Trevor Milton Net Worth: Fraud Conviction, and Rise & Fall of Nikola’s Controversial Founder

Trevor Milton, born April 6, 1982, in Layton, Utah, is a 42-year-old American entrepreneur best known as the founder of Nikola Corporation. Once hailed as the “next Elon Musk,” Milton’s dramatic rise and fall in the electric vehicle (EV) world is a cautionary tale of ambition, hype, and accountability. With a current net worth estimated at $250 million, Milton’s story includes a peak valuation of nearly $12 billion, a $100 million bail bond, and a four-year prison sentence following a fraud conviction.

Early Life and Entrepreneurial Start

Milton’s career began far from Silicon Valley. After dropping out of college, he built his business acumen through hands-on experience in sales. His first venture was an alarm system sales company, which he exited for $300,000. He later launched an online used car platform and an alternative energy business named dHybrid, Inc. These early ventures laid the groundwork for his future in clean energy transport, though they hardly predicted the wild ride that Nikola would become.

The Nikola Dream: Big Promises, Bigger Valuations

In 2015, Milton founded Nikola Motor Company, focused on developing zero-emission trucks. The company’s name paid homage to inventor Nikola Tesla, signaling Milton’s aspirations to compete with Tesla and Elon Musk. Nikola’s initial operations were based in Utah before moving to Phoenix, Arizona.

The company gained national attention in June 2020, when it went public through a SPAC (Special Purpose Acquisition Company) merger. Within a week of listing, Nikola’s market capitalization soared to $30 billion, briefly surpassing Ford—despite the fact that the company had never delivered a single vehicle to customers.

At the time, Milton owned approximately 40% of Nikola’s shares, giving him a paper net worth of nearly $12 billion. However, the hype-driven valuation soon came under intense scrutiny.

Smoke, Mirrors, and Stock Sales

Nikola’s financials in Q2 2020 painted a different picture from the market hype: a mere $36,000 in revenue, all of which came from installing solar panels at Milton’s own property. While investors envisioned a clean-energy revolution, the company struggled with product development.

During the SPAC process, Milton sold $90 million worth of shares and would go on to cash out over $400 million worth of Nikola stock over time. As his equity stake declined to 20% by 2022, he remained Nikola’s largest individual shareholder—despite his growing legal troubles.

Lavish Lifestyle: Jets and a Record-Breaking Ranch

At the height of his success, Milton’s lifestyle reflected his billionaire status. In 2019, he purchased a 2,670-acre ranch in Utah for $32.5 million, setting a state record. The estate included an 8-bedroom, 17,000-square-foot mansion, complete with riverfront views and a private helipad.

Milton also acquired a $6 million Gulfstream jet, purchasing it from a Nikola board member using company shares. He later acquired two more private aircraft, underscoring his taste for luxury amid the company’s financial and operational uncertainties.

Resignation and Allegations

In September 2020, Milton resigned as Executive Chairman of Nikola amid allegations of misleading investors. One pivotal claim involved a marketing video showing a Nikola truck driving under its own power—which was later revealed to have simply been rolling downhill.

As part of his resignation deal, Milton forfeited $166 million in equity and a $20 million consulting contract, but retained 92 million shares, then worth over $3 billion. However, the value of Nikola’s stock dropped significantly, and he gradually sold more than $300 million worth of shares.

Further controversy arose with a family allegation of inappropriate behavior, which Milton denied. Though unrelated to the fraud case, the timing of the accusation added to the growing cloud around his leadership.

Fraud Charges and Conviction

In July 2021, Milton was indicted on securities and wire fraud charges, accused of making materially false statements to inflate Nikola’s value. Released on a $100 million bail bond, he pleaded not guilty.

The legal process culminated in October 2022, when a jury found him guilty on three criminal counts—two of wire fraud and one of securities fraud. Prosecutors argued that Milton deceived investors by exaggerating Nikola’s technological capabilities and production timelines.

In December 2023, Milton was sentenced to four years in federal prison, significantly less than the 11-year term sought by prosecutors. As of March 2025, he remains free on bond while appealing the conviction.

Family, Current Life, and Net Worth

Milton has kept his personal life relatively private. He is married, though his wife and immediate family have remained largely out of the public eye during his legal battles. Despite the dramatic fall from grace, his remaining net worth of $250 million still reflects his partial ownership in Nikola and prior stock sales.

Final Thoughts

Trevor Milton’s trajectory from startup founder to disgraced billionaire encapsulates the danger of hype-driven markets. While his vision for a zero-emission trucking future captured imaginations and billions in market value, his fall highlights the importance of transparency and accountability. As his appeal winds through the courts, Milton’s legacy remains a complex blend of bold ambition, controversial tactics, and an unmistakable cautionary tale for the EV industry.