Mullen Automotive (NASDAQ:MULN) stock is falling on Tuesday even after the company announced a new CEO for subsidiary Bollinger Motors.
This will have James Taylor taking over as the next CEO of the company. This has him replacing company founder Robert Bollinger.
It’s worth noting that Taylor is a former executive of General Motors (NYSE:GM). Also, Bollinger will stick around as a board member and major shareholder in the company.
Taylor said the following about joining Bollinger Motors as its new CEO:
“I am grateful and excited for this opportunity to continue moving Bollinger Motors toward a leadership role in the electric vehicle industry […] Robert and his team have done an incredible job of creating a world-class electric truck with the Bollinger B4, and the upcoming Bollinger B5. The response from the market has been very encouraging and we are well-positioned to disrupt the Class 4 trucking market.”
How This Affects MULN Stock Today
MULN investors don’t appear happy about the change with the company’s stock down 7.5% as of Tuesday morning. The stock is also down 85.6% since the start of the year.
This comes with more than 2.7 million shares of MULN stock changing hands as of this writing. That’s still below its daily average trading volume of about 5.2 million units.
Investors will want to stick around for more of the most recent stock market stories on Tuesday!
We have all of the hottest market news traders need to know about today! Among that is what has shares of Salesforce (NYSE:CRM), UnitedHealth (NYSE:UNH) and Trump Media & Technology Group (NASDAQ:DJT) on the move today. All of that info is ready at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
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