Nikola short sellers take a hit on EV maker’s recent rally

U.S. Nikola's logo is pictured at an event held to present CNH's new fullelectric and Hydrogen fuel-cell battery trucks in partnership with U.S. Nikola event in Turin

PHOENIX: Nikola Corp shares surged last week in a rally that’s eating into paper profits for traders betting against the electric vehicle (EV) maker and setting them up for a short squeeze.

Short sellers lost more than US$80mil (RM370mil) in paper profits last week, according to data from S3 Partners LLC.