President Trump has pardoned Trevor Milton, founder of now-bankrupt hydrogen and electric truck maker Nikola, who was convicted in 2022 of misleading investors.
Why it matters: His conviction on securities and wire fraud charges followed allegations of false statements about the functionality of Nikola’s tech and readiness of its products.
Driving the news: Milton said on social media that on Thursday night Trump called him personally.
- “This pardon is not just about me—it’s about every American who has been railroaded by the government, and unfortunately, that’s a lot of people,” Milton said on X and in a news release.
- The White House confirmed the pardon to Axios.
CNBC reported that the pardon came two weeks after federal prosecutors urged U.S. District Judge Edgardo Ramos to order Milton to pay restitution of $680 million to Nikola shareholders, and another $15.2 million to Peter Hicks, a victim of his wire fraud.
- Because of the pardon, Ramos could not order restitution of any kind.
The intrigue: Brad Bondi, who represented Milton, didn’t respond to an emailed request for comment. He’s the brother of Attorney General Pam Bondi.
- “A person close to the situation said he had not been involved in the pardon,” the Financial Times reports.
- The Justice Department did not immediately provide comment.
- Milton and his wife together made contributions last October to President Trump’s reelection effort totaling over $1.8 million, federal records show.
State of play: Milton was sentenced to four years in prison in late 2023 but has been free on bond pending appeal.
- He made “false claims regarding nearly all aspects of Nikola’s business,” DOJ said after the sentencing.
- This included “statements that the company had early success in creating a ‘fully functioning’ semi-truck prototype” that he knew was inoperable.
- Allegations included claims that he had Nikola post video of its Nikola One semi-truck prototype in operation, when in reality it was simply towed up a hill and released.
Catch up quick: Nikola went public during the SPAC craze in 2020 but quickly saw its fortunes tumble. It filed for Chapter 11 bankruptcy last month.
