London (CNN Business) Nikola founder Trevor Milton has stepped down as executive chairman after a short seller accused the hydrogen and electric truck startup of misleading investors and overstating the value of a business deal. Milton has also resigned from the company's board, Nikola said in a statement on Sunday. The company has previously denied the allegations and threatened legal action against the research company that made them. General Motors GM Stephen Girsky, a former vice chairman ofand current board member at Nikola, will take over as chairman with immediate effect. The report also said that Nikola mischaracterized a business deal as being worth more than it was.

Source: CNN September 21, 2020 08:48 UTC