Written by Cláudio Afonso | LinkedIn | X
After a period of hiatus, Nikola founder Trevor Milton has stepped up efforts to defend his reputation this year, pushing back against fraud allegations from 2020 while criticizing the company’s current management.
In a series of new social media posts, Milton dismissed claims that Nikola was a “scam,” despite its valuation plummeting from over $30 billion at its peak to just $66 million today.
“Nikola isn’t a scam, and that’s just an absurd comment,” Milton wrote. “The trucks are real, first to market, and the best products out there.”
He accused Nikola’s leadership of undermining the company, saying management “has done everything they can to destroy the company and they should be held accountable.”
Milton stepped down as CEO in September 2020, less than two weeks after Nikola announced a $2 billion deal with General Motors (GM.N), amid allegations that he misled investors about the company’s technology. He was later convicted of fraud in 2022 and sentenced in 2023.
Teasing further disclosures, Milton said, “Wait until you see what’s about to come out. The story is incredible, and the truth will expose a lot of people. I’m not stopping.”
As of writing, Nikola shares were down 1% at $0.78, hovering just seven cents above their recent record low.
Since last year’s peak of $34.50 in late March, Nikola shares have lost 98% of their value.
Milton was found guilty in October 2022 on two counts of wire fraud and one count of securities fraud. He was sentenced to four years in prison in December 2023 for defrauding investors in the electric- and hydrogen-powered truck maker.
The judge allowed Milton to remain free on bail while he appeals his conviction. The former CEO remained largely silent throughout 2024 but returned to social media on earlier this month, vowing to reveal what really happened with the company.
Milton had previously stated that Nikola’s SEC filings “were accurate, on time, and compliant with every requirement.”
Citing people familiar with the matter, Bloomberg has recently reported that the Phoenix-based startup is exploring various options, including the possibility of a sale, forming partnerships, or raising additional capital.
Nikola has still not reported its production and sales figures from the last quarter. The truck maker’s figures have historically been disclosed within the first four days of each quarter, as seen on January 4, April 4, July 2, and October 2, 2024.
