US Stock Market Move | "Truck Industry Tesla, Inc." Nikola (NKLA.US) applies for bankruptcy, stock price plunges by over 48%

On Wednesday, the stock price of Nikola (NKLA.US), once hailed as the "Tesla, Inc. of the trucking industry", plummeted, dropping over 48% to $0.3944 per share at the time of writing. On the news front, the company filed for bankruptcy protection in a Delaware court. According to documents submitted by Nikola to the court, the company's assets are valued between $500 million and $1 billion, while its debts range from $1 billion to $10 billion, leaving it severely insolvent.