// startup autopsy
Nikola Corporation
Hydrogen trucks that existed only on slides
fraudFraud Explosion
Sudden collapse triggered by fraud exposure · Fatal mistake: Fraud
// the model, blind
Evaluating only Nikola Corporation’s profile at its peak — without knowing the outcome — the model ranked Fraud as the #1 likely cause. That’s exactly how it died.
Key Events Timeline
FOUNDING
Nikola Corporation founded by Trevor Milton to develop zero-emission heavy-duty trucks and hydrogen fuel cell technology.
FRAUD EXPOSURE
Hindenburg Research published a short-seller report documenting that Trevor Milton staged a video of the Nikola One truck rolling downhill to falsely simulate self-propulsion.
CEO CHANGE
Trevor Milton resigned as founder and executive chairman of Nikola Corporation following the fraud exposure.
REGULATORY ACTION
Trevor Milton was convicted of securities fraud in federal court for misleading investors about the company's technology and capabilities.
SHUTDOWN
Nikola Corporation filed for Chapter 11 bankruptcy after failing to achieve viable production economics despite new leadership and continued hydrogen truck development efforts.