Convicted Nikola founder Trevor Milton walks free after Trump's pardon
What's the story
Trevor Milton, the former CEO of Nikola Corp, claims that US President Donald Trump has issued him a full pardon.
Milton was convicted in 2022 on securities and wire fraud charges for misleading investors about the technological capabilities of his now-bankrupt electric truck company.
He was sentenced to four years in prison in 2023 but has stayed free pending an appeal.
The pardon comes as legal proceedings over restitution claims against him continue.
Deceptive practices
Milton's fraudulent claims led to company's downfall
Milton's fraudulent claims about Nikola's technology played a major role in the company's skyrocketing valuation before its eventual downfall.
Federal prosecutors have accused him of misleading investors by falsely claiming that Nikola had developed its own battery technology and a fully functional semi-truck prototype.
These deceptive practices led to massive losses for retail investors, some of whom reportedly lost their retirement savings.
Financial contributions
Milton's political donations and Nikola's bankruptcy
Notably, in late 2024, Milton made major political donations, giving $920,000 to the Trump 47 Committee and $2 million to Republican campaigns.
The contributions were a departure from his previous non-involvement in political funding.
Nikola Corp filed for Chapter 11 bankruptcy protection in February 2025 with liabilities estimated between $1 billion and $10 billion.
The company's fall from a peak valuation of $30 billion in 2020 was largely attributed to Milton's misleading statements.