![](https://investorshub.advfn.com/uicon/509452.png?cb=1489404229)
Thursday, December 15, 2022 4:08:20 PM
Nikola CEO Sells $17.2 Million of Stock in the Months Leading to Retirement
Craig Trudell
Thu, December 15, 2022 at 1:52 p.m.·2 min read
https://ca.finance.yahoo.com/news/nikola-ceo-sells-17-2-175637673.html
(Bloomberg) -- Nikola Corp.’s former chief executive officer has sold more than a third of his direct stock holdings since the electric-truck maker announced his retirement after the end of this year.
Mark Russell has offloaded just over 1 million shares worth $17.2 million, selling almost every day since Sept. 15, according to data compiled by Bloomberg. His latest disposal, disclosed in a regulatory filing Wednesday, leaves him with 1.96 million shares.
A representative for Nikola didn’t immediately comment.
Russell took over as CEO in the days leading up to Nikola’s merger with a blank-check company in June 2020, replacing founder Trevor Milton. Soon after the electric-truck maker made its stock market debut, Milton’s pronouncements about the pre-revenue company sent its market capitalization soaring, briefly surpassing Ford Motor Co.’s valuation. It has fallen precipitously since those heady days two and a half years ago.
Shares of the company declined 0.5% Thursday to $2.10 as of 1:50 p.m. in New York. The stock is down about 78% this year.
Milton was found guilty in October of securities and wire fraud. Russell told the jury during the monthlong trial that Milton often made exaggerated statements that concerned him and was focused on day-to-day moves in Nikola’s stock price.
While Russell testified that he had conflicts with Milton leading up to his dismissal in September 2020, the two are still linked through a jointly owned entity called T&M Residual. T&M holds about 8% of Nikola’s shares, according to data compiled by Bloomberg. Nikola has said Russell manages the T&M shares independently of the company.
Nikola announced on Nov. 3 that Russell would retire two months earlier than previously planned. He ceded the top job to Michael Lohscheller, an auto industry veteran who’s worked for manufacturers including General Motors Co. and Volkswagen AG. Russell remains on the company’s board.
Recent NKLA News
- Honeywell Acquires CAES Systems for $1.9 Billion, Sarepta Therapeutics Surges 34%, Gilead Continues Gains • IH Market News • 06/21/2024 12:00:38 PM
- Form 424B3 - Prospectus [Rule 424(b)(3)] • Edgar (US Regulatory) • 06/20/2024 12:03:20 PM
- Form 424B3 - Prospectus [Rule 424(b)(3)] • Edgar (US Regulatory) • 06/20/2024 12:03:03 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 06/20/2024 12:01:11 PM
- Form 424B3 - Prospectus [Rule 424(b)(3)] • Edgar (US Regulatory) • 06/06/2024 12:28:05 PM
- Form 424B3 - Prospectus [Rule 424(b)(3)] • Edgar (US Regulatory) • 06/06/2024 12:27:56 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/05/2024 10:40:25 PM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 06/04/2024 09:20:31 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 06/04/2024 07:51:39 PM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 05/31/2024 08:45:19 PM
- Form SD - Specialized disclosure report • Edgar (US Regulatory) • 05/31/2024 08:10:29 PM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 05/29/2024 08:06:55 PM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 05/23/2024 08:09:11 PM
- NIKOLA AND AiLO LOGISTICS ANNOUNCE ORDER FOR 100 HYDROGEN FUEL CELL ELECTRIC TRUCKS • PR Newswire (US) • 05/21/2024 12:05:00 PM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 05/20/2024 08:21:35 PM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 05/17/2024 08:04:59 PM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 05/14/2024 08:07:37 PM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 05/10/2024 08:04:41 PM
- Form ARS/A - Annual Report to Security Holders: [Amend] • Edgar (US Regulatory) • 05/08/2024 08:05:35 PM
- Reddit Rises 15% After First Quarterly Report, Upstart and Twilio Plunge Due to Weak Q2 Forecast, and More in Earnings • IH Market News • 05/08/2024 12:23:27 PM
- NIKOLA EXPANDS HYDROGEN NETWORK WITH INAUGURATION OF SECOND HYLA REFUELING STATION IN SOUTHERN CALIFORNIA • PR Newswire (US) • 05/08/2024 12:05:00 PM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 05/07/2024 08:54:24 PM
- Form 424B3 - Prospectus [Rule 424(b)(3)] • Edgar (US Regulatory) • 05/07/2024 08:47:40 PM
- Form 424B3 - Prospectus [Rule 424(b)(3)] • Edgar (US Regulatory) • 05/07/2024 08:45:08 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/07/2024 08:38:03 PM
VAYK Exited Caribbean Investments for $320,000 Profit • VAYK • Jun 27, 2024 9:00 AM
North Bay Resources Announces Successful Flotation Cell Test at Bishop Gold Mill, Inyo County, California • NBRI • Jun 27, 2024 9:00 AM
Branded Legacy, Inc. and Hemp Emu Announce Strategic Partnership to Enhance CBD Product Manufacturing • BLEG • Jun 27, 2024 8:30 AM
POET Wins "Best Optical AI Solution" in 2024 AI Breakthrough Awards Program • POET • Jun 26, 2024 10:09 AM
HealthLynked Promotes Bill Crupi to Chief Operating Officer • HLYK • Jun 26, 2024 8:00 AM
Bantec's Howco Short Term Department of Defense Contract Wins Will Exceed $1,100,000 for the current Quarter • BANT • Jun 25, 2024 10:00 AM