Nikola Corp. surged 104% on its third day of trading on the Nasdaq after a reverse merger with VectoIQ Acquisition Corp.
Trevor Milton, president and founder of the hydrogen truck manufacturer, has already set lofty goals. The company said last week thatpre-orders for his vehicles have exceeded $ 10 billion and he plans to start generating revenue in 2021.
The stock skyrocketed on Monday after Milton tweeted that the company would begin taking reservations for its zero-emission truck, dubbed the Badger, later this month.
Milton’s fortune now stands at $ 9 billion, making him the 188th richest man in the world, according toBloomberg Billionaires Index, a ranking of the 500 richest people.
Investor interest in Nikola is increasing. The Phoenix-based company has a market valuation of $ 26.3 billion and stocks have continued to go up in extended deals. Nikola was valued at around $ 3 billion during a fundraiser in 2019.
Read more: Nikola Listing gives billionaire a chance toElon’Musk
Nikola may find it difficult to create infrastructure, such as hydrogen refueling stations, for his fuel cell vehicles.
And like its other alternative fuel pair named after the same inventor, another unwanted similarity comes from an abundance of short sellers. Bearish bets against Nikola hit a new high of more than 20% of the public float this month, according to data from financial analyst S3 Partners.
((Updates with earnings in the second paragraph.)