Trevor Milton faces trial beginning this week on allegations that he lied about his electric-vehicle company’s development of environmentally friendly technology
founder who enticed auto-industry leaders and investors with his promise for a revolution in electric trucks, faces a securities-fraud trial beginning this week on allegations that he lied about his company’s development of environmentally friendly technology.to enrich himself and boost his stature as an entrepreneur by falsely hyping Nikola’s prospects and duping nonprofessional investors, including stock-market novices.
During a pretrial hearing last week, lawyers for Mr. Milton said they would argue their client acted in good faith and didn’t intend to defraud anyone. Mr. Milton might have used certain terms like “prototype,” “functional,” and “show car” differently than some investors understood them, defense lawyer Marc Mukasey said.The top charge against Mr.
Nikola, which Mr. Milton founded in 2015 after selling a majority stake in another of his companies for $12 million in cash, focused on hydrogen trucks and the fueling stations to support them. On a podcast in 2020, Mr. Milton said that until Nikola came on the market, hydrogen was about $16 a kilogram. “Now Nikola is producing it well below $4 a kilogram,” he said.Mr. Milton also said in interviews that the Badger was a “fully functioning vehicle inside and outside.” When he was asked on Twitter when the first prototype would be produced, he wrote, “Already.” Prosecutors said Nikola had only renderings of vehicles and concept sketches.
At the time of the indictment, legal observers believed Mr. Milton’s charges indicated a coming wave of enforcement actions related to special-purpose acquisition companies, or SPACs, which are blank-check companies that raise money with a goal of buying a business and taking it public.
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