Trevor Milton, Nikola, Forbes, Securities And Exchange Commission, Southern District Of New York, Billionaires, Securities Fraud, Spacs

Trevor Milton, Nikola

Indicted Nikola Founder Trevor Milton Has Lost Over $7 Billion As Shares Have Cratered

Indicted Nikola Founder Trevor Milton has lost over $7 billion as shares have cratered

7/31/2021 12:45:00 PM

Indicted Nikola Founder Trevor Milton has lost over $7 billion as shares have cratered

Milton’s net worth is down 86% since the stock of hydrogen-electric truck developer Nikola peaked last year. If found guilty of new civil and criminal charges, Milton could face hefty fines and disgorgement of ill-gotten gains.

... [+]2021, after being charged with three counts of criminal fraud. (AP Photo/Craig Ruttle)ASSOCIATED PRESSnew criminal and civil chargesfrom U.S. prosecutors, has lost roughly $7.6 billion in the last 13 months, due to the plummeting value of Nikola shares amid accusations of Milton lying to investors (which Milton has denied).

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Milton’s fortune has dropped from $8.7 billion at its height, in June 2020, to just $1.1 billion at the end of trading Thursday, according toForbesestimates. That includes the 15% tumble in Nikola’s stock on Thursday as investors digested the federal government’s one-two punch: The U.S. Attorney's Office for the Southern District of New York brought three criminal charges against Milton, including two counts of securities fraud and one count of wire fraud. The Securities and Exchange Commission also filed a civil suit against him for securities fraud. Milton pleaded not guilty to the criminal charges on Thursday.

Milton’s wealth peaked on June 9, 2020, when Nikola shares closed at a high of $79.73. The pre-revenue company (it expects to sell between 50 to 100 trucks in Q4 2021) briefly boasted a market capitalization of more than $30 billion, eclipsing that of Ford. The stock soon fell, but Milton’s $3.3 billion fortune as of late July 2020 was enough to land him on headtopics.com

of richest Americans, at No. 249.That ranking would be short-lived. On September 10, 2020, short seller Hindenburg Research published an explosivereporton Nikola, alleging Milton repeatedly lied about key aspects of Nikola’s business. The company’s stock fell 35% in less than two weeks. On September 21, Milton stepped down from his role of executive chairman. He denied Hindenburg’s allegations and said “the focus should be on the company” and not him; Nikola

thankedMilton for his “visionary leadership and significant contributions to Nikola.”Most of Milton’s current estimated $1.1 billion fortune consists of the roughly 19.5% stake he has in Nikola, worth about $930 million. Additionally,Forbesestimates that Milton netted nearly $200 million after taxes from selling Nikola shares. He purchased a luxury ranch in Utah for $32.5 million in November 2019. 

Read more: Forbes »

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U.S. charges Nikola founder Trevor Milton with lying to investors Trevor Milton , the billionaire founder and former chief executive of Nikola Corp (NKLA.O), was criminally charged on Thursday with defrauding investors by lying to them about the electric- and hydrogen-powered truck maker. LockHisAssUp 🔒 Oops 😬 Cc btcbenbee

Trevor Milton, founder of electric truck maker Nikola, charged with fraudNew York federal prosecutors charge Trevor Milton , the founder of electric truck company Nikola , with engaging in an audacious scheme to defraud investors, according to indictment.

Nikola Founder Trevor Milton Charged With Lying to InvestorsFederal prosecutors allege Mr. Milton took part in a scheme to defraud investors by getting them to purchase shares of Nikola by making false statements about the company’s product and technology development. Cause electric is a joke Hmmm…Should Elon be worried?

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UPDATE: Nikola shares slide premarket on report Founder Trevor Milton indicted for making false claims to investors Trevor Milton , founder of electric truck company Nikola Corp. undefined has been indicted on three counts of fraud by the U.S. Attorney's Office for the... Michael Burry Warns Retail Traders About the 'Mother of All Crashes' $NKLA investors Just -7?