Written by Cláudio Afonso | LinkedIn | X
The shares of the US-based truck manufacturer Nikola plummeted to a new all-time low on Monday at $7.36 per share resulting in a market cap of about $330 million.
In a revealing interview on the “Cleared Hot Podcast”, Trevor Milton, the founder and former CEO, broke his silence for the first time since his departure from the company.
“This is the first time I’ve discussed starting, building, and then leaving Nikola in depth since I left. Check out the Cleared Hot podcast. If you want to know the real story take a listen,” Milton wrote on LinkedIn while promoting the interview.
In the in-depth interview, which took more than two and a half hours, the former chief executive addressed his legal battles, the pressures of leading a publicly traded company, and the personal challenges he faced during his tenure.
“I was really naive in the world of trusting other people,” he admitted. “I had so many people around me that I trusted, and I should have just been way more bold in saying, ‘screw it, I’m going to do it my way,’” Milton said in one of the first statements.
Here’s the full episode from the “Cleared Hot Podcast”.
A significant point of contention was a promotional video showing the Nikola truck in motion, which later became central to the fraud allegations.
Milton revealed that the video, which depicted the truck rolling down a hill, was part of a commercial and was not intended to deceive. “It was a commercial… everyone knows that,” he argued, comparing it to common marketing practices.
He emphasized that the video was released years before Nikola went public and was never used to raise money. “That video was four to five years prior to going public… we had multiple fully functioning, drivable fuel cell trucks on the market, unveiled years prior to going public and that were driving on the road.”
In early June, Milton announced via social media that he had filed a multibillion-dollar derivative and malpractice lawsuit. The lawsuit targets the company’s directors and Chief Legal Officer Britton Worthen.
Milton, who stepped down as chairman in 2020 amid allegations of fraud, asserted in his post that the controversial video showing a Nikola truck rolling down a hill—purportedly to falsely demonstrate its functionality—was orchestrated by Worthen.
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Nikola’s founder expressed frustration with the legal system, particularly the way the government handled his case. He pointed out that similar practices by other companies, such as General Motors and Tesla, did not result in indictments.
“The government just picks and chooses who they want to indict, and it doesn’t matter about the facts,” he asserted. Milton also highlighted the use of a single tweet about the in-motion video as a major point in his trial, despite his lack of involvement in its approval and posting.
“When you go from a private company to a public company, you have enormous amounts of different people coming into the equation,” he explained. He described how some new executives undermined him, leading to internal conflicts that nearly derailed the company’s direction.
Milton also addressed his legal battles, including his conviction on fraud charges related to Nikola’s technology claims. He criticized the legal process, particularly the decision to try him in New York despite the alleged conduct occurring in Arizona and Utah.
“It’s really scary because the way the Constitution is written… you’re supposed to be tried by people of your peers in your own city,” he argued, expressing hope that his ongoing appeal might rectify this perceived injustice.
Reflecting on his leadership style and the challenges of running a publicly traded company, Milton expressed regret and offered insights into the unique pressures founders face.
“I have a lot of love and respect for founders of companies because they go through the worst of it,” he said. He also shared his disillusionment with the public company structure, noting how the desire for power among executives can lead to destructive outcomes.
Last Thursday, Nikola announced that Walmart Canada has integrated the first Nikola hydrogen fuel cell electric semi-truck into its fleet. Walmart Canada is the first retail fleet in North America to operate a hydrogen fuel cell electric truck.
Earlier in the week, the company announced that its hydrogen fuel cell electric vehicles (FCEVs) and battery electric vehicles (BEVs) have collectively surpassed 2.5 million miles driven across North America.
The Nikola Hydrogen Fuel Cell EV Class 8 tractor runs with zero tailpipe emissions and has a range of approximately 800 kilometers. According to Nikola, the model can prevent around 97 metric tons of CO2 tailpipe emissions annually.
On the social media platform X, Nikola stated, “We are ecstatic to support Walmart Canada as the first major retailer in Canada to introduce a hydrogen fuel cell electric truck to its fleet. We can’t wait to see what the future holds. Thank you, Walmart Canada, for bringing us along on your journey to power your fleet with alternative power.”
Written by Cláudio Afonso | LinkedIn | X
