Nikola was formed in the mid-2010s, and by 2020, investors including huge brands like GM had spent billions of dollars on the firm. However, in September of that year, a short-selling business produced a report accusing the company of fraud, citing a video uploaded by the company with the caption “Behold, the Nikola One in action.” By the end of 2021, GM had indicated that it would no longer acquire an interest in the firm, Miller had been formally charged with fraud, and the company had been fined $125 million to satisfy claims that it had misled investors.
