- Electric vehicle company Nikola’s founder, Trevor Milton, has been pardoned by President Donald Trump.
- Milton said in an Instagram video that Trump called and gave him a “full and unconditional” pardon.
- He was sentenced to prison in 2023 for misleading investors about the capabilities of Nikola’s trucks.
The founder and former CEO of bankrupt EV startup Nikola Motors has been pardoned by President Donald Trump.
Trevor Milton, who was sentenced to prison in 2023 for misleading investors about Nikola’s hydrogen and electric trucks, said in a video posted on Instagram on Thursday that Trump had personally called him to tell him he would receive a “full and unconditional” pardon.
The White House confirmed the pardon to Business Insider.
Milton founded Nikola in 2014 and oversaw the company’s rapid rise. At one point, the truckmaker had a higher valuation than Ford Motors.
However, he stepped down in 2020 after a damning report from short-seller Hindenburg Research alleged that Nikola had exaggerated the capabilities of its trucks and faked publicity videos – including by rolling a truck down a hill to make it look like it was driving.
Despite recovering somewhat after Milton's departure, Nikola ultimately filed for Chapter 11 bankruptcy last month after facing a cash crunch.
Earlier this month, a judge ordered Milton to pay $680 million in restitution to Nikola shareholders and $15 million to investor Peter Hicks - restitution that could now be in doubt if the former Nikola CEO has been pardoned.
Milton, who praised the president in the video announcing the pardon, made a series of political donations to Republicans late last year.
Federal records show that Milton's donations included $920,000 to a Trump fundraising committee.
"The greatest comeback story in America is about to happen," Milton said in the video.
Milton's representatives did not immediately respond to a request for comment from Business Insider.