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Shares of electric-vehicle maker Nikola dropped Friday after the company said its chief executive would step down, to be replaced by its chairman.
Nikola stock finished Friday off 26%. The company said Michael Lohscheller would be replaced by Steve Girsky, making Girsky its fourth CEO in about as many years.
In separate news, Nikola reported a drop in sales and widening losses in its latest quarter. Shareholders also approved a sharecount increase that would allow it to sell more shares. An earlier proposal was rejected by shareholders.
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