Milton

Enterprise, Startups

“Formerly Owned by Nikola’s Founder, Electric Badger Pickup Truck Program Acquired by Associate of Disgraced CEO Trevor Milton”

Beleaguered electric trucking company Nikola has sold the Badger electric pickup truck assets it was once supposed to build with General Motors. Embr now owns the intellectual property associated with the Badger pickup truck, as well as the assets related to Nikola’s abandoned off-road and personal water craft vehicles. News of the deal to sell the Badger program comes at an odd time. But it revealed the Badger pickup in February 2020, just a few months before it went public in a merger with a special purpose acquisition company. Worthen said Nikola is clawing back 500,000 of those shares Milton gave Sparks as part of the deal.

Kira Kim
February 22, 2024

Enterprise, Startups

“Nikola CEO Trevor Milton Receives 4-Year Sentence for Securities Fraud”

Trevor Milton, the disgraced founder and former CEO of electric truck startup Nikola, was sentenced Monday to four years in prison for securities fraud. The sentencing hearing comes after four separate delays, during which Milton has remained free under a $100 million bond. Milton sobbed as he pled with Judge Ramos for leniency in a long and often confusing statement ahead of the sentencing. At one point, Milton said he stepped down from the CEO post at Nikola not because of fraud allegations, but to support his wife. That video sparked investigations from third parties, and after a report by Hindenburg Research called the company a fraud, Milton stepped down in September 2020.