Nikola sinks 16% following CEO appearance on CNBC's 'Mad Money'

Shares of Nikola (NKLA) are sinking after its CEO Mark Russell appeared last night on CNBC's "Mad Money" with Jim Cramer. Russell said discussions with General Motors (GM) are ongoing regarding a potential fuel cell partnership, but he declined to comment further. "We can't comment on continuing discussions," Russell told Cramer, while adding that Nikola was "interested" in GM's car battery and hydrogen fuel cell systems. Russell also declined to speculate on what Nikola founder Trevor Milton, who stepped down as CEO in September, plans to do with the 96.1M shares he owns after a lockup period expires next week. "We believe that as we execute on our milestones and on our business plan, we're going to reward our long-term focus shareholders. That's our focus, is on the long-term," Russell said. Shares of Nikola are down 16%, or $5.40, to $29.10 in premarket trading.