Trevor Milton’s net worth, once estimated at over $12 billion during Nikola’s peak in June 2020, has likely plummeted to a fraction of that amount. His conviction on fraud charges, subsequent pardon, and Nikola’s eventual bankruptcy have decimated his fortune. Determining a precise figure is challenging, but available information suggests it rests in the hundreds of millions, significantly diminished from its peak.
The Rise and Fall of Trevor Milton’s Fortune
Milton’s wealth trajectory closely mirrors Nikola’s tumultuous journey. The following timeline highlights key events:
- 2015: Milton founds Nikola Corporation, setting the stage for his future wealth accumulation.
- June 2020: Nikola’s IPO through a SPAC leads to a surge in valuation, propelling Milton’s estimated net worth beyond $12 billion. This period represents the pinnacle of his financial success.
- September 2020: Hindenburg Research publishes a scathing report alleging fraud, triggering a dramatic collapse in Nikola’s stock price and initiating Milton’s financial decline. Forbes estimated his net worth around $3.1 billion shortly before the report, suggesting the immediate impact.
- October 2022: Milton is convicted on three counts of fraud, dealing a further blow to his net worth as legal fees and stock sales mount. The extent of the decline during this period remains unclear. He likely sold almost $300 million worth of stock and Nikola likely clawed back another $165 million, further eroding his wealth.
- March 2025: While a presidential pardon removes his criminal conviction, it does not reverse the financial damage. Nikola’s subsequent bankruptcy solidifies the substantial and likely permanent reduction of Milton’s fortune. Estimates place his wealth between 250 million in 2025. It is uncertain if he still held Nikola stock at the time of the bankruptcy.
Deconstructing the Deception: The Nikola Saga
The Hindenburg Allegations
The Hindenburg report served as a catalyst for Milton’s downfall. It accused Nikola of misleading investors about its technology, claiming demonstrations were staged and capabilities exaggerated. This sparked investigations by the SEC and DOJ, ultimately leading to Milton’s conviction.
Legal Battles and Financial Fallout
The legal proceedings intensified the financial strain on Milton. Mounting legal fees, coupled with the plummeting Nikola stock price, significantly depleted his assets. Although estimates from 2025 suggest his net worth is around $250 million, the ongoing fluctuations in the market and lingering legal implications make it difficult to give a definitive number.
The Presidential Pardon and its Implications
The 2025 pardon from then-President Donald Trump expunged Milton’s conviction, but it did not restore his financial standing. The pardon sparked controversy, raising questions about accountability in corporate fraud cases.
The Uncertain Future: What Lies Ahead for Milton?
Milton’s current activities remain largely private. He may be focusing on managing his remaining real estate holdings and investments. While the full extent of his financial recovery is uncertain, it is improbable he will regain his former billionaire status. Whether or not he seeks a comeback in the business world after this public and tumultuous downfall remains to be seen.
Lessons from the Nikola Saga
The Trevor Milton story offers several key takeaways:
- The Perils of Hype: The Nikola case highlights the dangers of overinflated expectations and the importance of due diligence for investors.
- The Importance of Transparency: Milton’s alleged misrepresentations underscore the need for transparent and honest communication in corporate dealings.
- The Limits of a Pardon: While a pardon can provide legal relief, it cannot erase the financial and reputational damage caused by fraudulent activities.
The long-term consequences of Milton’s actions continue to ripple through the electric vehicle industry, serving as a sobering reminder of the importance of ethical business practices and the need for robust regulatory oversight. The story also underscores the precarious nature of fortunes tied to volatile stocks and the potential for rapid wealth destruction in the face of scandal and legal challenges. Milton’s case stands as a significant example of the complexities of corporate governance and accountability in the 21st century.
