Nikola Founder Trevor Milton Convicted of Securities Fraud

by | Oct 14, 2022 | Business

Listen to article(2 minutes)A federal jury in New York convicted Nikola founder Trevor Milton of securities fraud for what prosecutors said were his repeated lies about the development of the company’s zero-emissions trucks and technology.Friday’s guilty verdict caps the downfall of Mr. Milton, who founded Nikola in his basement in 2015 and took it public in 2020 at a valuation of $3.3 billion, when the company hadn’t sold a single truck. The company’s market valuation briefly exceeded that of industry giants such as Ford Motor Co.

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