NEW YORK, NY – Trevor Milton, the founder of the bankrupt hydrogen trucking startup Nikola who was previously convicted of fraud, has been granted a pardon by former President Trump, as confirmed by the White House to sources.
Milton was found guilty in October 2022 on charges of securities fraud and wire fraud linked to misleading statements he made regarding Nikola’s progress to investors. He was handed a four-year prison sentence in December 2023 and has been out on a $100 million bond while awaiting the outcome of his appeal.
This pardon comes shortly after Nikola filed for Chapter 11 bankruptcy and as the company works to sell its business through the bankruptcy court in Delaware, aiming to close a deal by mid-April.
Expressing his lack of trust in the Justice Department, Milton stated, “I wish judges would stop believing whatever the prosecutors feed them so Americans could trust the justice system again.”
Despite being represented by Brad Bondi, a partner at Paul Hastings law firm during his trial, Milton faced conviction and has since announced plans to release a documentary detailing his version of the Nikola narrative.
Founded in 2014, Nikola rose to fame in 2020 after going public through a merger with a special purpose acquisition company (SPAC). Its stock soared following a $2 billion investment from General Motors, only for circumstances to take a turn after accusations of fraud surfaced.
Following investigations and a substantial legal battle, Milton was charged in July 2021 for misleading statements made to investors to boost Nikola’s stock price. The resulting fallout led to his resignation and a hefty financial penalty that was intended to assist in resolving Nikola’s bankruptcy issues.
Despite the tumultuous journey, Milton remains steadfast in his efforts to clear his name and share his perspective through the lens of a documentary.