The Daily Dash is a quick look at what’s happening in the freight ecosystem. In today’s edition, we highlight a former Nikola exec selling 3.5 million shares, another decertification for the Teamsters, and more.
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The High Five
1. Former Nikola Corp. Executive Chairman and founder Trevor Milton pocketed about $49 million from selling 3.5 million shares in the startup electric truck company last week. Milton is the subject of federal investigations over fraud claims alleged by a short seller that drove the company’s stock price to crater last fall. Alan Adler’s report: Milton rakes in $49M in sale of Nikola shares
2. The International Brotherhood of Teamsters might agree with the adage that “bad things happen in threes.” For the third time in recent weeks, the union has been decertified at a transportation-related company. The vote was for a small group of workers, just 20. John Kingston with the details: Small group of workers vote to decertify Teamsters in California
3. Demand for new Class 8 trucks continued at an elevated rate in March even though many of the 40,000 bookings have little chance of being filled until 2022 because of a growing backlog and supply chain shortages. Compared to a year ago when the first wave of COVID was shutting down manufacturing around the world, orders were up 422%. Alan Adler has the details: March Class 8 orders add to dizzying industry backlog
4. A California district court dismissed claims alleged by roughly 500 current and former drivers for XPO Logistics that the company failed to pay wages for missed meals and rest breaks. The decision is part of an ongoing case by drivers seeking damages for unpaid wages and benefits based on XPO’s alleged misclassification of its drivers as independent contractors. John Gallagher from Washington: Court dismisses XPO meal/rest break complaint
5. Daimler Trucks North America is recalling 6,107 Freightliner Cascadias and Western Star 4700 models because a broken flange could lead to clutch disengagement and increased risk of a crash. The truck maker said it has no field reports of failure. But it received two internal reports. Alan Adler with the story: Freightliner Cascadia and Western Star 4700 recalled for clutch issue