© Massimo Pinca/Reuters
Nikola founder and executive chairman Trevor Milton. Massimo Pinca/Reuters
Nikola, an upstart electric-vehicle manufacturer that is worth $10 billion, published its first annual fiscal report this past week. The results mostly disappointed investors and sent stocks. The business is pre-revenue, also functioning on multiple forthcoming automobile models, but did manage to earn $36,000.Buried at a regulatory filing, Nikola disclosed that cash was from installing solar panels because of its creator, Trevor Milton. Visit Business Insider’s homepage for more stories.Investors were mostly disappointed with electric-vehicle startup Nikola’s initial earnings announcement this past week.
The firm, which went public in June via a merger having a specific purpose acquisition company (or even SPAC), has yet to sell a manufacturing automobile despite towering stock valuations since the electric car race farther ignites. And buried in a regulatory filing the identical afternoon was just another detail: in which its $36,000 in earnings came from.Turns it out from installing solar panels purchased by creator and executive chairman Trevor Milton.”Throughout the three months ended June 30, 2020 and 2019 the Company listed solar earnings of $0.03 million and $0.04 million, respectively, for the supply of solar setup services to the Executive Chairman, that can be charged in time and materials basis,” the filing, initially seen from the Financial Times and CNBC, says.The company also revealed a $70,000 reimbursement for Milton’s use of a personal airplane for business business. “These flight hours are linked to company travel by their Executive Chairman and other members of the executive staff to company meetings and trade conventions, in addition to the Executive Chairman’s sail involving the organization’s headquarters in Phoenix, Arizona, along with his residence at Utah.”Milton, who changed from chief executive to the chairman function in recent months and remains the organization’s biggest shareholder, has gained a reputation due to his outspoken Twitter presence that is not unlike his counterpart in Tesla, Elon Musk.”it is a little confusing trying to trace Trevor on his different social media outlets concerning the time and cadence of communicating of the various factors that you are speaking about,” one analyst commented to a conference call.—Trevor Milton (@nikolatrevor) August 5, 2020Have you ever worked with Trevor Milton? Reach out to the reporter in email@example.com or through protected procedures found here. Video: DBS Group CEO talks that the coronavirus pandemic’s effect on credit and operations (CNBC)
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