Written by Cláudio Afonso | LinkedIn | X
Trevor Milton, the founder and former CEO of the EV maker Nikola, continued this Friday his social media comeback, aiming to defend himself from the fraud accusations.
The former chief executive shared a video on social media platform X, contesting allegations made in a 2020 report by short-seller Hindenburg Research that accused the electric truck maker of fraud.
After a long absence, Nikola’s founder reappeared on social media on January 2, posting his first video stating he was “finally ready” to reveal “what really happened behind the scenes.”
Milton outlined six reasons he believes the Hindenburg report should not be trusted, accusing the firm of selective evidence, reliance on unverified whistleblower testimony, and misrepresenting prototype demonstrations.
Hindenburg’s 2020 report on Nikola alleged the company deceived investors about its technological developments, including a video showing its electric truck cruising at high speed when, in reality, it was rolled downhill. The report culminated in Milton’s 2022 conviction on federal fraud charges.
Milton criticized the research firm’s focus on Nikola’s prototype vehicles being plugged in during demonstrations, arguing that such practices are standard at industry events like the CES. “Does that mean every OEM is fraudulent?” he said.
He also questioned the credibility and motivations of whistleblowers cited in the report, claiming they were financially incentivized. “How much money are they getting? No one wants to talk about it. You know why? Millions and millions of dollars,” Milton alleged.
Commenting on accusations about Nikola’s prototype trucks, including one reportedly rolling downhill in a commercial, Milton argued that exaggerated marketing is common across industries. He also defended the company’s communications, stating that detailed context is provided in regulatory filings rather than in tweets limited by character count.
Milton further dismissed claims that Nikola’s business partners were misled, asserting that they conducted thorough due diligence and had access to all relevant information. “Not a single partner ever said that they were ever misled, ever,” he said.
Here’s the video shared by Trevor Milton.
Earlier this week, Hindenburg Research announced it is shutting down after seven years. The firm, led by activist short seller Nathan Anderson, gained prominence for its detailed reports and high-profile campaigns against companies including Nikola but also Adani Group and Super Micro.
Anderson, in a statement this week, said the decision to close Hindenburg was part of a planned wind-down after completing a final pipeline of ideas.
“And also, the fact is, Hindenburg gets paid to destroy companies and burn them to the ground,” he said. “So whether it’s true or not, the fact they come out with a report instantly destroys a company. And you know what? Short sellers are illegal in Europe for a reason.”
“They should be illegal in the US. And this is the reason why you should not believe what they say,” he stated before ending the video.
In July last year, the former CEO had recently discreetly withdrawn his $1 billion lawsuit against several executives of the Arizona-based company removing it from his website.
Written by Cláudio Afonso | LinkedIn | X
