Nikola CEO Mark Russell told jurors that founder Trevor Milton 'was prone to exaggeration' in court. The company continues to operate in Arizona.
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.
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. But he said Milton continued his ways, including going on"what you'd call a blitz" of public appearances and social media postings after the company went public.
When the company's share price rose dramatically, Milton became"very excited" and claimed his publicity efforts reached small retail investors, Russell said.
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