re: NKLA down 11% today to $51/share

Sort of. Sold a basket of 10/23 14 strike puts near the close.

I’ve lost 50% at this point on it.

here's more today:

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Nikola Discloses SDNY Subpoena, Multiple SEC Subpoenas, $117 Million Q3 Net Loss

11/10/2020 - 09:30

Nikola reported "earnings" on Monday this week after the bell, but the focus wasn't on the $117 million net loss (on $0 revenue) the company generated, but rather the litany of subpoenas the company disclosed in its Form 10-Q for the third quarter.

Nikola disclosed in its filing that five of its officers and employees had received subpoenas from the SEC on September 14, 2020, just four days after short seller Hindenburg Research released their now infamous report calling the company an "intricate fraud".

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NKLA down 24% to $21.11/share ... on news their deal with GM has been severely reworked ....

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Yahoo Finance
GM will not take a stake in Nikola

Brian Sozzi·Editor-at-Large Mon, November 30, 2020, 8:15 AM EST

Nikola (NKLA) won’t have General Motors (GM) as an investor, at least for right now. The electric truck maker said on Monday it has revised the terms of a prior deal with GM, and that the auto giant won’t be taking a stake in Nikola. The two companies will not work together to produce Nikola’s pickup truck, the Badger. Nikola’s shares were down more than 21% in pre-market trading.

On September 8, Nikola said it selected GM to be its manufacturing parter for its electric pickup truck, dubbed the Badger. The Badger was expected to use GM’s widely acclaimed Ultium battery technology.

Additionally, Nikola was slated to hand over $2 billion in stock to GM and also tap its battery-making prowess to develop semi-trucks.

But the highly publicized deal — which was slated to close this week — was thrust into tumult this fall. Under fire from an early September report from short-seller Hindenburg Research, which questioned Nikola’s technology and overall potential, founder Trevor Milton resigned as executive chairman on September 21.

Mark Russell — who arrived at Nikola in 2019 after a stint as COO of Worthington Industries — took over as Nikola CEO soon after Milton’s exit.

“Absolutely,” Russell told Yahoo Finance Live when asked if he is prepared with a plan to move forward that doesn’t include GM. Now Russell will be put to that test. ‘A clear negative’ Under the revised terms of the new non-binding agreement, GM will supply its Hydrotec fuel-cell system for Nikola’s commercial semi-trucks.

But Dan Ives of Wedbush Securities writes in a new note that the “headline” from the new agreement is that GM won’t be taking a stake in Nikola — and that news “will be viewed as a clear negative.” “This went from a game changer deal for Nikola to a good supply partnership but nothing to write home about and the Street will be disappointed accordingly along with lingering lockup worries,” Ives wrote.

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Down -27% yesterday and -17% today

GM backed out of badger deal and now Milton can sell his shares starting today

I'm up 50% on GM.

The whole company is a scam.
It's Theranos part 2.

But, if you think idiots will buy it. Go for it.

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It's Theranos part 2.

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Based on what I’ve seen about him so far, I wouldn’t be surprised to learn that the former NKLA CEO also spoke with a fake deep voice. That Theranos chick was eat up with a bad case of the crazy.