Trevor Milton, the founder of Nikola Corporation, is actively seeking to repurchase the assets of the electric and hydrogen-powered truck manufacturer following its recent bankruptcy filing. This development introduces a new chapter in the tumultuous history of the company he established in 2014.
Background on Nikola’s Financial Struggles
Nikola Corporation, once a promising player in the electric vehicle sector, filed for Chapter 11 bankruptcy protection in February 2025. The company faced numerous challenges, including technical issues like battery fires and recalls, which significantly impacted its financial stability. These setbacks culminated in the decision to seek bankruptcy protection, with plans to sell its business by mid-April 2025.
Milton’s Legal History and Pardon
Trevor Milton’s journey with Nikola has been marked by significant legal challenges. In October 2022, he was convicted on charges of securities fraud and wire fraud, leading to a four-year prison sentence in December 2023. However, in March 2025, President Trump issued a pardon for Milton, effectively nullifying his conviction and allowing him to reengage in business activities.
Milton’s Attempt to Reacquire Nikola’s Assets
Following his pardon, Milton expressed interest in reacquiring Nikola’s assets. Court filings reveal that ISSO LLC, a Nevada-based entity linked to Milton, submitted a bid for these assets on March 21, 2025. The bid process included a request to inspect Nikola’s manufacturing facility in Coolidge, Arizona. However, Nikola’s management denied Milton personal access to the facility, citing concerns over his involvement. This decision was upheld by Judge Thomas Horan, who supported the company’s stance during an emergency hearing.
Reactions and Implications
Nikola’s legal representatives have characterized Milton’s bid as a publicity stunt, questioning the sincerity and strategic intent behind his actions. The situation has sparked discussions within the industry about the potential impact of Milton’s re-involvement with Nikola’s assets. Observers are keenly watching how this development will influence the company’s future and the broader electric vehicle market.
Conclusion
Trevor Milton’s attempt to reacquire Nikola’s assets adds a complex layer to the company’s ongoing bankruptcy proceedings. As the situation unfolds, stakeholders are closely monitoring the legal and business ramifications of this move, which could significantly affect Nikola’s trajectory and the electric vehicle industry’s landscape.
