The Daily Dash is a quick look at what is happening in the freight ecosystem. In today’s edition, the repercussions of a short seller’s report last week on Nikola Corp. have resulted in the company’s founder and executive chairman, Trevor Milton, stepping down. Plus, a key legal ruling in the ongoing battle over California’s AB5 legislation was handed down, and analysts are expecting another strong quarter from trucking.
Milton out, Girsky in after upheaval at Nikola
Nikola Corp. (NASDAQ: NKLA) Executive Chairman Trevor Milton is out at the electric truck startup he founded following a brutal report 10 days ago by a short seller of Nikola stock that accused him of lying about the company’s technology accomplishments.
Alan Adler has the story of Milton’s replacement: Steve Girsky replaces Trevor Milton at embattled Nikola
AB5 law withstands another challenge
Uber and Postmates both lost court rulings last week in their fight against California’s AB5 legislation. A judge dismissed the companies’ constitutional challenge to the law.
John Kingston explains why argument was flawed: Uber/Postmates driver loses court challenge to California’s AB5 law
Let the good times (keep) rolling
Data and commentary from trucking companies indicate that strong volumes and rates will continue. The indications have analysts raising their expectations for third-quarter earnings.
Todd Maiden has details on why analysts are excited: All signs point to a prolonged trucking rally
Goldman Sachs seeks gold in last mile
Funds controlled by Goldman Sachs Group Inc. (NYSE:GS) have invested in a portfolio controlled by real estate investment firm Elion Partners that contains more than 3 million square feet of urban land to be transformed into facilities to support last-mile deliveries of online orders.
Mark Solomon explains why Goldman Sachs is interested: Goldman Sachs invests in Elion Partners’ last-mile properties
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Did you miss this?
The annual truck convoy for Special Olympics took place in Sioux Falls, South Dakota, last week, raising money for Special Olympics athletes in the region. It is one of dozens of truck convoys that will take place over the next couple of weeks.
Clarissa Hawes has more details on the annual events: Truckers, law enforcement unite for Special Olympics convoys
Hammer down, everyone,
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