Nikola founder Trevor Milton receives a full pardon from President Trump
Trevor Milton, the founder of electric truck company Nikola, has received a full and unconditional pardon from President Donald Trump. A jury found Milton guilty of one count of securities fraud and two counts of wire fraud in October 2022. In 2023, he was sentenced to four years in prison.
Milton announced the pardon in a press release and the White House confirmed it to CNBC. It came two weeks after prosecutors asked a judge to order Milton to pay $680 million in restitution to Nikola shareholders as well as $15.2 million to a wire fraud victim. However, due to the pardon, the judge is unable to order any restitution.
Prosecutors argued that Milton pumped up his company’s stock by lying to investors about “nearly all aspects” of Nikola’s business, such as having a fully functional electric truck. Nikola (which filed for bankruptcy last month) released a video in 2018 that appeared to show a Nikola One prototype moving by itself, but prosecutors claimed the truck was rolling down a hill and that Milton had a hand in the video’s creation. Following a damning report by short-selling firm Hindenburg Research that prompted an SEC investigation, the company said in 2020 it never claimed that the “truck was driving under its own propulsion in the video,” which has been made private on YouTube. Milton now plans to release a documentary to tell his side of the story.
Milton has given Trump and his associates millions of dollars in political donations, according to reports. Filings show he donated $750,000 to MAHA Alliance — now-Secretary of Health and Human Services Robert F. Kennedy Jr’s political action committee — in September and $920,000 to the Trump 47 Committee in October, just ahead of the election. CNBC notes that Milton did not make any six-figure political contributions before 2024, per federal campaign finance records.
Trump has pardoned hundreds of people in the first couple of months of his second term, including around 1,500 who were convicted or charged with crimes related to the insurrection at the US Capitol on January 6, 2021. On his second day in office, Trump pardoned Silk Road founder Ross Ulbricht, who was sentenced to life in prison after being charged with money laundering, narcotics trafficking and computer hacking.
Meanwhile, the family and associates of Sam Bankman-Fried are reportedly campaigning for Trump to pardon him. The founder of cryptocurrency exchange FTX was sentenced in 2024 to a 25-year prison sentence after he was found guilty of seven fraud and conspiracy charges.
