Jump to content

Trevor Milton

From Alfawiki
Trevor Milton
Born (1982-04-06) April 6, 1982 (age 44)
Layton, Utah, U.S.
OccupationBusinessman
Known forFounder and former CEO of Nikola Corporation

Trevor Robert Milton (born April 6, 1982) is an American business figure known for founding and formerly serving as executive chairman and CEO of Nikola Corporation. He stepped down in 2020 amid investigations by regulatory authorities. In 2022, Milton was found guilty of securities and wire fraud, resulting in a four-year prison term, a $1 million penalty, and $168 million in restitution payments. He remained out on bail while pursuing an appeal.

Prior to the 2024 presidential race, Milton and his spouse contributed more than $1.8 million to Donald Trump’s campaign. In March 2025, President Donald Trump issued a full pardon to Milton, which exempted him from repaying Nikola investors who incurred substantial financial losses.

Early life

Born in Layton, Utah, Milton is the son of William L. Milton, who worked as a manager for Union Pacific Railroad, and Sallie Gwyn Hunt Milton, a real estate agent. He grew up with one brother and three sisters. His family relocated to Las Vegas during his early childhood and later moved to Kanab, Utah when he was eight years old. At the age of 15, he lost his mother to cancer.[1][2]

Milton is affiliated with the Church of Jesus Christ of Latter-day Saints (LDS). After completing high school, he embarked on an LDS mission in Brazil where he acquired Portuguese language skills but returned prematurely due to health concerns.[1][2] He briefly enrolled at Utah Valley University before dropping out and relocating to St. George, Utah.[2][3]

Career

Following his brief college tenure, Milton launched St. George Security and Alarm.[4] Subsequently, he founded dHybrid, Inc., a company that converted commercial trucks to operate on natural gas. After investor disagreements led to its closure, he established dHybrid Systems in 2012, specializing in natural gas storage solutions for heavy-duty vehicles. Worthington Industries later acquired this business.[5][6]

In 2015, Milton created Nikola Motor Company in Salt Lake City, originally called Bluegentech,[7] securing $2 million in funding from Worthington Industries.[8][9] Drawing inspiration from Nikola Tesla, his vision was to transform commercial trucking by developing hydrogen-electric and battery-electric semi-trucks as eco-friendly alternatives to diesel-powered trucks.[10] The firm was rebranded as Nikola Motor Company with Milton serving as CEO.[11] Nikola unveiled several prototypes including the Nikola One hydrogen-electric semi designed for long-distance hauling,[12] followed by the Nikola Two tailored for regional transport,[13] and the Nikola Tre created in collaboration with European partner Iveco targeting the European market.[14][15] Additionally, Milton led initiatives to establish a nationwide hydrogen fueling infrastructure through a partnership with Nel Hydrogen.[16][17]

Nikola went public in 2020 via a reverse merger with the SPAC VectoIQ, achieving an approximate valuation of $12 billion. Milton assumed the role of executive chairman while Mark Russell became CEO.[18] By mid-2020, the company’s stock price had more than doubled since its market debut, with its market capitalization peaking near $30 billion—temporarily exceeding that of Ford Motor Company—which elevated Milton’s estimated net worth to roughly $12 billion.[19][20]

After Hindenburg Research ceased operations in 2025,[21] Milton publicly criticized the firm’s influence on companies such as Nikola. He argued that short selling practices can devastate businesses regardless of whether reports are accurate and advocated for banning short selling within the United States.[22]

On February 19, 2025, Nikola filed for protection under Chapter 11 bankruptcy protection, revealing plans to divest most or all of its assets amid persistent market difficulties.[23]

Controversies and legal issues

Following Nikola's collaboration with General Motors, on September 10, 2020, short-selling firm Hindenburg Research accused founder Trevor Milton of deceptive statements and labeled Nikola as "a complex fraud scheme." This allegation caused a steep drop in Nikola’s share price and led to investigations by both the SEC and DOJ regarding securities fraud claims linked to Milton. Ten days later, on September 20, 2020, Milton stepped down from his role as executive chairman but continued as an unpaid advisor until December 2020, retaining ownership of 91.6 million shares valued at approximately $3.1 billion.

In the same month, media reports surfaced accusing Milton of sexual misconduct related to incidents from 1999 and 2004; however, no criminal charges were pursued due to expiration of legal time limits. Milton refuted all claims, describing them as baseless and defamatory.

A federal grand jury indicted Milton in July 2021 on three counts involving securities and wire fraud. He also faced civil litigation initiated by the SEC. Milton entered a plea of not guilty and was released on bail set at $100 million. An additional wire fraud charge was filed against him in June 2022. By October 2022, he was found guilty on one count of securities fraud and two counts of wire fraud, resulting in a sentence of four years imprisonment, restitution amounting to $168 million, and a $1 million fine. Due to credits earned through federal programs, his expected time served is roughly one year.

Milton’s defense team included lawyers connected to former President Donald Trump. Ahead of the 2024 presidential election, Milton and his spouse contributed over $1.8 million to Trump’s campaign efforts. On March 27, 2025, President Trump granted Milton a full pardon, which absolved him from liability for compensating Nikola investors who incurred substantial losses.

Personal life

Trevor Milton lives in Phoenix, Arizona with his wife Chelsey Bergmann; they were married in 2017. In November 2019, he acquired a Utah ranch encompassing 2,000 acres with a riverside mansion measuring 16,800 square feet for $32.5 million—a record-setting real estate transaction in the state. He maintains a personal friendship with Dave "Heavy D" Sparks.

As of September 2020, Forbes estimated Milton’s net worth at roughly $3.1 billion based on his approximate quarter ownership stake in Nikola when the company’s valuation stood at $12.4 billion.

Since 2016, Milton has donated $2.85 million to conservative political initiatives and contributed $750,000 to the MAHA Alliance PAC, which aims to redirect support from Robert F. Kennedy Jr. to Donald Trump after Kennedy withdrew from the 2024 presidential contest.

In August 2020, Milton gifted 6,005,162 shares—valued near $233 million—to fifty early Nikola employees as recognition for their efforts. By December 2020, he had also donated about 1.5 million Nikola shares worth approximately $20 million to The Church of Jesus Christ of Latter-day Saints (LDS Church).

External links

  1. ↑ 1.0 1.1 Cite error: Invalid <ref> tag; no text was provided for refs named Parloff 2020
  2. ↑ 2.0 2.1 2.2 Cite error: Invalid <ref> tag; no text was provided for refs named Trucks.com
  3. ↑ Financial Times
  4. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Hindenburg
  5. ↑ Forbes
  6. ↑ trucks.com
  7. ↑ SEC
  8. ↑ Newsweek
  9. ↑ Bloomberg News
  10. ↑ Observer
  11. ↑ trucks.com
  12. ↑ Car and Driver
  13. ↑ CNET
  14. ↑ USA TODAY
  15. ↑ Reuters
  16. ↑ ASUG
  17. ↑ FreightWaves
  18. ↑ Forbes
  19. ↑ CNET
  20. ↑ CNBC
  21. ↑ Financial Times
  22. ↑ EV
  23. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named bankruptcy_Reuters_2025-02-19
Retrieved from "https://www.alfawiki.org/index.php?title=Trevor_Milton&oldid=53917"