Trump pardons Nikola founder Trevor Milton in securities fraud case

In a move that has sparked widespread debate, President Donald Trump has granted a full pardon to Trevor Milton, the embattled founder of electric truck manufacturer Nikola Corp. Milton, convicted in 2022 for defrauding investors with misleading claims about the company’s technological advancements, was serving a four-year prison sentence before receiving clemency.

The 42-year-old entrepreneur was found guilty of securities and wire fraud in a Manhattan federal court for deceiving investors about Nikola’s capabilities and financial prospects. His false statements, which exaggerated the company’s advancements in hydrogen-powered and electric truck production, contributed to significant investor losses.

Despite his December 2023 sentencing, Milton remained free pending an appeal. However, Trump’s pardon has now absolved him of all criminal charges, nullifying both his prison sentence and a $1 million fine. The timing of this decision has drawn attention, especially as federal prosecutors had recently recommended Milton pay $680 million in restitution to Nikola shareholders and an additional $15.2 million to an individual investor. With the pardon in place, those financial penalties can no longer be enforced.

Milton shared his elation in a video posted on Instagram, stating, “Oh my gosh, oh, you won’t believe what just happened. Probably the best day I’ve had in five years.” He went on to express relief, declaring, “I am free. The prosecutors can no longer hurt me. They can’t destroy my family, they can’t rip everything away from me, they can’t ruin my life.”

In a separate press release, Milton framed his legal troubles as part of a broader pattern of government overreach, likening his prosecution to those faced by Trump himself. He stated, “This pardon is not just about me—it’s about every American who has been railroaded by the government.”

Milton’s ties to Trump’s political operations have also raised eyebrows. After years of abstaining from political donations, he contributed approximately $2 million to Republican causes between September and December 2024, including $920,000 to the Trump 47 Committee. The sizable donations have fueled speculation about the motivations behind his pardon.

This latest clemency is one of several high-profile pardons issued by Trump in recent months. Earlier in March, he pardoned former Tennessee State Senator Brian Kelsey, who had been serving a 21-month sentence for campaign finance violations. More recently, Trump granted clemency to Devon Archer, a former business associate of Hunter Biden, who had been convicted of fraud.

Additionally, upon taking office in January, Trump pardoned around 1,500 individuals convicted in connection with the January 6 Capitol riot. Days later, he extended clemency to Ross Ulbricht, the Silk Road founder who had been serving a life sentence for operating an illicit online marketplace.

Milton’s pardon comes at a time of turmoil for Nikola Corp. Once valued at $30 billion in 2020, the company has since faced financial collapse. In February, it filed for Chapter 11 bankruptcy protection, citing liabilities between $1 billion and $10 billion. The company, which produces electric and fuel cell semi-trucks, has struggled to maintain operations, selling just 600 vehicles since 2022. Recurring technical issues and mass recalls further worsened its financial standing.

Milton’s fraudulent claims played a significant role in Nikola’s decline. Federal prosecutors alleged that between 2019 and 2020, he repeatedly misled investors about the company’s technological advancements. Among the most damning accusations was his claim that Nikola had developed a fully functional semi-truck prototype, when in reality, it was inoperable.

The fallout from Milton’s deception has been severe. In addition to his criminal conviction, a judge previously confirmed a nearly $168 million arbitration award against him for misleading statements regarding Nikola’s capabilities.

Trump’s decision to pardon Milton, despite his conviction for defrauding investors, sets a contentious precedent. Critics argue that it undermines accountability in corporate fraud cases, while supporters claim it exemplifies the president’s efforts to push back against what they see as prosecutorial overreach.

As legal experts and political analysts weigh in on the implications of this decision, the broader impact of Trump’s pardon spree remains to be seen. For now, Milton walks free, leaving investors and legal professionals questioning the future of financial oversight and corporate responsibility in the United States.