Why Nikola Stock Tumbled Today

A new letter to shareholders highlights a brewing boardroom battle.Nikola (NKLA -10.57%) stock was falling by double digits Thursday morning. After plunging as much as 16%, shares of the electric heavy truck maker were still down by 10% as of 10:35 a.m. ET.The drop came after the company chairman filed a proxy statement including a letter to stockholders that highlighted a contentious battle for seats on the company's board of directors. It also follows a recent analyst report that noted several hurdles tha ...