💥 In 2020, Nikola became a symbol of the electric vehicle (EV) boom, taking the spotlight as a rising startup. Its founder, Trevor Milton, who was convicted of fraud, has now received a presidential pardon from Donald Trump, sparking widespread attention.
This article explains the background and implications of the pardon, as well as the latest updates on Nikola Corporation.
🚛 What Is Nikola? And Who Is Trevor Milton?
Founded in 2014, Nikola set out to revolutionize the trucking industry with electric and hydrogen-powered trucks. In 2020, it went public on the Nasdaq through a merger with VectoIQ, a special-purpose acquisition company (SPAC). At its peak, Nikola’s valuation surged to rival Tesla’s, making it a star in the EV sector.
However, shortly after going public, Hindenburg Research—an American investigative research firm known for exposing corporate fraud and also operating as a short-selling investment firm—accused Nikola of fraudulently exaggerating its technological capabilities.
Milton was subsequently indicted and, in 2022, found guilty of securities and wire fraud. In 2023, he was sentenced to four years in prison.
⚖️ Was the Pardon Politically Motivated?
Milton posted a $100 million bail shortly after his indictment in July 2021 and remained free during his trial and appeal. Then, on March 27, 2025, President Trump granted him a full and unconditional pardon.
Although the White House did not provide a detailed reason for the decision, it was revealed that Milton and his wife had donated more than $1.8 million to Trump’s 2024 re-election campaign. This has raised concerns and controversy about the fairness of the justice system and the influence of politics.
💰 Nikola’s Bankruptcy and the Impact on Investors
In February 2025, Nikola filed for Chapter 11 bankruptcy and began liquidating its assets. Milton had been ordered to pay approximately $661 million in restitution to defrauded investors, but the pardon may relieve him of this obligation, fueling anxiety among investors.
🎬 What’s Next for Trevor Milton?
Following the pardon, Milton announced on social media that “the greatest comeback in American history has begun.” He has also hinted at producing a documentary to share “his side” of the Nikola story. Whether this will offer a genuine critique of the justice system or a self-serving narrative remains to be seen.
📚 What Is a Pardon? How It Differs in Japan
In the U.S., the President holds broad constitutional powers to pardon federal crimes. A pardon can eliminate a conviction or cancel punishment—essentially a form of national forgiveness.
In contrast, Japan’s pardons are led by the Cabinet and formally authorized by the Emperor. Most are symbolic, linked to national events, and individual political pardons are exceedingly rare.
📝 Conclusion: What the Milton Pardon Represents
Trevor Milton’s pardon highlights deeper issues in our modern society: the blurred lines between politics and justice, the volatile rise and fall of EV startups, and the fragile trust between companies and their investors.
What truth will Milton reveal? And what lessons can we draw from this high-profile case?
Stay tuned for what comes next.