Trump Pardons Former Nikola CEO Trevor Milton Following Fraud Conviction
Trevor Milton, founder of Nikola Corp, receives a pardon from former President Donald Trump after his conviction for misleading investors.
Trevor Milton, the founder of Nikola Corp, an electric truck manufacturer that filed for bankruptcy, has been granted a pardon by former President Donald Trump following his conviction on fraud charges.
Milton was convicted in 2022 by a New York jury for making false statements to investors regarding the status of Nikola's technology.
These statements included claims that Nikola had successfully demonstrated a hydrogen-powered truck moving autonomously, when in reality, the vehicle was rolling downhill while being towed.
In a statement, Trump indicated that Milton had done nothing wrong and implied that he was being targeted due to his political affiliations and support for Trump himself.
Milton's conviction was the result of an investigation that began during the latter part of Trump's first term in office.
Following the conviction, Milton was sentenced to four years in prison, though he has not yet begun serving the sentence as he is appealing the ruling.
Throughout the legal proceedings, Milton has maintained his belief in the potential success of Nikola.
He had sold approximately $400 million worth of shares in the company prior to the conviction and is currently facing a legal demand from prosecutors to repay $661 million to shareholders who suffered losses due to his actions.
According to reports, Milton has contributed over $2 million to various political causes, predominantly benefiting Trump's Republican Party, and one of his attorneys is the brother of U.S. Attorney General Pam Bondi.
Milton resigned from his position as CEO of Nikola in 2020 amid initial fraud allegations, and since then, the company has struggled to recover from the resulting scandal.
Recently, Nikola filed for Chapter 11 bankruptcy protection, citing the necessity to liquidate corporate assets and cease operations.
Bosch, a prominent German automotive supplier, is reported as Nikola's third-largest creditor, with claims amounting to $13.3 million against the company.
Founded nearly a decade ago, Nikola aimed to produce hydrogen fuel cell and battery-powered trucks.
The company went public in 2020 during a period of heightened interest in electric vehicles, achieving a market valuation of approximately $29 billion at its peak.
However, production levels have been inconsistent, failing to establish a sustainable business model, as recent deliveries of trucks have not been adequate to support its ongoing operational needs.
Milton was convicted in 2022 by a New York jury for making false statements to investors regarding the status of Nikola's technology.
These statements included claims that Nikola had successfully demonstrated a hydrogen-powered truck moving autonomously, when in reality, the vehicle was rolling downhill while being towed.
In a statement, Trump indicated that Milton had done nothing wrong and implied that he was being targeted due to his political affiliations and support for Trump himself.
Milton's conviction was the result of an investigation that began during the latter part of Trump's first term in office.
Following the conviction, Milton was sentenced to four years in prison, though he has not yet begun serving the sentence as he is appealing the ruling.
Throughout the legal proceedings, Milton has maintained his belief in the potential success of Nikola.
He had sold approximately $400 million worth of shares in the company prior to the conviction and is currently facing a legal demand from prosecutors to repay $661 million to shareholders who suffered losses due to his actions.
According to reports, Milton has contributed over $2 million to various political causes, predominantly benefiting Trump's Republican Party, and one of his attorneys is the brother of U.S. Attorney General Pam Bondi.
Milton resigned from his position as CEO of Nikola in 2020 amid initial fraud allegations, and since then, the company has struggled to recover from the resulting scandal.
Recently, Nikola filed for Chapter 11 bankruptcy protection, citing the necessity to liquidate corporate assets and cease operations.
Bosch, a prominent German automotive supplier, is reported as Nikola's third-largest creditor, with claims amounting to $13.3 million against the company.
Founded nearly a decade ago, Nikola aimed to produce hydrogen fuel cell and battery-powered trucks.
The company went public in 2020 during a period of heightened interest in electric vehicles, achieving a market valuation of approximately $29 billion at its peak.
However, production levels have been inconsistent, failing to establish a sustainable business model, as recent deliveries of trucks have not been adequate to support its ongoing operational needs.
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