Milton arrives at court for sentencing in December 2023. (Yuki Iwamura/Bloomberg News)
Trevor Milton, the embattled founder of defunct electric truck maker Nikola Corp., has received a full presidential pardon March 27 from Donald Trump, erasing his securities fraud conviction.
Trump has railed against what he describes as politically motivated prosecutions by the Department of Justice. Milton, who was convicted in 2022 of misleading investors about Nikola’s technology, had been sentenced to four years in federal prison.
As of the morning of March 28, the Trump administration had not publicly acknowledged the pardon. But a White House official confirmed the news to a Bloomberg reporter.
Milton was found guilty on three counts of securities and wire fraud after a two-month trial in the Southern District of New York. Prosecutors said he repeatedly exaggerated the capabilities of Nikola’s electric trucks, including claims made in interviews and online videos. A centerpiece of the case was a promotional video showing a Nikola semi appearing to drive under its own power. In reality, the prototype had been towed to the top of a hill and filmed rolling downhill.
The jury returned its verdict swiftly, and Judge Edgardo Ramos sentenced Milton in December 2023. Prosecutors called for a prison term closer to 11 years, arguing that Milton’s statements led to major financial losses and fueled investor speculation. Milton insisted he never meant to deceive anyone and blamed his mistakes on inexperience.
Milton’s case became one of the more prominent white-collar convictions of the 2020s, drawing comparisons to other high-profile fraud cases. Unlike many corporate fraud prosecutions, Milton’s misstatements were delivered not through formal filings, but through social media posts, interviews and public videos.
After the pardon, Milton issued a statement criticizing the justice system and expressing gratitude to Trump.
“This pardon is not just about me — it’s about every American who has been railroaded by the government, and unfortunately, that’s a lot of people,” Milton said in a press release issued through his personal media team. “The 90+% conviction rate in New York is appalling and is a result of prosecutors getting whatever they want and putting innocent people in prison.”
Milton added, “I am incredibly grateful to President Trump for his courage in standing up for what is right and for granting me this sacred pardon of innocence.”
Today I was issued a full and unconditional pardon by @realDonaldTrump himself. He called me personally to tell me.
This pardon is not just about me—it’s about every American who has been railroaded by the government, and unfortunately, that’s a lot of people. It is no wonder… pic.twitter.com/qpT0jjI6Fy
— Trevor Milton (@nikolatrevor) March 28, 2025
Milton founded Nikola in 2014 and briefly saw the company’s market valuation surpass that of Ford Motor Co. after its 2020 debut on the public markets via a special purpose acquisition company merger. He resigned as executive chairman in September 2020, just days after a short-seller report accused the company of widespread deception.
Nikola, which filed for Chapter 11 protection on Feb. 19, faced a March 17 deadline to secure a stalking horse bid for its remaining assets, but no lead bidder has been publicly announced. An auction is scheduled for April 7, with results expected to be released April 10. Assets up for sale include its Arizona manufacturing plant, the Hyla hydrogen refueling business and a fleet of unsold trucks. The company’s collapse followed years of mounting losses, battery safety issues and declining investor confidence.
Milton, who remains one of Nikola’s largest individual shareholders, has announced plans to release a documentary chronicling his legal battle and what he describes as his exoneration. The film is being promoted through his personal website.
