Nikola Stock Plunges on Chapter 11 Bankruptcy Filing

Shares of Nikola a battery and hydrogen fuel cell-powered truck maker, plunged after the company announced Wednesday that it and its subsidiaries have filed for Chapter 11 bankruptcy protection. “Like other companies in the electric vehicle industry, we have faced various market and macroeconomic factors that have impacted our ability to operate,” said CEO Steve Girsky. The announcement comes days after reports the company was considering a bankruptcy filing, leading to some volatility in the stock price.