It's been a busy first week on the stock market for hydrogen-electric truck-maker Nikola.
Even though it hasn't seen any revenue yet, the stock began to soar this week, at one point reaching $88 a share.
During the trading day Wednesday, the young company surpassed Ford's $28.8 billion market cap. Trevor Milton, founder and executive chairman of Nikola Motor Company ($NKLA) told Cheddar, "The market justifies valuation. It's hard to tell someone what a company's worth, but I do know they're rewarding companies that are willing to completely change and transform the industry."
Thursday, the stock was trading lower.
Milton pointed to competitor Tesla as an example, citing the company's consistent losses in revenue but skyrocketing stock prices. "I think that's why there's so much excitement," Milton said, "We're doing the same things for the second-highest polluter in the world, the semi-truck, that Tesla did for the cars."
Nikola's upcoming electric pickup, the Badger, is also sparking interest. It's the truck Milton hopes will one day dethrone Ford's F-150. "I think it's going to be probably one of the most successful pickup truck launches in history," he said. Preorders for the Badger open on June 29 with the company hoping to see them on the road as soon as the end of next year.
When asked about criticism from the notorious short-seller, Andrew Left, Milton said it's valid to question why he sold his own shares of the company for $10, stating that Left never tried to find out for himself why Milton would have done so. "The unfortunate part about it was that he never reached out to ask us," Milton said.
The Nikola founder went on to explain that when the company was raising money in the private sector, and underwent a reverse-merger, he was asked to sell the shares as he moved into the role of executive chairman
Chipmaker Nvidia is poised to release a quarterly report that could provide a better sense of whether the stock market has been riding an overhyped artificial intelligence bubble or is being propelled by a technological boom that’s still gathering momentum.
Cracker Barrel said late Tuesday it’s returning to its old logo after critics — including President Donald Trump — protested the company’s plan to modernize.
Low-value imports are losing their duty-free status in the U.S. this week as part of President Donald Trump's agenda for making the nation less dependent on foreign goods. A widely used customs exemption for international shipments worth $800 or less is set to end starting on Friday. Trump already ended the “de minimis” rule for inexpensive items sent from China and Hong Kong, but having to pay import taxes on small parcels from everywhere else likely will be a big change for some small businesses and online shoppers. Purchases that previously entered the U.S. without needing to clear customs will be subject to the origin country’s tariff rate, which can range from 10% to 50%.
Southwest Airlines will soon require plus-size travelers to pay for an extra seat in advance if they can't fit within the armrests of one seat. This change is part of several updates the airline is making. The new rule starts on Jan. 27, the same day Southwest begins assigning seats. Currently, plus-size passengers can pay for an extra seat in advance and later get a refund, or request a free extra seat at the airport. Under the new policy, refunds are still possible but not guaranteed. Southwest said in a statement it is updating policies to prepare for assigned seating next year.
Cracker Barrel is sticking with its new logo. For now. But the chain is also apologizing to fans who were angered when the change was announced last week.
Elon Musk on Monday targeted Apple and OpenAI in an antitrust lawsuit alleging that the iPhone maker and the ChatGPT maker are teaming up to thwart competition in artificial intelligence.
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