Nikola Motor Company Two truck
Source: Nikola Motor Company
Shares of Nikola plummeted by as much as 18.3% in heavy trading Tuesday morning after a lockup period on the stock for company insiders and early investors expired, freeing up to 166 million shares for sale for the first time since the embattled electric truck company went public in early June.
A majority of those shares – 91.6 million – are held by Nikola founder Trevor Milton, who resigned as chairman of the company in September. A spokesman for Milton declined to comment Tuesday morning about whether the former executive had sold any shares.
More than 60 million Nikola shares had been traded as of 1:40 p.m. Tuesday. That…