Trevor Milton, the founder of the bankrupt hydrogen trucking startup Nikola, has received a pardon from President Donald Trump, as confirmed by the White House on March 28, 2025. This development comes after Milton was convicted in October 2022 of securities fraud and wire fraud, stemming from misleading claims he made about Nikola's technological advancements to investors.
Milton was sentenced to four years in prison in December 2023 but had been free on a $100 million bond while appealing his conviction. The timing of the pardon is notable, as it arrives just weeks after Nikola filed for Chapter 11 bankruptcy, a move that has left many questioning the company's future.
In a statement following the pardon, Milton expressed his feelings about the justice system, saying, "It is no wonder why trust and confidence in the Justice Department has eroded to nothing. I wish judges would stop believing whatever the prosecutors feed them so Americans could trust the justice system again." He emphasized that the pardon was not just a personal victory but a symbol for all Americans who feel wronged by the government.
Milton founded Nikola in 2014, and the company gained significant attention in 2020 when it went public by merging with a special purpose acquisition company (SPAC). At its height, Nikola was valued at over $30 billion, surpassing the market capitalization of Ford Motor Company. This meteoric rise was bolstered by a $2 billion investment from General Motors announced in September 2020.
However, the company’s fortunes quickly shifted. Just days after GM's investment, short-selling research firm Hindenburg Research published a report alleging that Milton had committed fraud. The report claimed that Nikola had exaggerated its technological capabilities, including a controversial video that appeared to show a prototype truck in motion, which was actually a non-working vehicle rolling down a hill.
Following the allegations, the Securities and Exchange Commission (SEC) launched an investigation, and GM subsequently retracted its investment. Milton resigned from Nikola amid the fallout, although he later claimed he stepped down to care for his ailing wife.
In July 2021, prosecutors from the Southern District of New York charged Milton with making "false and misleading statements regarding Nikola's product and technology development" across various media platforms. These statements were alleged to have induced retail investors to purchase Nikola stock, ultimately leading to significant financial losses for many.
After his conviction, a judge ordered Milton to pay nearly $168 million to Nikola as part of an arbitration ruling, which was expected to be factored into the company's bankruptcy proceedings. Nikola planned to use these funds to settle a class action lawsuit filed by shareholders.
In a video posted on social media shortly after receiving the pardon, Milton stated, "I just got a call from the president of the United States on my phone, and he signed my full and unconditional pardon of innocence. I am free." He added, "The greatest comeback story in America is about to happen," hinting at potential future endeavors.
Milton's legal representation included Brad Bondi, a partner at the law firm Paul Hastings and the brother of current U.S. Attorney General Pam Bondi. This connection has drawn attention, particularly as Trump himself has faced legal challenges from the same U.S. attorney’s office that prosecuted Milton.
The implications of Milton's pardon extend beyond his personal circumstances. It raises questions about the integrity of the justice system and the political motivations behind such decisions. Milton has been vocal about his support for Trump, having made substantial political donations, including $920,000 to a Trump fundraising committee.
As Nikola navigates its bankruptcy proceedings, the company is working with the bankruptcy court in Delaware to sell its business, with hopes of finalizing a deal by mid-April 2025. The outcome of this sale will be crucial for the company's future, especially in light of the financial turmoil it has faced.
Despite the challenges, Milton remains optimistic about his future and plans to produce a documentary that he believes will present his side of the Nikola narrative. He has stated, "I get to be with my wife now, I get to be with my family. It is done, it is over." This sentiment reflects a desire to move past the controversies that have surrounded him and the company.
As the electric vehicle industry continues to evolve, the story of Nikola and its founder serves as a cautionary tale about the risks of over-promising and under-delivering in a competitive market. The company's rise and fall encapsulate the volatile nature of the tech and automotive sectors, where investor confidence can be easily shaken by allegations of misconduct.
Moving forward, it remains to be seen how Milton's pardon will affect his reputation and whether he will attempt to re-enter the business world. The electric vehicle market is rapidly changing, and many are watching closely to see if Milton can indeed craft a comeback story in the wake of his legal battles.
