This [Thread] is more addressed at Tesla (or EV) fans who don’t understand why I (and others) am talking so much shit about Nikola Corporation and its ex-CEO Trevor Milton.
I hope that this thread can at least make you understand, even if not fully agree.
Before I start, I want everyone to know that I hold no position in $NKLA be it long, short, call or put with no intent to start a position, ever. I do hold $TSLA and intend to grow that position. This is because I’d rather bet for what I love than against what I hate.
[On with it]
Ok, why do I talk shit about Trevor? Here’s a contents page for you:
1) Tesla lawsuit
2) FCEVs suck, as do their BEVs

3) Trevor’s FUD
4) Trevor’s lies
5) Trevor’s personality
6) Diesel Bros

7) Theranos 2.0?

8) Addressing common Nikola/Trevor defences
For context, Elon has Tesla open licence all of their non-essential patents in order to accelerate the transition to sustainable transportation. Suing over design has the opposite effect as now other OEMs are too scared to adopt the aerodynamic truck design.
What also seems fairly clear is that Nikola is using a number of Tesla’s patents with no intention of paying Tesla.
So whilst Trevor Milton claims he loves Tesla and wants to defeat fossil fuels at any cost, his actions speak the exact opposite! (As does his natural gas history.
[2) Hydrogen sucks, as do Nikola’s BEVs]
Due to a range of problems including generation, safety and most important of all, range, hydrogen is a far inferior energy storage than Li-ion cells. Here is a thread of threads if you are unconvinced. https://twitter.com/shadowmusk/status/1278051778286796801
‘But isn’t the fight against fossil fuels’ I hear you say. Sure, but using an inferior technology that needs a lot more resources, a lot more capital and almost not room to improve isn’t the way to go about that!
In trucking, it isn’t good enough to compete on emissions alone!
As for Nikola’s BEVs, normally I wouldn’t have a problem with them giving it a go, but for some reason their Powersports efficiency is also shocking! Again, this is a matter of cost efficiency and resource efficiency, neither of which Nikola is good at.
(I will readdress the ‘but the true enemy is diesel’ argument at the end of the thread, in the depth that it deserves)
Even giving Trevor the benefit of the doubt (which I see no reason to do) and assume he was taking about his own battery tech (again, that’s not clearly stated), there is still blatant misinformation, something I’d expect from $TSLAQ!
As always, it’s important to ask why someone would present such misinformation. In the case of Tesla shorts, it was to artificially push the stock down. In Trevor’s case, I believe it’s to artificially convince people that his technology is superior, which it frankly isn’t.
And whilst I’m lacking an exhaustive list, you will see and hear these misrepresentations many times.
If you think I’ve ever intentionally misreport something, call me out on it, but if you’ve read the above threads, you will see I am often overly generous with hydrogen figures.
[4) Trevor’s lies]
This was meant more as Trevor’s internal conflict between statements. @ajtourville and others has done great in documenting these conflicts. Again, not an exhaustive list, sorry, but you can look around if you want more examples. https://twitter.com/ajtourville/status/1276338622636216322
This video by @EliBurton_ @anuarbekiman and featuring the great @28delayslater also has some pretty hilarious examples in it.
My favourite one though is ARK Invests’s hydrogen vs electric chart. Trevor claimed ARK was making the hydrogen numbers up just to spread lies about Nikola. But, in classic fashion, the numbers were from Nikola’s own presentation! 🤣🤣🤣
This is the sort of thing I mean. Someone will have a criticism of hydrogen, Trevor will call them a liar or a troll and then it will be revealed that the criticism was Trevor’s own statement only a few weeks ago! LMFAO!
This is not how intellectually honest people respond!
And if Trevor thinks his own facts paint Nikola in such a bad light that they must be evil trolls with an agenda, I am very worried about the state of his business!
[5) The arrogance]
This one is pretty unbelievable and a big reason why a lot of people feel they can’t help but hate on Trevor. So what do I mean by his arrogance?
Well, at this point in time, Trevor has not delivered any products and Nikola seems unlikely to deliver anything
for at least another year. In spite of that, Trevor frequently calls himself the market leader, the market disruptor etc. He makes claims that he’s smarter than 30 PhD graduates and even that he can out-Elon Elon.
This wouldn’t be so bad if there was some substance to back it up.
As many have pointed out, you need to be in the market to be a market leader!
As for being a self-proclaimed genius, Trevor has repeatedly stumbled over even simple concepts. For example, he pretty much said Lithium is measured by the kWh. He admitted he doesn’t understand the
effects of wider wheels on stability and pressure. No kidding! He doesn’t understand simple business terms like a ‘leak’. Instead of byproducts he says bi products (lol). And the list continues.
Meanwhile, Elon’s the guy who taught himself rocket science!
Trevor’s constant claims to have already won despite not even delivering anything are ridiculous and his attempts to put himself on Elon’s pedestal are outrageous!
Does RJ Scaringe do this? No
Does Mate Rimac do this? No
Does any other EV startup leader do this? *No!*
Ok, so far we have an arrogant FUDster who can’t keep his story straight and actively acts against the mission he claims to hold.
Are you starting to get the picture yet?
Well, it appears that Trevor is great friends with these degenerates. So much so, he’s going to give the, up to 2 million free shares of Nikola! That’s currently worth $135million!

How’s that for #dieselisdead?!
Could you imagine the outrage if Elon Musk gave Martin Winterkorn 675 free Raodsters?

This 👏🏻 is 👏🏻 the 👏🏻 same 👏🏻 thing!
[7) Theranos 2.0?]
Trevor is very trigger happy with the libel lawsuits so let me make this clear: this thread is my opinion and not to be taken as an accusation. I am not accusing Trevor Milton or Nikola Corporation if fraud, just stating that I believe they are so.
So, why do I believe it’s a fraud?
Firstly, as far as I see it, none of the business model makes long term sense. Partnerships, joint ventures, licences etc. all help minimise CapEx at the expense of growth. Nikola’s margins must be atrocious!
Secondly, it’s a huge red flag that Trevor has already taken out over $100million and stepped down as CEO. He can give whatever excuse he wants but I can tell you with full confidence that if investors asked Elon Musk to do the same, he would have told them to go fuck themselves!
Thirdly, about six years ago Trevor said he would retire in 5-10 years. Recently, he repeated that intention to retire pretty soon. I don’t know about you, but I don’t know any founder CEO who already has plans to leave well before those plans are executed on. It’s absurd!
And then there are the far clearer signs of fraud. One big sign is that a company claims to have amazing, ground-breaking tech yet that tech is never demonstrated and always has some questionable excuse why it is delayed.
E.G. Nikola’s entire business.
Another huge one that was shared with Theranos is that the leader talks as an expert on a topic despite having no formal education or prior experience with that technology.
Again, very true of a lot of Nikola’s business, especially battery business.
And another suspicious thing is that both Milton and Holmes responded to journalist doubts with a persecution card and ‘but we gave them so much information’. It’s dodgy and it feels very off to me.
As does the ridiculously high borrowing fee. It seems like Nikola is trying all it can to prevent anyone from shorting this company, something which no legitimate company I know of does! At least not to this level!
[8) pt.1: but diesel tho)
Ok, so you think diesel is the enemy. Well, that’s all well and good and I want to beat diesel too but I cannot see any way in which Nikola is helping with that right now. The trucking world is costs driven. If your ‘replacement’ technology is more
expensive, it won’t make a difference. And, as a lot of independent research suggests, hydrogen isn’t at cost parity with Diesel yet. BEV tech is, at least on a lifetime cost perspective, but as I said earlier, you can’t beat Tesla on their own turf. Tesla’s problem has long been
cell supply. I expect that to continue to be a problem for the foreseeable future. Provided that they can meet enough demand though, no sane company would choose a non-Tesla BEV truck over a Tesla BEV truck, especially when Tesla gets legalised autonomy.
As such, I see little way in which Nikola as a legitimate business would do much to reduce diesel use. Add to that the evidence that they could be a Ponzi scheme altogether and then add to that Trevor’s actions in rewarding diesel so far and I’m surprised not everyone hasn’t
thrown that argument out the window!
[pt.2: But look at all the partners!]
I reject this argument completely too. These business partners are not infallible and not by default really smart. Plenty of ‘smart’ companies make stupid decisions. Just look at the Mirai!
A lot of ‘legit’ partners/investors also like to get
easy cash from a Ponzi scheme. Trevor has a lot of partners but a lot of people have also turned him down! Ryder, for example, ended their partnership. There is speculation that they have yet to attract a partner to build their Badger pickup. They had to reverse merger instead of
do a normal IPO (which is a bad sign in its own right).
We also don’t know what information these companies are privy to. Is it inconceivable that a man who lies to the public can also lie to business partners?
I don’t think so. And so, I also see this argument as very flawed.
[pt.3: at least Trevor is trying]
Is he though? All I see is him on Twitter, at interviews or shooting promos. It feels like most days he’s at home in his mansion! He’s even stepped down as CEO! His current role is far less effort. And by the way he described the SPAC deal,
he’s barely done any hard work in his life! He said that IPO paperwork was the hardest thing he’s done, despite a lot of it being managed by lawyers!
But even if he is trying, what is he trying at? If you ascribe to the fraud theory as I do, his work is nothing to praise!
[pt. 4: ‘he is early Elon’]
No. By the time Elon had Tesla IPO, he had successfully helped build Zip2, PayPal, SpaceX and Tesla and had sold over 1000 roadsters. As for their personality, please don’t insult Elon like that. Elon makes what sounds like crazy claims but they are
always founded on first-principles Physics and almost always come true, though not always on time. What Elon never did was claim to have already won before actually winning, unlike Trevor.
Elon is also very smart, determined and hard working. I can only say the opposite of Trevor
[pt. 5: I am the new TSLAQ]
No again. $TSLAQ at the start of Tesla’s public attention used rational argument with some good and some bad assumptions. Their only failure was underestimating Elon, otherwise Tesla would likely have failed. Now though, they have lost their minds
and their wallets. They come up with mad conspiracy theories, they stalk Tesla fans, they damage Tesla vehicles etc. etc.
I am not like that. I’m not even short $NKLA for fuck’s sake!

But if Nikola can prove themselves to be a legitimate business with good prospects and
a leader who doesn’t think he’s the smartest guy on Earth, I will leave them alone. I do not like being a negative person, but I will call out bullshit when I see it. I hope you can too!

P.S. I’m bound to have missed things, so do add to this. If you want to. But to the idiots out there, someone adding their own opinion doesn’t make it my opinion.
You can follow @Nikola_Truth.
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