Trevor Milton’s Net Worth: The Rise And Fall Of The Nikola Founder

Trevor Milton, an American entrepreneur, currently holds a net worth of approximately $250 million. Milton is best known as the co-founder of Nikola, an electric truck company that once aimed to revolutionize the automotive industry. At the height of his success in 2020, Milton’s wealth was estimated at nearly $12 billion, and he was frequently compared to Elon Musk due to Nikola’s rapid rise in market value. However, allegations of fraud and criminal charges have significantly impacted both his career and his net worth.

Trevor Milton Wealth

Trevor Milton founded Nikola Motor Company in 2015, originally based in Utah before moving its operations to Phoenix, Arizona. In June 2020, Nikola went public through a SPAC (Special Purpose Acquisition Company) merger. Shortly after, the company’s market capitalization soared to $30 billion, briefly surpassing Ford in value despite having little to no revenue and no operational vehicles on the road. Nikola’s second-quarter revenue in 2020 was only $36,000, all of which came from solar panel installations at one of Milton’s personal residences.

Milton owned around 40% of the company’s equity when it went public, which gave him a paper net worth of nearly $12 billion. However, over time, his stake in Nikola was reduced to about 20%. Milton has since sold off $400 million worth of shares, further diminishing his net worth.

Resignation

Milton’s rise to fame quickly unraveled in September 2020, when he resigned as Nikola’s Executive Chairman amid accusations of fraud. A damaging report alleged that Nikola had misled investors, including claims that a promotional video of one of its trucks in action had been faked—showing the truck rolling downhill rather than operating on its own electric power. Around the same time, Milton was also accused of inappropriate behavior by a relative, an allegation he denied.

Upon his resignation, Milton agreed to relinquish $166 million worth of equity and a two-year, $20 million consulting contract. However, he retained approximately 92 million shares in Nikola, valued at over $3 billion at the time. Had he held onto all those shares, they would now be worth about $275 million. Over the years, Milton has sold at least $300 million worth of Nikola shares.

Fraud Conviction

In July 2021, Milton was indicted on charges of securities and wire fraud, accused of deceiving investors about Nikola’s technology and progress. He pled not guilty and posted a $100 million bail. In October 2022, he was convicted on three criminal counts, including securities fraud, and in December 2023, he was sentenced to four years in federal prison. Prosecutors had initially sought an 11-year sentence. Milton remains free on bond while appealing the conviction.

Real Estate

Before founding Nikola, Milton had various business ventures. He dropped out of college to pursue sales and marketing, starting an alarm sales company, which he sold for $300,000. He then ventured into the used car business and later founded dHybrid, Inc., a company focused on alternative energy vehicles.

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Milton has also invested heavily in real estate. In 2019, he set a Utah state record by purchasing a 2,670-acre ranch for $32.5 million. The property features a lavish 17,000-square-foot riverfront mansion, a helipad, and eight bedrooms.

Trevor Milton Private Jets

At the peak of his success, Milton indulged in a luxurious lifestyle, including the purchase of a $6 million Gulfstream private jet. Interestingly, the seller was a member of Nikola’s board of directors, and Milton paid for the jet using $6 million worth of his Nikola shares. Over time, he purchased two additional planes.

Trevor Milton Net Worth

Trevor Milton net worth is $250 million.