NIKOLA FOUNDER TREVOR MILTON QUITS AMID FRAUD ALLEGATIONS

Trevor Milton, the founder of electric truck startup Nikola, has stepped down as executive chairman following fraud allegations against the company, Kate Duffy reported for Business Insider. Milton said "the focus should be on the company and its world-changing mission, not me."

Stephen Girsky, a former vice-chairman of General Motors and a Nikola board member, will replace Milton. He will have the title of chairman. Hindenburg Research, a short-seller, published a lengthy report accusing the electric truck maker Nikola of fraud on September 10.

Milton said in a statement that the company "is truly in my blood and always will be, and the focus should be on the company and its world-changing mission, not me." He added: "So I made the difficult decision to approach the board and volunteer to step aside as executive chairman."

The announcement comes one week after short-selling firm Hindenburg Research accused the startup of lying about its products and deals with other companies. The research firm called Nikola's business an "intricate fraud." Nikola denies the allegations. Hindenburg highlighted an email, reportedly sent by Milton, to potential investors in his former venture, dHybrid, that appear to show him overstating the value of a deal with truck company Swift transportation. An alleged copy of the contract included in the report suggests the deal was worth only $16 million, compared to Milton's claims of $250 million.

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