Trevor Milton, the embattled founder of Nikola Corporation, has received a full and unconditional pardon from U.S. President Donald Trump, wiping away his 2022 conviction for securities and wire fraud. The pardon was first announced by Milton himself and later confirmed by the White House.
Milton, 42, was sentenced in December 2023 to four years in prison after being found guilty of misleading investors about Nikola’s electric and hydrogen-powered truck technology. Prosecutors accused Milton of exaggerating Nikola’s technical capabilities and deceiving investors through media appearances and social media posts.
Among the most damning claims was the infamous 2018 promotional video showing a Nikola One semi-truck seemingly driving under its own power—prosecutors later revealed it was simply rolling downhill.
Critics were quick to point out Milton’s political contributions in the lead-up to the pardon. Federal campaign filings show that Milton donated $920,000 to Trump’s “Trump 47 Committee” in October 2024, as well as $750,000 to Robert F. Kennedy Jr.’s MAHA Alliance PAC the previous month. (via CNBC)
Prior to 2024, Milton had not made any political contributions exceeding six figures.
The pardon arrives just weeks after federal prosecutors asked Judge Edgardo Ramos to order Milton to pay nearly $700 million in restitution to Nikola shareholders and an additional $15.2 million to Peter Hicks, who sold Milton his Utah ranch in exchange for Nikola stock options and cash. With Trump’s pardon, however, the restitution orders are now void, leaving defrauded investors without financial recourse.
“This is probably the best day I’ve had in five years. I am free. The prosecutors can no longer hurt me,” Milton said in an Instagram post.
Milton framed his pardon as part of a broader indictment of the justice system, saying, “This pardon is not just about me — it’s about every American who has been railroaded by the government.” He also claimed similarities between his case and Trump’s own legal battles.
Milton’s legal troubles was only the beginning for the company. Once valued at $30 billion in 2020, briefly surpassing Ford’s market capitalization, Nikola Motors filed for Chapter 11 bankruptcy protection last month. Facing production challenges, vehicle recalls, and dwindling cash reserves, Nikola had only managed to sell around 600 trucks since 2022.
