Trevor Milton Net Worth - Pulptastic
What is Trevor Milton’s net worth?
Trevor Milton, an American entrepreneur with a net worth of $250 million, co-founded electric truck maker, Nikola. The company went public via SPAC in June 2020, and within a week, its market cap reached $30 billion, making Trevor’s paper net worth just under $12 billion.
However, Trevor resigned from the company in September 2020 amid allegations of investor fraud. Prior to the scandal, he was frequently compared to Elon Musk for his success and fame.
Milton’s Career Path
Milton left college to focus on his sales and marketing career. He founded an alarm sales company, which he later sold for $300 thousand. After this, he started an online used car business before moving on to launch dHybrid, Inc., an alternative energy vehicle company.
Trevor Milton’s Role in Nikola Motor Company’s Valuation
In 2015, Trevor Milton founded Nikola Motor Company in Utah and later moved operations to Phoenix. Through a reverse IPO SPAC merger, he took the company public in June 2020 and sold $90 million worth of his shares during the process.
One week after going public, Nikola was valued at almost $30 billion, despite having negligible revenue and never producing a single car. Trevor’s net worth peaked at nearly $12 billion as the owner of 40% of the company’s equity. However, by mid-2022, his equity stake was reduced to 20%, although he remained the company’s largest individual shareholder.
Trevor Milton Buys Most Expensive Home in Utah’s History
In 2019, Trevor Milton paid $32.5 million for a 2,670-acre ranch in Utah, setting the record for the most expensive home purchased in Utah’s history. The ranch includes an 8-bedroom, 17,000 square-foot riverfront mansion and a helipad.
A video tour of the Milton ranch in Utah is available for viewing.
Trevor Milton, at the peak of his success, purchased a Gulfstream private jet worth $6 million. The seller of the jet was a board member of Nikola. Milton paid for the jet by trading $6 million worth of his shares in Nikola. Later, he bought two more planes.
Trevor Milton Resigns from Nikola Amid Fraud Allegations
Trevor Milton resigned from Nikola in 2020 after fraud allegations were made against him. One allegation claimed that a marketing video used to attract investors showed a Nikola truck running on its own power with an electric engine, when in fact it was rolling downhill with no power at all. At the same time, one of Milton’s female cousins accused him of inappropriate touching when she was 15 and he was 18.
As part of his resignation agreement, Milton forfeited $166 million worth of equity and a two-year, $20 million consulting contract. However, he was allowed to keep 92 million company shares, which were worth over $3 billion at the time of his resignation. Today, those shares would be worth around $275 million. Despite this, Milton sold at least $300 million worth of shares on the public markets in the years since his resignation.
Trevor Milton Found Guilty on Fraud Charges
Trevor Milton, former CEO of electric vehicle start-up Nikola, was indicted in July 2021 on charges of securities and wire fraud. He pled not guilty and was released on a $100 million bail bond. However, in October 2022, Milton was found guilty on two counts of wire fraud and one count of securities fraud.
If convicted, he faces more than 20 years in prison. This marks a significant downfall for Milton, who was once hailed as a visionary in the electric vehicle industry.
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