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Former Nikola CEO Trevor Milton defends his Board nominees

Miljøstiftelsen ZERO, CC BY 2.0 , via Wikimedia Commons

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1 year ago

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Former Nikola CEO Trevor Milton is fighting back against the Board of Directors’ decision to reject his five director nominees. The Nikola Board announced its rejection of Milton’s director nominees earlier this month. 

Milton had nominated Cole Cannon, Derek Johnson, Hans Peterson, Paul Southam, and Dave Sparks, who runs the HeavyD YouTube channel, for Nikola’s Board of Directors. The current Nikola Board cited several reasons behind its rejection of Milton’s nominees, from their alleged lack of experience in a public company to a lack of skills. 

“The director nominees have no public company experience, add no skills or experience to the board, and indisputably lack the depth of experience that the current Nikola board members bring to the Company. Additionally, it is the Company’s belief that the director nominees lack the expertise or knowledge needed to navigate the complexities of a zero-emissions trucking and energy infrastructure business,” Nikola’s current Board wrote in a press release. 

In a press release, M&M Residual, LLC, an entity connected to Milton, together with its affiliates, argued that the former CEO’s director nominees should be considered. As per the shareholder group, which owns about 4.5% of Nikola stock, Milton’s selections should help the company fix its issues and put it back on a path to value creation. The group argued that Nikola’s leadership today has shown subpar performance, with the company’s stock nearly getting wiped out.

“Since taking over as Chair in 2020, CEO Steve Girsky and his Board have overseen a staggering and consistent decline in Nikola’s stock from $30+ per share to a delisting Nasdaq price of less than seventy cents per share… For approximately four years now, the Board has overseen operational underperformance, value destructive acquisitions, the breakdown of the Iveco Group-Nikola partnership, the loss of meaningful European market share and the sale of key assets while taking on debt. These actions (among other concerning missteps surrounding safety and disclosures) have resulted in the destruction of nearly 100% of stockholder value.

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“Concerningly, the Board also diluted Nikola shares to the tune of an additional 800 million last year, so that over 1.6 billion total shares are now authorized with over 1 billion shares in circulation. After destroying significant value and diluting stockholders as Chair, Steve Girsky then took the helm as CEO in August 2023. Under Mr. Girsky’s leadership, stockholders suffered an approximate 72% decline in value. No matter how you look at it, over all relevant time periods this management team and Board have obliterated stockholder value and put our Company at risk,” the stockholder group noted. 

The group claimed that it had been approached by numerous stockholders who wish to see the current leadership of Nikola replaced. M&M Residual, LLC and its affiliates’ press release also noted that Milton’s five picks for Nikola’s director post have already started working on an operational strategy that would improve the company. 

“Our Group has been approached by numerous stockholders who want to see CEO Steve Girsky and his Board replaced with high-integrity individuals. This is a reasonable request, especially considering Nikola recently disclosed that substantial doubt exists regarding its ability to continue as a going concern through the next 12 months… In stark contrast to the current Board, our independent slate includes proven founders and executives who collectively possess the operational, supply chain, and electric vehicle experience that we believe will be required to initiate a value-enhancing turnaround at Nikola. Our five-member slate has already begun working on an operating strategy that considers the interests of stockholders, employees, partners, and customers,” the shareholder group noted. 

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Simon is an experienced automotive reporter with a passion for electric cars and clean energy. Fascinated by the world envisioned by Elon Musk, he hopes to make it to Mars (at least as a tourist) someday. For stories or tips--or even to just say a simple hello--send a message to his email, simon@teslarati.com or his handle on X, @ResidentSponge.

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Elon Musk

NYC Comptroller moves to sue Tesla for securities violations

Published

11 hours ago

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April 1, 2025

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MINISTÉRIO DAS COMUNICAÇÕES, CC BY 2.0 , via Wikimedia Commons

New York City Comptroller Brad Lander is urging the NYC Law Department to sue Tesla for securities violations related to CEO Elon Musk’s involvement in the Department of Government Efficiency (DOGE).

Lander said the basis for the potential litigation lies on “material misstatements from Tesla claiming that CEO Elon Musk spends significant time on the company and is highly active in its management, despite his helming the Trump Administration’s DOGE initiative.”

It is a common complaint amongst some Tesla shareholders who are less than enthusiastic about Musk’s involvement in DOGE. Some feel as if Musk is not concerned about Tesla, especially as the stock has dropped over 28 percent this year. However, Musk has continued to double down on his position within the U.S. government.

Nevertheless, Musk’s position in Tesla is still very apparent. He headed an All-Hands meeting just two weeks ago that showed his commitment to the company as he outlined future plans and even joked to employees that they should hold onto their stock.

However, Lander believes Musk’s involvement has hurt New York City pension systems, which have lost over $300 million so far this year. He said:

“In less than three months, Tesla stock has lost nearly 40% of its value, with losses over $300 million for the New York City pension systems. We have long expressed concerns that the Tesla board has failed to provide independent oversight, or to require that Musk – or someone else – serve as a full-time CEO.”

Lander went on to say that “material misstatements from Tesla misled investors about his role at the company,” stating this was his reasoning for calling on the Law Department to file securities litigation against the company.

He believes taking it to court will force changes and will return Tesla shares back to a level that will benefit pension systems in New York City:

“Shareholder litigation could force the changes in governance and leadership that Tesla needs, and help recover some of our pension systems’ losses. Otherwise, we may need to consider divestment.”

The pension systems would be able to pursue financial damages to cover losses and seek governance changes, it says.

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Elon Musk

Tesla is testing a Model 3 with some mysterious cameras in the U.S.

Published

12 hours ago

on

April 1, 2025

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Credit: u/Ready_Medium_6693

Tesla is testing a Model 3 with some mysterious cameras, potentially hinting toward the imminent release of the Cybercab and robotaxi platform in the United States.

After Tesla unveiled the Cybercab in Los Angeles in early October, the company suggested that it would be on its way to launching driverless rides in the U.S. in the near future.

Now, Tesla is inching toward a driverless ride-hailing service in Austin, Texas, among some other potential locations, but it is still working toward a platform that is robust enough to handle it.

Although the company’s Full Self-Driving suite is one of the more advanced on the market, Tesla is still working to accomplish what it feels is a mode of transportation that is safer than a human driver. The robotaxi and Cybercab rollouts will likely accomplish that, but there is still work to be done beforehand.

Now, Tesla is testing a Model 3 in the U.S. that was spotted in several different locations in the Northeastern part of the country, as cameras are seen on this vehicle in locations that are not necessarily typical for what it offers currently:

Another one is seen here:

Interestingly, we saw similar camera locations on the Cybercab at the event in October. Tesla is not testing the Cybercab but instead implementing these cameras on a comparable position on its other vehicles.

These are the cameras we spotted on the Cybercab at the event in October:

In the past, Tesla has used a variety of strategies to measure self-driving accuracy, including LiDAR, which has been seen on some testing mules that we have spotted out in public.

Tesla CEO Elon Musk has said that the company does not need LiDAR on testing mules for ground truth, but we still spot them from time to time on public roads.

It’s an appropriate way just to cross Ts and dot Is:

Tesla Model X testing mule spotted with LiDAR rig ahead of Robotaxi event

The company is still moving toward that initial rollout of driverless ride-hailing in Austin in June, and some company executives have stated that the Cybercab will be the vehicle it uses for these initial rides.

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Elon Musk

Tesla adds security feature to Android with latest software update

Published

13 hours ago

on

April 1, 2025

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Credit: @greggertruck/X

Tesla is bolstering its release of features to Android users as it is rolling out some new things with its latest software update.

Update v4.43.5 will see Tesla add a Dashcam Viewer for Android phones, a new feature that will make it simpler to access and manage both Dashcam and Sentry Mode videos. This has been available to iPhone users for some time, but Android owners have not had access to this quite yet.

Tesla describes the release of the feature in release notes (via Not a Tesla App):

“The Dashcam Viewer is now available in the Tesla app for Android users.

The Dashcam Viewer makes it easy to access and manage your car’s Dashcam and Sentry Mode videos. Accessing videos on your phone is faster and more convenient, but it does come with a few requirements.

The Dashcam Viewer in the Tesla app allows you to view, delete, or save video clips right from your device. This should result in higher quality content being shared online and fewer videos of owners recording their Tesla’s screens with their phones.”

The feature creates a more convenient option to view things that your Tesla has captured on its dashcam or on its external cameras through Sentry Mode, its security camera system that records things that happen around the vehicle.

Sentry Mode has been a great addition for Tesla owners lately, as more and more instances of vandalism have been occurring in the past few months.

It seems Tesla might have made it a point to roll this feature out, especially as it would allow those who are getting Sentry Mode alerts to capture footage of keying or tire slashing, two common techniques used by those who dislike Tesla and/or Elon Musk.

Tesla quietly added this extra Sentry Mode feature to deter vandals

The last time Tesla rolled out some features to Android owners was in January when it beefed up offerings for those who do not use iOS. The January update saw Phone Key Improvements and Hands-Free Trunk Opening make their way to Android users.

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