Thread by @muddywatersre

The $NKLA response is typical, but just so poor. Seriously, these crisis communication firms are stealing their clients’ money. First mistake is to play the ad hominem card - and hard by repeatedly saying “manipulation”. The big problem is company / Milton credibility... 1/

But the “rebuttals” are countering statements of fact (e.g., was not a $NKLA inverter) with safe harbor protected fluff (working hard on own inverters). Effectively, this release confirms the statements of FACT. It’s taking issue w/ @HindenburgRes OPINIONS from those facts... 2/

So repeatedly accusing @HindenburgRes of manipulation while confirming facts and arguing opinions is really discrediting of $NKLA. In my experience, investors see through this. So net-net company still has same credibility issue. Esp when NKLA is parsing language re “in motion”3/

Also going ad hominem just fires up the short seller more - every time. How should company have responded? Focus on milestones achieved since these events, announce concrete steps to improve transparency, show contrition, & then say @HindenburgRes has drawn wrong conclusions

By the way, MW / I have no position in NKLA & have never had one. For those of you strapping on your tinfoil hats thinking I’m trying to “hit” the stock to make money, go ahead and take them off. I’m an activist short seller expressing an opinion on these events - nothing more.