Written by Cláudio Afonso | LinkedIn | X
Nikola’s founder and former CEO, Trevor Milton, said on Thursday that he is “finally ready” to reveal “what really went on behind the scenes” when he was leading the EV maker.
In a video statement shared on his personal Instagram, Milton added that “the targeting and tear down of myself and Nikola was something bigger than just me.” The former CEO left the startup in June 2020 after leading the company for nearly six years.
“It’s been a long four years… I went from standing at the helm of something I truly believed could change the world to watching everything I cared about unravel right before my eyes,” Milton stated in the video description. “Looking back now, I realize the targeting and tear down of myself and Nikola was something bigger than just me.”
Over the last year, Nikola shares lost 94% of their value. On Thursday, the stock closed 8.4% higher at $1.29.
Here’s the video shared by Nikola’s former CEO on Instagram.
Milton said he”can’t say too much about what happened just yet” but guarantees, “I know the truth, and those closest to me know it too.”
About five years ago, Nikola released a video of a truck appearing to drive, which was later revealed to have been rolled down a hill. While strongly denying the allegations of fraud, the truck maker eventually admitted that certain criticisms leveled against it were valid.
Milton said in 2024 that the controversial video was orchestrated by Britton Worthen, the company’s executive VP, chief legal officer, and corporate secretary.
“There’s a story you haven’t heard yet. A story about resilience, about truth, and about what really went on behind the scenes. I’m finally ready to share with you,” Milton wrote on Instagram.
“This isn’t just about clearing my name – it’s about showing what it means to stand up for your truth, to learn, and to come back stronger. Can’t wait to share what’s next. This isn’t the end – it’s just the beginning…,” he concluded.
Last September, the former chief executive was ruled by U.S. District Judge Diane Humetewa in Phoenix to pay Nikola $167.7 million over incorrect and misleading statements.
The amount includes 97 per cent of Nikola’s $125 million fine from settling a U.S. Securities and Exchange Commission civil fraud case ($121.25 million) plus nearly $46.5 million in legal fees and expenses.
Milton had recently discreetly withdrawn his $1 billion lawsuit against several executives of the Arizona-based company removing it from his website.
In early June, Milton announced via social media that he had filed a derivative and malpractice lawsuit targeting directors and Nikola’s Chief Legal Officer Britton Worthen.
Written by Cláudio Afonso | LinkedIn | X
