What's Going On With Nikola (NKLA) Shares
Portfolio Pulse from Henry Khederian
Nikola Corp (NASDAQ:NKLA) shares are trading higher by 13.64% to $1.50 on heavy volume, following the company's recent update on its business optimization efforts. Nikola aims to lower its annual cash usage to below $400 million by 2024 and restructure its workforce, resulting in an anticipated annual cash savings exceeding $50 million.

June 21, 2023 | 2:32 pm
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Nikola shares are trading higher after the company announced its business optimization efforts, aiming to lower annual cash usage to below $400 million by 2024.
Nikola's announcement of its business optimization efforts, which include reducing cash expenditure and enhancing efficiency, has led to a positive market reaction. The company's plans to lower annual cash usage to below $400 million by 2024 and restructure its workforce are seen as positive steps towards improving its financial position, resulting in a short-term positive impact on its stock price.
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