder spent a lot of time running around pretending that Nikola was already there, that it was already producing electric trucks that worked, from scratch, on an assembly line, ready to be sold to customers.The lawyers did a deep investigation, looked at everything, and decided it basically checked out. This bullish view of Nikola, say NikolaвЂ™s lawyers, is broadly correct: The engineers are smart, the technology is promising, the basic premise is not ridiculous, one day it might make money, it is reasonably comparable to other similar electric-vehicle startups, etc.Nikola is viewed by its fans as a promising electric-vehicle startup with smart engineers, cool technology, and some plausible future path to one day produce good electric trucks that work and that it can sell at a profit.I think the point here is something like:

These findings are inconsistent with the main conclusion of the Hindenburg article that the Company was an 'intricate' or 'massive fraud'. For example, the Automotive Experts determined that: (1) the Company's workforce is led by technical and engineering leads that have deep industry experience and expertise (2) the Company's technological contributions and development are consistent with other OEMs at similar stages of development and (3) the Company's maturity level is consistent with that of an emerging OEM. In other respects, the Hindenburg article's statements about the Company were inaccurate. The statements listed above were inaccurate in whole or in part, when made. Did Nikola produce a video to make it seem like the truck could be driven, when in fact it was only moving because it was rolling down a hill? Yes, that is also a real thing that thisВ company really did.Д«ut was the company вЂњan вЂintricateвЂ™ or вЂmassive fraudвЂ™вЂќ? No, no, what are you talking about, not a fraud at all: Did he lie when he said that trucks were coming off the assembly line? Of course.

Did he lie when he said that all the major components for the truck were made in-house? Yes. Did he lie about whether the truck worked? Yes. Now Nikola has released the results of the internal investigation and they are вЂ¦ oh, you know.В Did NikolaвЂ™s founder lie about whether Nikola had produced a zero-emissions truck? Yes, say NikolaвЂ™s own lawyers in NikolaвЂ™s own annual report to the U.S.

Nikola commissioned an investigationВ by its outside lawyers to get to the bottom of things. The stock dropped-its market cap is about $7.5 billion now-and Milton stepped down as executive chairman. Then in September a short-selling firm called Hindenburg Research published a report calling Nikola an вЂњintricate fraudвЂќ and alleging that a lot of founder Trevor MiltonвЂ™s claims about its technology were lies. It went public last year by merging with a special purpose acquisition company, and was sort of the next Tesla for a while shortly after it went public it traded at a market capitalization of about $30 billion, higher than FordвЂ™s. вЂњOur vision is to be the zero-emissions transportation industry leader,вЂќ it says.

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