President Donald Trump has pardoned Trevor Milton, the disgraced founder of electric truck startup Nikola, whose 2023 fraud conviction led to a four-year prison sentence. The White House confirmed the decision on Friday, which could nullify hundreds of millions in restitution owed to investors Milton deceived by overstating his company’s technological capabilities.
Milton, 42, and his spouse contributed over $1.8 million to Trump’s 2020 reelection efforts shortly before the November election, per Federal Election Commission records. Prosecutors revealed during his trial that Nikola’s promotional video—purportedly showing a functional prototype truck—actually depicted a non-operational vehicle rolling down a hill. Though sentenced, Milton remained free pending an appeal.
On social media, Milton expressed gratitude, stating, “I am deeply thankful to President Trump for his bravery in defending justice and granting me this exoneration.” Trump, when questioned about the pardon, cited strong recommendations and alleged political bias, claiming Milton was targeted for being an early supporter. He criticized prosecutors from the Southern District of New York (SDNY) as “vicious,” insisting Milton “did nothing wrong.”
Milton’s legal team included attorneys tied to Trump: Marc Mukasey, who has represented the Trump Organization, and Brad Bondi, brother of former Trump-appointed Attorney General Pam Bondi.
Broader Pardon Actions
Trump also commuted the sentence of Ozy Media co-founder Carlos Watson, hours before he was to begin a 10-year term for financial conspiracy. Since starting his second term, Trump has swiftly exercised clemency powers, pardoning 1,500 individuals involved in the January 6 Capitol riot and Ross Ulbricht, creator of the dark web marketplace Silk Road.
Additionally, Trump pardoned BITMEX cryptocurrency founders Arthur Hayes, Benjamin Delo, and Samuel Reed, who admitted to violating anti-money laundering laws. Their exchange faced a $100 million penalty earlier this year.
Nikola’s Downfall and Legal Repercussions
Once a Wall Street sensation, Nikola filed for bankruptcy in February 2024. Prosecutors painted Milton as a fraudster who misled investors by falsely claiming to have developed groundbreaking technology, including rebranding a General Motors truck as Nikola’s own. CEO testimony during the trial noted Milton’s tendency to “exaggerate” to investors.
Milton resigned in 2020 as reports debunking his claims triggered a stock collapse. Nikola later settled a $125 million SEC civil case without admitting guilt. SDNY U.S. Attorney Damian Williams, who oversaw Milton’s prosecution, declined to comment on the pardon but previously emphasized that “lying to investors carries severe consequences.”
The pardon, absent from the White House’s official updates, underscores ongoing debates over executive clemency and accountability in high-profile corporate fraud cases.
