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Shares of Nikola Corp. NKLA,
fell 16.1% in pre-market trading on Wednesday, putting them on course for a record-breaking eight-day winning streak in which the stock of the electric truck maker climbed 76.3%. In an interview Tuesday night on CNBC’s “Crazy Money With Jim Cramer”, chief executive Mark Russell did not reassure investors that the partnership with General Motors Corp. GM,
announced in September, which included GM receiving a $ 2 billion stake in Nikola, would continue to pass, as reported by CNBC. Also in the interview, Russell said he couldn’t comment on what founder Trevor Milton, who resigned from the company in September, would do with 92.2 million shares of Nikola’s common stock that he owned when the lock-up expired on December 1, although many other insiders agreed to extend their lock-up agreements until April 30, 2021. In total, 161 million shares, or about 42% of the shares in circulation, will become eligible for sale on December 1 when the lock-up agreements expire. . Nikola’s sale of shares on Wednesday comes as shares of other electric vehicle makers retreat ahead of the opening, with Tesla Inc. TSLA,
down 1.5%, Nio Inc. NIO,
losing 8.8% and Workhorse Group Inc. WKHS,
sliding 9.4%. Meanwhile, future NQ00s,
for the Nasdaq 100 NDX,
are up 0.1% ahead of the open and the S&P 500 SPX,
future ES00s,
are down 0.1%.
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