Stock in companies run by world’s third-wealthiest billionaire slump after short-seller report

Stock in companies run by world’s third-wealthiest billionaire slump after short-seller report

U.S. short seller Hindenburg Research has accused Indian conglomerate Adani Group of “brazen stock manipulation and accounting fraud” in a scathing report that pressured shares of affiliated companies. Adani Group is chaired by billionaire tycoon Gautam Adani, who is currently the world’s third richest man and is worth almost $119 billion, according to Bloomberg. Shares…

Nikola CEO tells jury he had concerns over founder Trevor Milton’s ‘exaggerations’ to investors

Nikola CEO tells jury he had concerns over founder Trevor Milton’s ‘exaggerations’ to investors

Nikola Corp. CEO Mark Russell told a New York federal jury Monday that he had concerns about joining the electric-truck company because he believed its founder, Trevor Milton, “was prone to exaggeration in public statements.” Testifying in Milton’s securities-fraud trial, Russell said that before coming on board in 2019 as president of Nikola NKLA, -10.55%, he and Milton reached an agreement…

Nikola founder’s securities-fraud trial set to start this week

Nikola founder’s securities-fraud trial set to start this week

Trevor Milton, the Nikola Corp. founder who enticed auto-industry leaders and investors with his promise for a revolution in electric trucks, faces a securities-fraud trial beginning this week on allegations that he lied about his company’s development of environmentally friendly technology. Federal prosecutors in Manhattan last year accused Milton of running a scheme to enrich himself and boost his stature…

Opinion: The SPACsplosion is about to become a liquidation frenzy — and that may be for the best

Opinion: The SPACsplosion is about to become a liquidation frenzy — and that may be for the best

As the SPAC boom was beginning to rage two years ago, this column asked why in the world any company would want to be acquired by a former chief executive best known for executing one of the worst acquisitions in Silicon Valley history. The answer, it turns out, was that no company wanted to be…