Startup electric vehicle (EV) company Nikola’s (NKLA) woes have continued into 2024, and the penny stock has lost over 12% of its value so far. Longer term, the company has lost almost 95% of its value over the last three years - but as a former meme stock, it remains popular with a section of retail investors who see it as a potential multibagger.
However, many others see the company as headed towards bankruptcy. To be sure, several startup green energy companies have gone bankrupt over the last two years. The list includes names like Arrival (ARVLF), Bird Global (BRDSQ), Lordstown Motors (RIDEQ), Electric Last Mile Solutions (ELMSQ), and Proterra (PTRAQ).
