what did investors know about trevor milton before the company went public? of that june merger and listing, investors basically knew that trevor was not the best for of hands to take the company public and execute on the things they are trying to do. of elon muskr sort levels. they wered not think anywhere near sort of elon musk levels. they pushed for a change to the chairman of the board, which ended up happening. completed itskola reverse merger with that blank check company, mark russell took over with ceo. it kind of raises questions about what due diligence partners like general motors did and did not know. even with trevor milton's departure, his presence still hangs over the company. another key piece of information ,his week is that an accusation a claim that trevor milton sexually assaulted her in 1999, a train with -- a claim which trevor milton disputes. he no longer is on the board, no longer holds any operating positions. there are questions about his business savviness, his background. he started a number of startups over the past two decades.

coming up in a few moments the founder of value capital jeff oven is trevor milton they are going to talk about the electric market and this electric truck makers merger news that'll take the company public later this year. we will also talk investing with jeff oven has been a tremendous investor after what's been a wild week on wall street verso blockbuster drop support for february got the number on fridays the u.s. economy added 273,000 new jobs destroying the economist by nearly hundred thousand. the unemployment rate ticked down to below of. breaking down to look ahead anthony chan informant trunk campaign economic advisor steve moore. it's great to see your gentleman's weekend. thanks mr. being here. your reaction to the job number and then i want to look ahead and it's expectation for the outlook is unnerving for investors. >> this report clearly shows that job figures are still in a quarantine. we are not seeing many symptoms of this virus. i'd like to say it's the calm before the virus. warm weather has helped construction, it's also the health numbers coming in strong. tran

coming up, trevor milton on how his company is competing with the world's most valuable car company,, and barron's pick for the best robo advisers. we begin with what we think are the three most important things investors should be thinking about right now. big tech testifying in congress aztec giants reported blowout earnings. what's next for the sector? why these special purpose acquisition companies are so hot and what the phenomenon says about froth in the market. and gold's record rally. is the yellow metal poised finish even more gains? on the "barron's roundtable", my colleagues. so, jack, this week was interesting. four very powerful dudes get hauled up in front of congress, they're asked some dumb questions, some tough questions, the market shrugs, the next day they come out with earning, and three of the four stocks soared. >> yeah, actually rose during and after the testimony and end then again after results. the stock market this week, if you look at the s&p 500, it was up close to 2%. now, that's a wonderful result, but it's particularly great when you consider the backd

coming up, trevor milton on how his company is competing with the world's most valuable car company,, and barron's pick for the best robo advisers. we begin with what we think are the three most important things investors should be thinking about right now. big tech testifying in congress aztec giants reported blowout earnings. what's next for the sector? why these special purpose acquisition companies are so hot and what the phenomenon says about froth in the market. d golsec r r rly r theello y maletetseoid ?inishni eveni eni e more gainsi ? t " tbarron t'sonononou rtably coll gu . thi wk wask was was ininstin ur vy perlfu dfues gfuesetet 'r aedsk seumb d iro f foness, esoness, seoughueio, theyome oe oe oe wh w w w earngd the of thehehe fouherrtos soaree ea actually rose during and after the testimony and end then again after results. the stock market this week, if you look at the s&p 500, it was up close to 2%. now, that's a wonderful result, but it's particularly great when you consider the backdrop. what did we learn this week? gross domestic product, the economy shrank 9.5% fro

of them is when we brought them on in early march right before things sort of shut down joined trevor milton exchange when they announced their plan to go public gurski will take trevor's role they don't mention the fact that he was a southside analyst covering autos for all those years. but they never, phil and jim, they never said that they were going to be at tesla they never said they were going to create their own proprietary engineering and things of that nature the plan had always been to take from here and take from here and sort of create this vision and execute on this vision that trevor has had and that others had bought in to and so, the question becomes can you continue to have the vision without the visionary? i don't know the answer to that. i do know -- >> david, i can tell you >> yeah. >> i can tell you this much. having conversations with people familiar with this the badger electric truck, that's the least interesting element of nikola when they were putting together this deal for the speck ipo. the hydrogen fuel cell semi and the hiydrogen and fuel trucking company one st

that nikola is a fraud, that led to a reported sec department investigation, you have to think of trevor miltonda like elon musk of tesla, they have the cult following, milton being out is a big shock to his crowd of believers. it puts general motors $2 billion taken nikola at risk even though gm said as of now they are not pulling out of making nikola badger hydrogen pickup. either way the gm investment gave nikola street cried, it's up 230% this year but this quarter under all of the pressure is down about 50%. stuart: thank you lauren, i wonder if the nikola situation is having any impact on the overall market, a grave disappointment for sure, look at going down, that was up 600, nasdaq down 176 pre-god is a selloff on a monday morning, we have a big show jampacked all the way through, congressman is with us, "the next revolution" host steve hilton, fox nation tammy lauren and hhs secretary alex azar to round it all out, then we have speaker pelosi, he is not ruling out impeachment as an option to store president trump's supreme court pick, impeachment, hold on what do you think judge jeanin

developments on nikola the stock falling nearly 20% today as the company's executive chairman trevor milton steps down amid fraud allegations. shares are down right now in the after-hours session. let's get back to phil lebeau with the latest. >> and a lot of people are safing what next for nikola and what happens with trevor milton no longer steering this company as the chairman and the founder of the company so a couple of things to keep in mind steve gurski on the nikola board put together the nikola speck ipo, he will become the chairman of the company and the big focus, i suspect, is going to be on the hydrogen fuel cell semi and when you look at the deal and the prospects for the future, that is the most intriguing, if you will. f and gm is excited about the hydrogen fuel cells to nikola. hindenburg research which put out the note ten days ago calling nikola a fraud when asked about trevor milton leaving he wrote nikola has almost no intellectual property or products or revenue to fall back on. we think the company's asset was the ability to raise money through hype and outright lies

ashley, i was really detailing some of the look here about this, and trevor milton is somebody who'sy as the face of it even though he was not the ceo. >> yes, absolutely. and, liz, what a shocking development. shares of nikola, by the way, falling as much as 30% today. i know it's down 20% now on news that founder and chief executive trevor milton resigned following those accusations of fraud and nepotism. those charges coming from hindenburg research a couple of weeks ago that claimed to have enough evidence to show that nikola and milton made false claims about the company's proprietary technology to form partnerships with large automakers, gm as with we know just recently announced it was taking an 11% stake in the company. and in an interview with you last december, trevor milton said nikola is a popular target for partnerships. take a listen. liz: give me a sense of what other companies have expressed interest in this. >> yeah. we have 800 trucks rolling out with anheuser-busch, the first time they've ever done an order that large with anybody in history. liz: wow. >> we just d

. >>> nikola shares tumbling today as the company's founder goes on the defensive, trevor milton firingack at a short seller's allegation of fraud in an instagram story. >> i want you to know first and foremost that i'm pissed and i understand that you guys are too. every single thing in there was [ bleep ]. i have all the rebuttals done. it drives me nuts that i can't send them out to you guys. look, i want you to know that it sucks, it hurts, i know. i'm super mad and there's nothing i can do about it for a little bit, okay give me some time. it's not in my hands it's in the hands on thf the attorneys and the sec. >> all this comes after hindenberg research accused nikola of being an intricate fraud. i don't even know where to go with this, jeff mills. obviously general motors is involved because of the 11% stake it now has in nikola what's your take >> yeah, i don't really know where to go with it either, quite frankly. at this juncture it's a he said/she said sort of situation. i try to look to the market for some wisdom. you brought up gm. i thought the trading in gm and nikola was

. >> tim, to be clear on the story and we're trying to get phil up here any moment, you know, trevor milton said the other day we're going to work with the srksz cc on this tobe clear that's not what this is. this is peers the sec is now poking into nikola, maybe not on the side of the short seller but from that angle. this is not some cozy deal between the two going after hindenburg. >> no i think ultimately the sec will do what they feel is just based on allegations of fraud and actual fraud what was brought tony vestors it is what it is guys brought up important elements that i don't think we could know based on if we read that report. this needs to be validated or invalidated. the fact the company came out and said we said the company was -- was that the truck was moving opposed to it was actually individually propelled by our own engine, et cetera there's some really, frankly, you know, that semantic hair trying to be split, i think, is crazy. i mean, that doesn't sound good or certainly not like what you would rest on, we were on our own with individual propulsion that doesn't read we

is taking over from trevor milton he has his work cut out for. since the report's release until militants monday resignation shares in nicolai have declined . rebuilding trust in investors is going to be difficult and realizing nicholas dream of remaking the trucking industry a distant possibility. to some of the other global business stories making news. tick-tock has avoided a ban in the united states for now at least after u.s. president donald trump appeared to show support for a proposed deal but within the company partner with american firms oracle and wal-mart washington says the plans mean no american daisho would end up in the possession of the chinese government's. general electric have announced it will no longer build coal fired power plants she said it will continue to maintain existing facilities but will no longer manufacture any new ones the announcement is part of the company's broader shift to renewable energy. the richest one percent of the world is responsible for 15 percent of total carbon emissions the finding appears in an

we were talking about trevor milton's, what he's received from the program it was $4 million. we want to clarify that. mr. mathison >> the graphic was in error. robert's voice was correct kelly, great let's take you to the markets right now with what little time we have left 500-plus points for the dow higher, that's 2.25%, but the big standout today, as it has been for so many days here on positive days, has been the nasdaq, up better than 3% right now and we will follow the action on "the closing bell," which is coming up right now >> thank you very much welcome to the "the closing bell." i am wilfred frost with sara eisen. stocks rallying for the first time this week as we see the energy market recover. let's look at what's driving the action congress on track to pass nearly half a trillion in extra stimulus funds oil prices recover and corporate earnings providing a bit of relief today.

>> well, the relationship remains between nikola and general motors but trevor milton was the drivingniko nikola, the stock exploded in may all the way through ten days ago, that's when you had the research that came out that essentially was from a short seller saying, look, we think a lot of this doesn't add up we think trevor milton at the heart of this is inflating the capabilities of what this company can do trevor milton issuing a letter last night to the nikola board of directors and putting it out on social media, in it he says i asked the board of directors to let me step aside as my roles of the executive chairman and the nikola board of directors. the focus should be on the company and not me who takes over as chairman of nikola steve girsky he was the chairman of invecto which put together the spac ipo earlier this year. former vice chair of general motors long-time analyst. auto analyst on wall street. he will be the executive chairman or he will be the chairman not executive chairman of nikola wedbush saying trevor stepping down and nikola will be perceived by the street

is taking over from trevor milton he has his work cut out for. since the report's release until militants monday resignation shares have declined. rebuilding trust in investors is going to be difficult and realizing nicholas dream of remaking the trucking industry a distant possibility. to some of the other global business stories making news. tick-tock has avoided a ban in the united states for now at least after u.s. president donald trump appeared to show support for a proposed deal with the company partner with american firms oracle and wal-mart's washington says the plans mean no american daisho would end up in the possession of the chinese government. general electric has a nice it will no longer build coal fired power plants she said it will continue to maintain existing facilities but will no longer manufacture any new ones the announcement is part of the company's broader shift to renewable energy. the richest one percent of the world is responsible for 15 percent of total carbon emissions the finding appears in an oxfam report published

. >>> and nikola shares, we'll talk to trevor milton ahead. >>> plus an earnings alert an lennar we'll break down the numbers straight ahead but we start off tonight with a massive reversal on wall street today. the dow falling more than 700 points at its lows after closing up more than half a percent as the fed laid out plans to buy up individual corporate bonds this as the emergence of new coronavirus hot spots around the country add to fears of a second wave so why, guy adami, are markets seemingly so immune to these concerns is that actually a good sign for this rally >> no, it's not. but before i have to -- i would be remiss, melissa, if i didn't wish the b.k., the bitcoin baller a happy belated birthday. his birthday was yesterday do you know whose birthday is tomorrow i won't keep you in suspense adam smith would have been 297 years old tomorrow why do i mention him i had to read that book "the wealth of nations" in college. you probably read it as well he was the father of free market capitalism well, what you saw today was the exact antithesis of that and i'm going to get adde

trevor milton is stepping down as executive chairman. a new going to have chairman of the board.ions transport infrastructure solution provider. let me get more breakdown on the news flow and we will bring that to you through the day. that is the latest breaking news headline. trevor milton steps down. it is all about the inflation debate, isn't it? annmarie: that's right. we are going to hear from rafael bostick. he told bloomberg he is comfortable with inflation above 2%. our conversation is next. t. manus: the fed has kept interest rates near zero signaling they will stay there for at least three years. policymakers hope that will allow time for the u.s. to return to the maximum employment and its 2% inflation target or belong -- or beyond. rafael bostick spoke to bloomberg about the hurdles ahead. >> one of the challenges we have had historically is one the employment level has gotten too low -- there has been a concern about economists and policymakers that that would trigger inflation that would not be controlled. the action typically has been that we are going to try to st

my bigger question is can you assuage your questions we saw earlier under the trevor milton regime >> are up more than 6% today in today's session. in the options market, the traders are betting it is far from over. >> it says a lot because they trade over 300,000 typically and over 420,000 traded today. we saw more than 50 thousand trade for about 32 cents they are suggesting it will trade more than the 32 cents they paid in a rally over the next two months. >> dan >> the thing got overdone in the throes of this pandemic. they did not see the enthusiasm about evs. ford has trucks coming out, some of them ev i am not a fan of the stock. it is basically unchanged on the year after rallying from the lows they went last year from like $1.10. they are going to lose this year they don't get back to earnings on a positive basis for another five years or so i like what they are doing i'm just not sure the stock is particularly investable here technically, draw a line from the 2014 high and go from top left to bottom right and you see a well-defined down trend. that is threatening that here.

we had trevor milton on. i think the term business plan not business has been used there's a lot of allegations including nepotism at the country or there's no real technology there, but it's very different than alleging fraud. i have zero position in nikola ultimately short reports like th this that are sensational are ones investors have to pay attention to as well it's to point out thr certainer certainly opportunities that people will get out there. there's a difference between fraud and an expensive valuation for the company. >>> coming up, the mother of all bubbles. that is what one of our traders is calling a key part of the economy. plus, we're following the after hours action of oracle and peloton. ♪ ♪ you can go your own way ♪ go your own way your wireless. your rules. only xfinity mobile lets you choose shared data, unlimited or a mix of each. and switch anytime so you only pay for the data you need. switch and save $400 a year on your wireless bill. plus, get $400 off when you buy the new samsung

why trevor milton has resigned? ed: they want the focus to be on nikola.has been the case since the short seller report came out, since additional reports came out from agencies investigating those allegations of deception and lies about the technology is that all of the attention has been on trevor. he acts in a way that is unusual at best for a fiduciary at a public company. in the days following that report, trevor took to twitter, instagram, doing live broadcast sand details about his reaction to that short seller report. he stated that he planned to give a complete point by point rebuttal. as time has gone on, investors and wall street analysts have basically said that he needed to be reined in. the company's chief executive officer and ceo have been on ,his charm offensive to her peering at different conferences, trying to explain the position. they answered questions about the allegations raised in the report, they said right now we are all focusing on our core technologies. they said, now is the time for execution. trevor is stepping away to shift

trevor milton on social media friday, but not since then. >> he had that sort of monologue that had somety in it that we bleeped out. we aired part of that. bloomberg had that report about the pickup truck or the semitruck not actually being functional at an event a long time ago has gm not said anything >> they have not said anything i think general motors' position and this is conjecture based on conversations with people at the company. if this turns out that nikola is really not what everybody thought it was going to be, what's the worst that happens? they no longer build it. it's a little embarrassing for general motors since they said they did appropriate diligence from general motors' perspective it's too early to pull the plug. you can't be happy that nikola is under investigation but there's the possibility this could all wash out and they do build this badger electric pickup truck nikola gives them the size and scale. that's the attractive part of this deal for them. >> steve grasso, i think that's an interesting point it didn't cost gm any money basically. it's sort of an opti

on this unfolding saga phil >> tyler, the question now becomes what happens with nikola after trevor miltonves he left the company immediately. sure, he is a consultant until the end of the year. of he's not part of the future of nikola. what does happen the new chairman, steve girsky engineers the nikola spec-ipo earlier in the year. the hydrogen fuel cell semi, that is the one technology and the one area of focus that many on wall street believe that they can still make a play for and do well in. the gm deal, in order of supplying hydrogen fuel cells as well as building an electric pickup truck, that deal still stands in fact, take a look at shares of general motors, it is scheduled to take an 11% stake in nikola and the company said today, look, we plan on closing that deal. we are not changing our minds on that as fnikola, rbc cutting the pric target to $29. when you read the analyst notes, guys, the one thing that stands out is they all say you have to get past the milton saga to then focus on what might be possible in the future especially when it comes to the hydrogen fuel cell stemm

contacted the sec they didn't call him it's a whole drama remundz me, elon musk likes twitter and trevor miltonnstagram. >> do you think there is anything to the idea that he is trying to say, no, i reached out to the sec as opposed to they're looking at us. >> this is all about optics. who hung up first? this is going to be howit play out in the markets right now the only interesting part about the whole discussion is we're talking about it's not the exact same but it rhymes with what happened with tesla just a couple years back. elon musk under allegations of investigation. is this the same situation as tesla? no but two big personalities threatening each other, it could be a big soap opera. >> thank you for the latest. ty >> all right dohm, kelly, despite the negative head monica lewinsky surrounding nikola, global sales of electric vehicles held up well during the pandemic and moody's latest report points however to a slow recovery for the overall auto industry warning that auto shipments won't recover to prepandemic levels until the middle of the decade for more on the road to recovery, le

romaine: that was trevor milton.ne thing he was talking a lot about was that basically they will not do the same manufacturing as tesla does. i wonder if there is an advantage for tesla having its own manufacturing facilities versus a business model where you are outsourcing a lot of the production and even some of the technology. colin: there is advantages to both approaches. a purpose built factory is important. they need to figure out how to make ev's. some of the assembly is fairly straightforward but some of the production around the underlying technology is a lot more complex and challenging. vwhave seen things like struggle with their software and the platform. i thing there is certainly a lot of work being done, money being spent to catch up with tesla. thank you, colin rusch of oppenheimer. it is worth noting, as we are talking about nikola, and we think of that stock, the highs it hit today. there were winners among the crest of the exit. airlines. airlines rally. technology stocks, because they were so eat

that's a spokesperson for trevor milton all of this happens separately while we are looking at generald wondering will the gm deal close in gm is expected to take an 11% stake in nikola. the closed date september 30th general motors has not said whether or not it will close by the 30th a statement saying our transaction with nikola has not closed we are continuing our discussions with nikola and will provide further updates when appropriate or required. we'll be watching this and all of this raises questions about former gm vice chair, steve girsky, putting together the nikola spec ipo and guiding the company through its agreement. we have not heard any comment from the company regarding the status of its discussions with general motors, but no doubt, david, this is going to be one of those stocks that people are going to be focused on to see does gm go through with the deal do they change the terms, perhaps make it a little bit more favorable from general motors to stick with nikola, a lot of questions there >> some of so of the reporting around the due diligence gm did suggests that

nikola shares soaring today, trevor milton will join us and it is weed week here on "fast money. kicking off the long series on the cannabis craze with a look at the big risk and opportunities in this budding industry we'll start off with big tech taking a big breather. the nasdaq pulling away from all-time highs, the apple one of the five big stocks posting a gain today but while big tech tumbled, the rest of the market was better. the s&p 500 less than a percent away from a new all-time high and energy and industrials leading the way. so today's market action, is it a sign florithat the great rota is in place. guy? >> it would appear that way. and happy monday and i took french in high school and this move was as we used to say -- [ speaking foreign language >> we get what you're saying. >> that is what i said at any rate, it is a pretty -- and kudos to tim and karen they've been talking about the transportations for a while in terms of the stocks, look at the move in caterpillar today, a few weeks ago you played trade it or fade it with karen and boeing was 195 and she correct

that's the level we're getting to with trevor milton.t gets me is where do the nal analogies with tesla stop? the guy has just left the building, and i guess the question for stock and investors now is how important is his presence to that story >> he certainly was the oxygen that made the stock move and put a lot of the excitement behind it steve gersky who put the deal together with the ipo, he's going to be working now with the ceo of the company, and i think the people will look at this and say, okay, does he dial things back and focus mainly on the hydrogen fuels semi? what are the next steps? they need to say, look, we're going to deliver on some of the promises that are out there. >> phil, thank you very much phil lebeau. he'll have a big day tomorrow, battery day at tesla >>> we're seeing the markets sell off with the dow down 700 points, but at the lows we're down about 940 the dow is the one down nearly 3% take a look at this stock, though, which has more than doubled over the past six months my next guest says it's one of sera

. >> more questions about not only nikola, the deal with gm and also about the founder trevor milton we ran a piece early this morning which looked into the background of mr. milton following the accusation by two women accusing him of sexual abuse won a case in 1999 and alleged list kais case in 1999 milton's attorney or representative denies this happened plchlt milton strongly denies the false allegations is the statement we were given. at no point in his life has mr. milton ever engaged in any inappropriate physical contact with anyone. as for general motors, that's the focus for investors right now. remember, it is scheduled to take an 11% stake in nikola in a deal that they were targeting to close by the end of tomorrow that steel is still scheduleddeo close. gm issuing a statement saying our transaction with nikola has not closed we're continuing our discussions with nikola and we'll provide further updates when appropriate or required. by the way, we reached out to nick la, they say they're working with gm on a deal just to be clear guys, that is the target date, september 30

that worked well for the lot of people. >> and of course we had trevor milton, the founder of nicolast money earlier this week, tim i don't know what you make of the company itself >> the model is different than tesla on some level, and obviously the fuel cells are a different approach the fact that they are outsourcing their production, the fact that they are teaming up in commercial right away, so not apples and oranges, but a different approach, and different innovation and it's very exciting, what do you pay for it, not this, you know, not what the stock is valued at now. >>> bad news for the banks, markets are betting on major dividend cuts. should you ring the register on these names? we'll have the report in the trade straight ahead, but first, the megarally taking a pause today. one top strategist said tc out below, more downside is coming we've got them next. or the everyday drive. today, that philosophy extends to how we connect with you. we call it, audi at your door. whether a remote test drive, shopping, trade-in, or even service pickup, audi at your door can do this and

david: next case nikola the stock cratered after analysts called it a fraud and trevor milton had to to get back a lot of money but he still has a lot of stock, the stock is worth more than the money have to pay back. susan: he's giving back $166 million in restricted shares but he walks away with over $3 billion, he also has the forfeit $20 million in consulting fees, still not a bad payday for trevor milton, he walks away as executive chairman of the company that he founded after the d.o.j. and sec announced investigations into fraudulent claims made by trevor milton in a state working demonstration of a truck that did not work, or short seller hindenburg, nikola stock fell over 20% yesterday and traded under $25 which is the lowest opening price for the company since it went public on june the fourth, despite all the controversy general motors sticking with the investment with 11% of the company and the gm executive took over for milton as executive chairman of nikola and they say they did their due diligence examining the company before they made their investment, deutsche bank c

and they're like maybe i've got a shot at the next one, which may or may not be true we've had trevor milton on three times now if i'm not mistaken, at least twice i'm sure he can amplify or explain what's going on. i'll say this, if this was apple that did something like this, something like this meaning announcing a secondary on friday in july after the markets close, i'd say that's not very cool that's exactly the term of using. it's not very cool it might be fine it might be a huge buying opportunity. but the people out there that are probably long on the stock are looking at this and saying, you know what, i feel like i just got rooked. that's why people get so infuriated when they see things like this. the timing stinks in my opinion. >> should investors think there's something nefarious going on because this comes on a friday after the markets close or did we sort of know about it because the registration was filed and so it was a possibility at that point on >> right i think to give the benefit of the doubt, right, registration was filed. i think the stock traded well above the price

coming up, trevor milton on how his company is competing with the world's most valuable car company,ick for the best robo advisers. we begin with what we think are the three most important things investors should be thinking about right now. big tech testifying in congress aztec giants reported blowout earnings. what's nex f

coming up in a few moments the founder of value capital jeff oven is trevor milton they are going tok about the electric market and this electric truck makers merger news that'll take the company public later this year. we will also talk investing with jeff oven has been a tremendous investor after what's been a wild week on wall street verso blobu