Written by Cláudio Afonso | LinkedIn | X
Ten years ago, Trevor Milton founded the hydrogen and electric truck maker Nikola and saw the company go public five years later via a merger with a special purpose acquisition company (SPAC).
In December 2022, a U.S. jury convicted him of fraud, determining that he had misled investors by exaggerating Nikola’s technology and business capabilities. In September 2024, Milton was sentenced to four years in prison and ordered to pay $167.7 million to Nikola for damages related to his false and misleading statements.
After a prolonged absence, Milton reappeared on social media on January 2, posting his first video stating he was “finally ready” to reveal “what really happened behind the scenes.”
In a post last week, he argued that the hundreds of trucks now in operation were “proving the skeptics wrong.” Answering one of the comments under his post, Milton said that he believes Nikola “can’t be saved.”
In a new video shared Thursday, Milton suggested that short sellers and government actions had influenced public perception of Nikola during his leadership.
“The shortsellers and government were able to change the story and rewrite the truth because the company refused to stand up and tell the truth,” Milton wrote on X before noting that Nikola’s partnerships underwent thorough due diligence and regulatory scrutiny during his time at the company.
“Any public company raising hundreds of millions of dollars from partnerships with big names goes through a due diligence process with the investing party. The SEC is then notified of these partnerships and ensures compliance through appropriate filings, all of which were correct!” Nikola’s founder stated.
Milton further claimed, “Nikola met all SEC and due diligence requirements during my tenure, maintaining full transparency and accountability. Despite public narratives, no evidence ever showed regulatory breaches or misuse of funds under my leadership. Not one dollar!”
Here’s the video shared by Trevor Milton on X.
Over the last year, Nikola shares lost 94% of their value. On Wednesday, the stock hit a new record low at $1.22.
The former CEO said last week the stock price is “pathetic” adding that “the current management has diluted and sold everything until it’s worthless.” Answering a different comment, the founder of the truck maker said, “Unfortunately I don’t think it can be saved.”
About five years ago, Nikola released a video of a truck appearing to drive, which was later revealed to have been rolled down a hill. Commenting on the controversy, Milton said the commercial was prior to the company’s IPO
In July last year, the former CEO had recently discreetly withdrawn his $1 billion lawsuit against several executives of the Arizona-based company removing it from his website.
Written by Cláudio Afonso | LinkedIn | X
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