"Nikola Reclaims $165 Million from Disgraced Founder Trevor Milton"

Shares of electric truck maker Nikola surged 9% after it was revealed that founder Trevor Milton has been ordered to repay the company approximately $165 million in damages. The arbitration panel determined that Nikola was owed the funds for costs and damages resulting from government and regulatory investigations, including a settlement with the Securities and Exchange Commission. Milton, who resigned in 2020, was found guilty of fraud last year and is scheduled to be sentenced in November. Nikola will report its third-quarter results on November 2.