Nikola
By Caretaker
Nikola was founded in 2014 by Trevor Milton to build battery-electric and hydrogen fuel-cell semi-trucks. It went public via SPAC in 2020, briefly valued around $27B — more than Ford — before a Hindenburg Research report exposed faked demos, including a promo video filmed with a truck rolling downhill. Founder Trevor Milton was convicted of securities and wire fraud in 2022, and Nikola filed for Chapter 11 bankruptcy in February 2025, eventually shrinking to a single employee overseeing liquidation.
Cause of Death
Ran out of cash
Contributor explanation
Faked demos, founder fraud, and unprofitable trucks
Final Lesson
Hype can float a $27B valuation, but only unit economics and real hardware keep a company alive. Fake it till you make it is fraud.