Details, please... Shares of freshly IPO'd Nikola plunged 21% last week. The hydrogen-fueled electric truck startup plans to sell electric and hydrogen-powered trucks (products delivered so far = 0). Last week, Nikola started taking preorders for its $60K-$90K Badger pickup to be delivered starting in 2022. But vague tweets from Nikola's founder left investors feeling uneasy. He then said the $5K Badger reservations "sold out" at 1K preorders.
Pull out the blotting papers... The world doesn't want all that oil. Oil prices went negative for the 1st time ever in April. Now they're back around $40 per barrel, but oil giants are losing hope. Fracking pioneer Chesapeake Energy just filed for bankruptcy. Shell wrote down the value of its oil assets by billions, expecting prices to stay low. BP says its oil assets are $17.5B less valuable — not because it thinks the economy won't bounce back, but because it thinks oil won't. Corona-conomy accelerates the energy transition.