As investors and General Motors bet on Trevor Milton’s vision, the short sellers at Hindenburg Research revealed that the company he founded, Nikola, wasn’t all that it seemed. The allegation that Nikola rolled its truck down a hill for a promotional video made Hindenburg’s report a sensation. In this episode, we’ll hear how Trevor Milton, investors and the U.S. government responded to the report—and how its authors ended up in a game of Spy vs. Spy with shadowy private investigators. 

Ben Foldy is the host of this season of Bad Bets. Bad Bets is a production of The Wall Street Journal. This season is produced with Jigsaw Productions, in collaboration with Story Force Entertainment.