Shares in electric startup Nikola Corp. (NASDAQ: NKLA) cratered for a second consecutive day Tuesday. Early investors sold shares on their first day freed from lockup.
Shares closed at $17.37, down $3.04 or 14.89%. Trading was 2.5 times the company’s average. A total of 161 million shares, about 45% of equity in the company, was newly available. Most of those shares — 91.6 million — are owned by founder Trevor Milton. It was unknown how many shares Milton may have sold. At their nadir, shares...
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