The Nikola (NKLA) stock story is only getting worse, with shares recently falling to record lows. The company’s market capitalization is now just about $97 million, a far cry from the over $30 billion market cap it commanded at its peak in mid-2020. In those days, Nikola was valued higher than Ford (F). We now know this was a sign of an impending bubble burst in the green energy space.
Cut to 2024, and most high-flying green energy stocks have either gone out of business or are in free fall. Things might get even tougher for these companies with Donald Trump set to return to the White House next year. The president-elect has vowed to end the “EV mandate” – policies designed to disincentivize driving gas-powered cars – on the very first day of his presidency.
