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Nikola (NKLA) Bulls Get Their Face Ripped Off...Again

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Nikola (NKLA - Free Report) has had a bad week, with shares tumbling over 30% since Friday close. Today the shares plummeted over 20% following news of halted talks with key hydrogen-refueling station partners.

Nikola’s former CEO, Trevor Milton, stepped down Sunday in the wake of securities fraud allegations. This move to step down only strengthens Hindenburg Research’s position that Nikola misled investors

Now relationships with critical partners like BP (BP - Free Report) are on the line, relationships that, if dissolved, could spell certain death for this “Tesla wannabe.” (TSLA - Free Report)

I had been very apprehensive about NLKA shares when they surged past Ford’s valuation. A company that hasn’t sold a single car being more valuable than a 117-year-old automotive giant.

The valuations looked stretched out of the gates with FOMO ridden retail investors driving the bid. The most recent developments deepen my apprehension about any position on these shares.

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