Trevor Milton, the founder of electric truck startup Nikola, has received a presidential pardon from Donald Trump, despite his conviction for defrauding investors.
The White House confirmed the pardon on Friday, a move that could erase hundreds of millions of dollars in restitution claims sought by prosecutors.
Milton, 42, was sentenced to four years in prison after being found guilty of securities and wire fraud.
Prosecutors argued that he misled investors about Nikola's technological advancements, including a staged video showing a prototype truck rolling downhill to appear functional. However, he had not yet begun serving his sentence due to an ongoing appeal.
Following his pardon, Milton took to social media to express gratitude. "I am incredibly grateful to President Trump for his courage in standing up for what is right and for granting me this sacred pardon of innocence," he wrote.
According to NYTimes, Trump, when asked about his decision, claimed that Milton was unfairly targeted. "They say the thing that he did wrong was he was one of the first people that supported a gentleman named Donald Trump for president," he stated at a press conference.
He also described the Southern District of New York's prosecutors as a "vicious group of people."
Today I was issued a full and unconditional pardon by @realDonaldTrump himself. He called me personally to tell me.
— Trevor Milton (@nikolatrevor) March 28, 2025
This pardon is not just about me—it’s about every American who has been railroaded by the government, and unfortunately, that’s a lot of people. It is no wonder… pic.twitter.com/qpT0jjI6Fy
Nikola CEO Testified Milton Exaggerated Tech Claims, But Pardon Stands
Milton and his wife donated over $1.8 million to Trump's re-election campaign fund just weeks before the November election, according to Federal Election Commission records.
The pardon now spares Milton from serving time in prison and from compensating defrauded investors, who suffered significant losses when Nikola's stock collapsed following fraud allegations.
During his trial, Nikola's current CEO testified that Milton frequently exaggerated the company's capabilities to attract investors.
Prosecutors argued that he falsely claimed Nikola had developed groundbreaking zero-emission trucks when, in reality, the technology was far from operational. Nikola later settled with the Securities and Exchange Commission for $125 million without admitting wrongdoing, APNews said.
The pardon has sparked criticism, with legal experts raising concerns over Trump's use of executive clemency.
Former US Attorney Damian Williams, who led the prosecution against Milton, had previously warned that misleading investors under false pretenses carries serious consequences. "Fake it till you make it is not a defense for fraud," he said at the time of Milton's sentencing.
The White House did not release an official statement on the pardon, but it is one of many Trump has issued since beginning his second term.
Among others, he also commuted the sentence of Ozy Media co-founder Carlos Watson and pardoned cryptocurrency executives Arthur Hayes, Benjamin Delo, and Samuel Reed, all of whom had faced financial crime convictions.
Nikola, once a promising startup, filed for Chapter 11 bankruptcy protection in February. The company struggled to recover from the fallout of Milton's fraudulent claims, failing to achieve profitability.
Investors affected by Milton's actions may still pursue legal action through a class-action lawsuit.
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