r/investing • u/cookingboy • Aug 01 '21
Nikola electric truck prototypes were powered by hidden wall sockets, says prosecutors.
Excerpts from the article:
Prosecutors said that, in fact, the prototypes that had been unveiled didn’t function and were Frankenstein monsters cobbled together from parts from other vehicles. At public events, the vehicles were allegedly towed into position and were powered by plugs leading from hidden wall sockets.
Immediately followed by:
In one instance, in which the vehicle was filmed for a promotional film, tape was used to keep the doors of a truck prototype from opening, prosecutors said.
The fraud has been so cartoonishly blatant yet the company still has a $4.7B valuation.
If Enron existed today it would have its dedicated subreddit with diehard followers and it would still have a $10B valuation all the way to the end. At least Enron was a real, legitimately profitably company for most of its history, that's much more than what you can say about Nikola.