Nikola Investor Lost $160,000 on Milton’s Hype, He Tells Jury

(Bloomberg) — Nikola Corp.’s founder cost a San Diego man about $160,000 trading the company’s hyped shares, he told the jury in Trevor Milton’s criminal fraud trial.

Joseph Ryan was called to the witness stand Thursday by federal prosecutors, who allege that Milton misled investors by exaggerating the electric truck maker’s progress toward introducing vehicles for sale and by lying about Nikola’s technology and partnerships.

Ryan told the jurors he bought shares based on public…

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