Nikola (NASDAQ: NKLA) has revealed that Trevor Milton has submitted his resignation. He has decided to leave his position as Executive Chairman and the board member voluntarily. The board member has accepted his decision. Nikola has announced the leadership transition immediately after the Executive chairman stepped down.

The company has named Stephen Girsky who is the vice-chairman of General Motors Co. as the new Chairman of the board. The former Chairman Trevor Milton said that Nikola is very important for him and now is not the time to focus on him but there is a need to focus on the world-changing mission of the company.

Earlier, Hindenburg Research revealed that Nikola Corporation has made a serious false public statement. Hindenburg said that the company has deceived the public with the video called ‘Nikola One in Motion’. Nikola Corporation has earlier released the statement and disclosed that there is no truth behind this report.

The decision of resignation came after Trevor Milton said that he has decided to defend himself against the ‘false allegations.’ It has been revealed that the US regulators have started an investigation to know the truth behind Hindenburg’s Allegations.

Shares of Nikola Corporation traded down 29.63% as it has lost -10.13 on Monday. The company has a closing price of $24.06. In the past 52-weeks of trading, this company stock has fluctuated between the low of $10.20 and a high of $93.99. It has traded up 135.88% from its 52-weeks low and traded down -74.40% from its 52-weeks high. If we look at its profitability, it has a return on assets, and equity of -32.40%, and -34.00%. This company market capitalization has remained high, hitting $12.82 billion at the time of writing.

Nikola stock has earlier plummeted after Hindenburg’s report raised doubt on the Nikola’s claims about its electric-vehicle technology. The report about Nikola has garnered the attention of financial regulators. This is not the first-time company has faced these types of allegations. Earlier, Bloomberg disclosed that Nikola has overstated the capabilities of the debut truck of the company. But the company denied the allegations.