Why Shares of Nikola Are Plummeting Today

It's the start to the last trading week in June, and the bears have the pedal to the metal regarding shares of Nikola (NASDAQ: NKLA). The S 500 and Dow Jones Industrial Average are both inching lower, but Nikola's stock is racing downward. As of 10:54 a.m. ET, shares of the electric truck maker have fallen 16.3%.

While overall pessimism in the markets is likely motivating some to click the sell button, the major catalyst for the stock's fall today can be traced back to Friday, when the company reported a fire at its corporate headquarters.

On Friday morning, Nikola tweeted news of a fire at its corporate headquarters in Phoenix, Arizona.

Source Fool.com