Even though he was forced to resign earlier this year, Trevor Milton was able to retain his shares in the company he founded, Nikola Corp.
It turns out that was a good deal. Milton has now cashed out $284 million worth of those shares since being charged with three counts of criminal fraud by the U.S. Securities and Exchange Commission (SEC) in August.
Nikola sets aside $125 million to pay SEC for Trevor Milton’s misdeeds
His most recent fire sale concluded this week, when Milton offloaded 11.7 million shares worth about $131 million in a series of transactions that were reported in a regulatory filing on November 23, 2021 (via Automotive News).
That follows another two sales in August that netted Milton $153 million.
Part of the money will likely help fund his team of lawyers. In August Milton plead not guilty to charges he made false and misleading statements to investors.
In particular, prosecutors took aim at statements Milton made about Nikola’s semi truck prototype, which he claimed was a fully functioning vehicle when it was unveiled in 2016.
For their part, Nikola Corp. recently said they were in talks with the SEC to resolve its investigation, and set aside $125 million to pay what they expect to be fine.
Turns out the Nikola One Semi wasn’t drivable at its launch event, despite claims from founder Trevor Milton: Report