Trevor Milton had a gift. Not for engineering, nor for the gritty, nuts-and-bolts work of assembling a company from the ground up, but for spinning a vision so compelling that the world had no choice but to believe it. And for a while, they did. The company he founded in 2014, Nikola, was supposed to be the next Tesla—a revolutionary force in zero-emission trucking. Investors lined up, the media sang praises, and Wall Street, always hungry for the next big disruptor, lifted its valuation to the heights of a $30 billion valuation practically overnight.
Then it all came crashing down.
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The Rise: The Cult of the Company
Milton’s charisma was his greatest asset. He knew exactly what to say to lure investors, and he delivered his promises with the conviction of a seasoned preacher. Hydrogen-powered semis that could outmatch diesel trucks in performance, battery-electric vehicles with unprecedented range—this company wasn’t just going to compete with the trucking industry; it was going to reinvent it.
By 2020, it was riding high on the SPAC boom, merging with VectoIQ and going public in one of the biggest EV debuts in history. At one point, its stock soared so high that its market value eclipsed that of Ford. Never mind that the company had never sold a single vehicle. Never mind that the tech Milton promised was mostly conceptual. The dream was enough, and people were buying it—literally.
Then came the video.
The Fall: Hindenburg Strikes
In September 2020, Hindenburg Research—a financial forensics firm known for short-selling high-flying stocks—dropped a bombshell report. The title alone was damning: The Company: How to Parlay an Ocean of Lies into a Partnership with the Largest Auto OEM in America.
Among the most devastating revelations was the truth about the flagship truck, the Nikola One. The company had released a video showing the semi gliding down a road, seemingly operational. But according to Hindenburg, the truck wasn’t powered by its much-touted hydrogen tech—it wasn’t powered at all. Instead, it had simply been rolled down a hill.
Emails, messages, whistleblower testimony—it was all there. The firm wasn’t an EV powerhouse, it was smoke and mirrors, held together by Milton’s bravado and the blind faith of investors.
The fallout was swift. The SEC and DOJ launched investigations, its stock tanked, and within weeks, Milton resigned. But his troubles were far from over.
The Trial: Milton Faces the Consequences
The courts saw through the illusion Milton had built. In 2022, a jury found him guilty on three counts of fraud, including securities and wire fraud, for misleading investors about the company’s technology. The sentencing came in December 2023: four years in prison and a $168 million restitution bill.
Milton, once a visionary at the helm of an empire, had become just another fallen entrepreneur who had pushed the boundaries of truth too far. But the company he left behind wasn’t quite dead yet.
The New Rise: A Company Rebuilds
If the firm had been built on deception, its new leadership was determined to construct something real. The first order of business? Clean up the mess.
With Milton gone, it shifted its focus from grandiose promises to actual production. The company acquired battery supplier Romeo Power to stabilize its supply chain and started delivering its Tre battery-electric trucks. Investors, once burned, were skeptical, but the company slowly began regaining trust.
By 2024, it had sold 112 hydrogen fuel cell trucks and had launched HYLA, an initiative aimed at building a hydrogen fueling network. It wasn’t the flashy, bombastic comeback story Milton would have written, but it was progress. And in an industry where so many EV startups crumbled, surviving was an achievement in itself.
The Road Ahead: A Cautionary Tale
Even as Nikola clawed its way back from the brink, it faced new struggles—financial woes, recalls, and the ever-looming specter of bankruptcy. The question remained: could Nikola truly shed its past, or would Milton’s shadow always linger?
For investors, Nikola’s story is a hard lesson in hype versus reality. For the EV industry, it’s a reminder of the thin line between ambition and deceit. And for the world, it’s proof that sometimes, the most convincing storytellers are the ones who fall the hardest.
