WASHINGTON, D.C. — President Donald Trump has pardoned Trevor Milton, the founder of electric vehicle start-up Nikola, who was convicted of fraud last year for misrepresenting his technology’s potential, the White House confirmed Friday.
The pardon nullifies Milton’s four-year prison sentence and potentially dismisses hundreds of millions of dollars in restitution sought for defrauded investors.
Prosecutors had accused Milton of exaggerating the capabilities of Nikola’s technology to inflate the company’s stock value, attracting significant investment.
Milton’s conviction followed a trial where he was found guilty of securities and wire fraud, resulting in his prison sentence and financial penalties.
In the weeks leading to the presidential election, Milton and his wife donated over $1.8 million to Trump’s re-election campaign.
The White House announcement did not appear on its official website, but Trump justified the pardon by arguing that Milton’s prosecution was politically driven.
Nikola Corporation, founded by Milton, had previously filed for Chapter 11 bankruptcy protection.
The company’s financial instability and Milton’s legal battles impacted its stock market performance and investor confidence.
Milton expressed his gratitude to President Trump for the pardon on social media, calling it an act of courage.
